If you’re here, you’re probably sale agreed or close to it.
The bank has mentioned mortgage protection.
You’ve nodded along.
And now you’re wondering what exactly you need to do.
Let’s slow it down.
Mortgage protection is a type of life insurance.
If you die during the mortgage term, the policy pays off the remaining loan balance.
The cover reduces over time in line with your mortgage. That’s why it’s cheaper than regular life insurance.
It’s required by law in Ireland unless you qualify for a waiver.
That’s the basic structure.
No.
You can arrange mortgage protection anywhere, as long as it meets the bank’s requirements.
Banks usually only deal with one insurer. A broker can compare across the market.
The important thing is not just price.
It’s making sure the policy is structured properly and, if there are health issues, that the first application goes to the right insurer.
Insurers assess risk differently so you should approach the most understanding insurer first because if you get loaded, postponed or declined, it makes it harder to get cover with another insurer.
Apply once you are sale agreed.
Have the policy in place before signing contracts.
Do not leave this until just before drawdown.
If medical reports are required, it can take weeks. That delay can affect your mortgage timeline.
I’ve explained the timing in more detail here:
When Should You Start Your Mortgage Protection Policy?
This is the part most people don’t think about.
If you have:
Different insurers will treat those differently.
Some will load premiums. Some will postpone. Some will decline.
And once you’ve been declined or heavily loaded, future insurers will ask about it.
That’s why the order you apply matters.
If you have a medical history, complete this first, so we approach the right insurer from the start:
One of the most common reasons mortgage protection is delayed isn’t an underlying health condition.
It’s an open medical referral.
It often goes like this:
Then you apply for mortgage protection, and the application asks:
Have you been referred for any tests or investigations that have not yet taken place?
If the answer is yes, most insurers will postpone the application until the investigation is completed and the results are known.
This is not them being awkward – they simply cannot assess risk while something is unresolved.
What you should never do is answer “no” because you assume it’s minor or unlikely to matter.
Failing to disclose an outstanding referral is classed as non-disclosure. If a claim ever arises and the insurer discovers the omission, they can refuse to pay.
If the referral is no longer required and your GP is willing to confirm this in writing, cover can usually proceed.
If the investigation is still necessary, you may need to complete it before applying.
In some cases, going private to obtain quicker results can avoid delaying a house purchase.
This is why timing matters.
Applying early in the sale-agreed stage gives you time to address these issues calmly, rather than under pressure.
We compare what each insurer offers in this article.
Two features are often overlooked but make a big difference long-term.
This allows you to increase your cover later without medical underwriting in certain situations.
That can be useful if you increase your mortgage in the future.
Read more about Guaranteed Insurability
This allows you to extend the term on your cover without answering health questions.
This becomes important if you extend your mortgage term or your circumstances change.
Learn about Convertible Mortgage Protection
Most mortgages follow a standard capital and interest structure, and a standard decreasing mortgage protection policy works perfectly.
But there are a few scenarios where the structure matters more than people realise.
If you’re paying interest only on your mortgage, your loan balance does not reduce over time.
A standard decreasing mortgage protection policy does reduce over time.
That mismatch can create a shortfall.
Example:
That leaves a €150,000 gap.
In interest-only cases, a level term life insurance policy is more appropriate because the coverage does not reduce over time.
This is one of the most common structural mistakes we see.
Before drawdown, your lender will require the mortgage protection policy to be assigned to them.
This means the bank becomes the legal owner of the policy for the duration of the mortgage.
If a claim happens, the insurer pays the proceeds directly to the lender to clear the outstanding loan.
The process is straightforward:
Despite how it can sometimes be presented, this is administrative, not complicated.
If your mortgage includes a six-month payment break or moratorium at the start, the balance will be slightly higher than the original loan amount once interest is added.
In these cases, many lenders accept cover of 102% of the loan amount.
Example:
Always confirm the exact requirement with your lender before applying.
These situations aren’t common, but when they apply, getting the structure right matters more than shaving a few euros off the premium.
If you refinance in the future, you may be able to reassign your existing policy.
But if you increase the loan or extend the term, you may need additional cover and new underwriting.
I’ve explained that scenario in full here:
Switching Banks: What Happens to Your Mortgage Protection?
You do not need both when you are drawing down a mortgage.
Life insurance costs more.
Basic mortgage protection is enough.
What’s the Difference between Life Insurance and Mortgage Protection?
It depends on:
You can get instant market quotes here:
Keep it simple.
Apply early.
Be honest on the application.
If there’s any medical history, get advice before submitting anything.
Make sure the term matches the mortgage.
Consider GIO and conversion options for future flexibility.
If you want me to review your situation and tell you what you need, complete this short form and I’ll guide you properly:
Originally published: June 2018 | Last updated: February 2026
Written by Nick McGowan, QFA RPA APA
Nick is a qualified financial advisor and founder of Lion.ie, an independent Irish life insurance and income protection brokerage based in Tullamore. He has been helping people arrange fair, properly structured protection for over 15 years and was named Protection Broker of the Year 2022.
If you want clear advice without sales pressure, learn more about Nick here.
Nobody wants to overpay.
And nobody wants underwriting surprises two weeks before drawdown.
That’s where I come in.
I compare all five major insurers in Ireland and recommend the one that suits your health, your mortgage and your timeline — not just the one a bank happens to deal with.
If there’s a medical history involved, we approach the most suitable insurer first. That part matters more than any headline discount.
Depending on the insurer you choose, your policy can include:
Some of those are nice extras.
The real benefit is this: you get the right insurer first time.
That protects your mortgage timeline and your long-term options.
If you’d like to see prices across the market and structure it properly from the start:
Fair question.
You’re arranging cover that protects your home. You should be cautious about who you deal with.
I’ve been arranging mortgage protection for over 15 years. Lion.ie is a small team of qualified advisors, and I personally oversee how we approach underwriting and insurer selection.
That means if there’s a medical history involved, we don’t just fire off an application and hope for the best. We look at the details first and approach the most suitable insurer from the start. That protects your mortgage timeline and your long-term options.
We compare Aviva, Irish Life, New Ireland, Zurich and Royal London. You’re not limited to one insurer’s rules.
The process is handled online and by phone. Documents are signed electronically and we keep things moving so your mortgage isn’t delayed.
If something doesn’t make sense, we explain it in plain English. No jargon. No pressure.
If you’d like to see what other clients have said, scroll down and read the reviews.
And if you’d prefer to test it for yourself, get a quote or complete the short form and we’ll take it from there.
