Mortgage Protection

Mortgage protection Ireland

Mortgage protection is a specific type of life cover. It will pay the outstanding mortgage loan on your home in the event of death. Therefore your partner or family would not have to worry about the financial burden of repaying the mortgage debt, should the unexpected occur.

It’s easy to compare mortgage protection with Compare Insurance Ireland, simply enter your details into the online form. Confirm the amount of cover, the term, payment details and the number of lives to be insured then click “Get Instant Quote” to review cheap insurance policies.

Whether you are looking for single, joint or dual insurance, we will help you find a policy that suits you. Review online cover levels and quotes from a wide range of insurers today. We compare prices from Zurich Life, Friends First, Royal London, Standard Life and Aviva to name just a few.

How do I get a cheap online quote?

If you are looking to trade up on your family home or you are buying your first apartment, our aim is to find you the cheapest mortgage protection policy. Please complete the online proposal form with the following information.

  • The amount of cover required, for example the loan figure approved by the bank.
  • Age of the individual seeking cover. Please note the older the individual the higher the risk and the premium.
  • The duration of the mortgage, for example the term of the loan.
  • If the applicant has a medical condition this may increase the premium.
  • Smoker or non-smoker. Please note smokers may have to pay a higher premium due to the added health risk.

Once you have in put your details click “Get Instant Quote” to compare prices. We save you time and money by comparing cheap mortgage protection policies.

Frequently asked questions

What is mortgage payment protection?
Mortgage payment protection insurance will pay off your home loan in the event of death. If you are looking for a mortgage, you will need insurance before drawing down the funds.

Is mortgage protection mandatory?
As per Section 126 of the Consumer Credit Act 1995 the lender must make sure you have cover in place. If you have a loan solely in your name, you will require a policy to cover your own life. On the other hand, if the mortgage loan is in joint names, the mortgage protection must be in joint names. The insurer will pay off the mortgage in the event of the death of either you or your partner.

What is the difference between mortgage protection and life insurance?
The main difference between mortgage protection and life insurance is that a mortgage protection policy is designed to cover your mortgage repayments in the event of death. Whereas a life insurance policy benefit level will remain the same throughout a specified term.

What is a reducing term cover?
The level of cover on this policy reduces in line with the mortgage over the term of the loan.

What is a level term life insurance policy?
Level term insurance: the amount of cover and the premium does not reduce over the term and will remain level. In other words, you will have the same level of cover throughout the term of the mortgage. The insurer will pay off the mortgage if you die and the surplus lump sum will transfer to your estate.

What is the duration of the mortgage protection policy?
The policy should match the same term on the mortgage, whether that is 15, 20 or 35 years.

In the event of death how does the policy work?
In the event of death, the insurer will pay the mortgage balance directly to the bank to clear the loan. If there is a surplus balance remaining this will go to your estate.

What is a joint life insurance policy?
This insurance policy covers a couple or two individuals. For example, in the event that one individual dies, the insurance company will pay the balance on the mortgage.

What is a dual life insurance policy?
This generally applies to life insurance rather than mortgage protection policies. Similar to the above joint life policy, this product covers a couple or two individuals. However, the life insurance company will only pay a lump sum in the event of the death of both applicants.

What is a guaranteed rate mortgage protection policy?
This product has a fixed premium for the full term of the insurance policy.

Do I have to purchase mortgage protection from the bank?
Most banks will offer insurance; however, it is entirely up to you. Please note taking out insurance through the bank is not a condition of the loan. That is to say that the lender cannot decline the loan if you do not wish to take this cover. We would always advise you to shop around to get the best deal.

Thank you for visiting Compare Insurance Ireland, we hope you found the site helpful and easy to use. JSBCA Ltd administers our mortgage protection insurance quotes and policies.