Help with life insurance for my mortgage!
If you’re reading this, you’re either one of those people who likes to know things… or you’re about to buy a house.
If it’s the former, find more interesting things to do!
If it’s the latter: congrats!
There’s nothing quite like holding the keys to your new place for the first time. But with great responsibility comes… paperwork.
And one thing you’ll need before your bank lets you draw down your mortgage? Mortgage protection insurance.
It’s a life insurance policy that pays off your mortgage if you die.
But before you sign up for a policy, you should know this:
You don’t need to buy it from your bank. In fact, you shouldn’t. And I’ll explain why.
Why You Shouldn’t Buy Mortgage Protection from Your Bank
Your bank is only allowed to deal with one insurer.
So if you buy from them, you’re not comparing quotes across the market. It’s like going to a car dealer who only sells one brand and asking if it’s the best one.
Spoiler: it’s not.
As a broker, I compare Aviva, Royal London, Zurich, New Ireland, and Irish Life. All the big names. I’ll help you pick the best one based on price, features, and how sound they are if you have a health condition.
And yes, I’ll beat your bank’s quote. Easily.
What is Mortgage Protection?
Mortgage protection is a type of life insurance.
If you die, it pays off your mortgage. That’s it. Simple.
The amount covered decreases over time (just like your mortgage balance). So it’s cheaper than regular life insurance.
It’s mandatory if you’re taking out a mortgage.
But…
It’s not the same as Life Insurance.
- Mortgage Protection = pays your mortgage.
- Life Insurance = pays your family.
You might need both if you have kids or someone relying on your income.
When Should You Start Your Policy?
Apply after you go sale agreed, and start it before you sign binding contracts.
It can take weeks if the insurer needs a medical report or GP questionnaire so take that into account if you have or had any health issues.
Tip: If you’re starting your policy when you sign contracts, but some months before you are due to close, take more cover than you need and add one year to your policy. This will give you a 12-month buffer to close.
Compare Mortgage Protection Features by Insurer
Some of the lesser-known features can make a massive difference.
| Feature | Aviva | Royal London | Zurich | New Ireland | Irish Life |
|---|---|---|---|---|---|
| Dual Life Cover | âś… | âś… | âś… | âś… | âś… |
| Conversion Option | âś… (extra) | âś… (extra) | âś… (extra) | âś… (extra) | âś… (extra) |
| Guaranteed Insurability | âś… | âś… | âś… | âś… (original sum) | âś… |
| Waiver of Premium | ❌ | ❌ | ✅ | ❌ | ❌ |
| Children’s Cover | ✅ | ✅ | ❌ | ✅ | ✅ |
| Medical 2nd Opinion | ✅ (Best Drs) | ❌ | ❌ | ❌ | ❌ |
Is Mortgage Protection Expensive?
Not really.
Example: Jim is 40 and needs €300,000 cover over 25 years. He’ll pay around €27/month.
Agnieszka (40, €175k mortgage over 35 years) might pay €23/month.
Ruben (35, €540k mortgage in Dublin over 35 years) = around €44/month.
It all depends on:
- Your age
- Smoker status
- Mortgage amount & term
- Health
Even a seemingly unimportant health issue can change things – that’s where a broker like me makes life easier.
Don’t Bundle Serious Illness with Mortgage Protection
The bank will try to upsell this combo. But if you get sick and claim, the payout goes to the bank – not you.
Want illness cover that pays you? Get standalone Serious Illness Cover or Income Protection.
Mortgage Protection Insurance (MPI) vs Payment Protection Insurance (PPI)
Sounds similar.
Different things.
- Mortgage Protection = pays your mortgage if you die.
- PPI (Payment Protection Insurance) = covers repayments if you’re sick/unemployed/made redundant, but only for 12 months.
We don’t sell PPI. Never have. Never trusted it.
It’s no longer available in Ireland.
Got a Health Condition?
Don’t panic. We’ve helped people with every medical condition you can think of, from the more common ones like
to rarer conditions like Addison’s disease, Marfan syndrome, myasthenia gravis, or Ehlers-Danlos syndrome.
Just fill in this quick form and I’ll find the most sympathetic insurer.
No judgment, no pressure, no banks.
Who’s the Best Insurer For You?
That depends on your situation.
Some insurers are better for smokers who want to quit. Others are more lenient if you have a higher BMI, have high cholesterol, or a recent mental health diagnosis.
That’s why we don’t just quote prices — we find the best match for your health, your mortgage, and your priorities.
And we’ll keep things moving so you don’t get delayed before drawdown.
Next Steps: Get a Quote
Have a go on our quote machine and see what the insurers offer.
Want help? Call me on 057 9320836 or email nick@lion.ie.
You’ll get real advice, no pushy sales, and a proper human who cares whether your cover is actually any good.
Further Reading:
- First Time Buyer Guide to Mortgage Protection
- Compare Mortgage Protection Providers in Ireland
- Can I Get Mortgage Protection with a Health Condition?
Thanks for reading
Nick
lion.ie – Protection Broker of the Year (back in the day when we cared about awards – now we realise they exist to sell overpriced tickets!)
This guide is regularly updated. Last reviewed: August 2025.
