Mortgage Protection

Compare Mortgage Protection Insurance

It’s easy to compare cheap mortgage protection quotes online with Compare Insurance Ireland. Enter your details into the above form to review the best deals. Simply complete the following information; the amount of cover, the term of the policy, payment frequency and the number of lives to be insured then select  “Get Instant Quotes”  to compare prices quickly.

Whether you need a single, joint or dual insurance policy, we will help you find a mortgage protection product that suits your requirements. Review online cover levels and quotes from a wide range of insurance providers for the best deals. We compare prices from the leading life insurers, including Zurich Life, New Ireland Life, Friends First, Royal London, Standard Life & Aviva.

Mortgage Protection Quotes

Our aim is to find you the cheapest mortgage protection quote on the market. So if you are looking to trade up on your family home or you are purchasing your first apartment, we will compare comprehensive mortgage protection policies at competitive rates for you. Online quotes will be based on the data below:

  • The amount of cover required i.e. the mortgage figure approved by the bank.
  • The age of the applicant seeking cover, in general the older the individual the higher the risk and the premium.
  • Duration of the mortgage i.e. term of the mortgage loan.
  • If the applicant has a pre-existing health or medical condition.
  • If the applicant is a smoker or non-smoker. Criteria generally states that a non-smoker has not smoked in the past 12 months.

Mortgage Protection Insurance FAQ’s

What is mortgage protection insurance?
Mortgage protection is an insurance policy that will cover the outstanding amount owed on your mortgage in the event of death of either you or your partner. If you are looking to take out a mortgage, you will need a mortgage protection policy in place before you can draw down the funds as per condition of the approval.

As per Section 126 of the Consumer Credit Act 1995 the lender is legally required to make sure you have mortgage protection insurance in place before offering you a loan for the property. Please note if you have a loan solely in your name, you will require a mortgage protection policy to cover your own life. However if the mortgage loan is in joint names, the mortgage protection policy will also need to be in joint names. In the unfortunate event of death of either you or your partner before the end of the term the mortgage will be paid.

What is a reducing term cover?
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. You will have the same level of cover throughout the term of the mortgage regardless of the amount you owe on the loan. In the event of death the mortgage will be paid and the surplus lump sum will be passed to your estate.

What is the duration of the mortgage protection policy?
The policy should be taken out to 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 you or your partner’s death; the insurance company will pay the outstanding balance of the mortgage directly to the bank to clear the loan. If there is a surplus balance remaining this will be paid to your estate.

What is accelerated serious illness?
Accelerated serious illness insurance is an additional benefit that can be added to your mortgage protection policy. In the event you are diagnosed with a serious illness or die; your mortgage will be cleared by the insurance company. The definition and list of all diagnosed illness covered will be outlined in the policy terms and conditions. Please note accelerated serious illness is an additional level of cover as a result this will increase the price your premium.

What is a joint life insurance policy?
This is an insurance policy that can be taken out to cover a couple or 2 individuals. In the unfortunate event that one individual dies, the insurance company will pay the balance outstanding on your 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 can be taken out to cover a couple or 2 individuals. However the life insurance company will only pay out the lump sum in the event of the death of both applicants.

What is a reviewable rate mortgage protection policy?
This protection policy is generally reviewed every 5 years. The policy premium may increase upon review, this will be based on the applicants circumstances.

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. The lender cannot decline the loan application if you do not wish to take this cover out through them. We would always advise you to shop around to get the best deal.

Thank you for visiting our comparison website, we hope you found it informative and easy to use. Mortgage protection insurance policies are provided by JSBCA Ltd.