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Editor’s note: First published July 2018 | Refreshed October 2025 with updated insurer info, examples, and compliance link.
🕐 10-second summary: Convertible mortgage protection gives you a second chance. It lets you extend or change your policy later without new medical questions. If you ever remortgage, move house, or your health takes a wobble — this little extra can save your bacon.
Right, time to get down and dirty with mortgage protection.
We all know what a basic mortgage protection plan is, right?
It’s a life insurance policy that protects your mortgage lender. If you die, the insurer clears your mortgage.
If you’re not 100% sure how mortgage protection works, here’s a quick explainer.
So yeah — it protects your bank, but you pay for it.
Hardly fair, but sure in Ireland we’d sell a kidney to keep the banks happy. 🫠
Anyway, what if I told you there’s a type of mortgage protection with way more bang for your buck?
This little gem is called a Convertible Mortgage Protection Plan.
A convertible mortgage protection plan lets you extend your cover, turn it into life insurance, or take out a new policy altogether — all without answering new medical questions. Your health at the time doesn’t matter; the insurer has to give it to you.
Think of it as the Clark Kent of policies — unassuming now, but with hidden superpowers when you need them later.
Because life happens. What you needed at 28, buying your first place with your partner, furnished with a second-hand couch and big dreams, is very different from what you’ll need at 40 when you’ve produced three small humans who leech every cent off you (though you love them dearly).
A convertible policy keeps up with your life. Here’s how:
Remortgaging down the line? You can extend your cover without doing another medical. Even if your health isn’t what it was, you’re guaranteed new cover.
This one’s huge. If you’ve had any illness, the insurer can’t say no when you use your conversion option. It’s the ultimate peace-of-mind add-on.
Most convertible plans also come with a Guaranteed Insurability Option (GIO).
It lets you increase your cover without medicals when big life stuff happens — new mortgage, marriage, new baby, etc.
You can usually increase your cover by 50% of the original sum or €100,000 (whichever’s lower), with a lifetime cap of €200,000.
It’s a proper “buy one get one free” deal — conversion and flexibility in one policy.
You take out a €300,000 mortgage protection plan over 20 years.
Two years later, you start a family and use the GIO to add €100,000 — now you’ve €400,000 cover.
Ten years later, you move to your forever home and extend your mortgage to 25 years.
You use the conversion option to extend your policy term — no new medical, no stress.
That’s the beauty of combining GIO + conversion.
If you ever need to switch to interest-only payments because of illness or a job wobble, lenders will want you to have level-term life insurance instead of reducing mortgage protection.
With a convertible policy, you can make that switch without new medicals.
Without conversion, you mightn’t qualify for new cover — exactly when you need it most.
All five offer conversion now — but they all work slightly differently, so make sure you know the fine print before you buy. That’s where a good broker comes in handy.
If you’d like to see how each insurer compares on cost and flexibility, check out our Complete Mortgage Protection Guide.
If you’re the type who plans to move, remortgage, extend, or just wants to future-proof things — convertible mortgage protection is a no-brainer.
If you’re nearly mortgage-free or already have standalone life cover with conversion built in, you might be paying for something you don’t really need.
You might be wondering if you should just take convertible life insurance instead.
Both options let you extend or tweak your policy later without medicals — the difference is who gets the payout.
Mortgage protection clears your mortgage — great for the bank, less so for your family.
Convertible life insurance pays a lump sum to your loved ones. If either policy is assigned to the lender, they’ll get what’s owed — but with life insurance, anything left over goes to your family. With mortgage protection, there’s no balance to return.
If your budget allows, convertible life insurance can be the smarter long-term play. You’re not just protecting your home; you’re protecting your people.
👉 Read more about Convertible Life Insurance here
Convertible mortgage protection is one of those small extras that can make a big difference when life throws curveballs.
If you’re not sure whether it’s worth adding, I can show you the price difference — with and without conversion — and tell you if it’s good value in your case.
My team and I live for this stuff. We’ve been at it long enough to know what’s worth paying for and what’s just marketing fluff.
Want to see if conversion’s worth it for you?
👉 Complete this short questionnaire | Prefer a chat? Book a callback | Explore our Mortgage Protection Guide
Thanks for reading,
Nick
Related reading:
Convertible Life Insurance |
Combining Life & Mortgage Protection
As Ireland's leading life insurance broker, we specialise in comparing the rates and policies from the top five Irish life insurance providers and offering the very best value quotes to suit the individual needs of our clients. Our expertise lies in finding a suitable insurance plan for those with specific needs, be it a particular illness, occupation or claim history, we've got you covered in every sense!
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