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The Ultimate Guide to Mortgage Protection in 2021

beginners guide to mortgage life insurance

What is Mortgage Protection?

Mortgage protection insurance is a type of life insurance that you must buy when you are getting a mortgage in Ireland. If you or your partner dies during the term (years) of the mortgage, the mortgage protection policy pays off the outstanding balance on your mortgage.

Answers to Your 13 most Frequently Asked Questions:

  1. You don’t have to buy mortgage protection from the bank (no matter what the bank says). Always shop around and buy the policy that offers the best value and service 🤳
  2. Buying from a broker will not slow down your mortgage application (no matter what the bank says), In fact brokers are generally quicker than banks (we certainly are) 👋
  3. If you add serious illness cover to your mortgage protection policy, the bank, not you will get any payout (the bank probably didn’t say that) 😲
  4. Dual life cover is better than joint life cover (and it’s the same price!). Avoid joint life cover. Dual life cover is not available through the banks. 😉
  5. If there are two people on the mortgage, you both need insurance for the full value of the mortgage (not 50% each) 👫
  6. If you’re buying as a couple but aren’t married, you should consider two single life policies to minimise potential inheritance tax liabilities 💕
  7. Your premium is fixed for the life of the policy.🔒
  8. You DO NOT NEED life insurance to draw-down your mortgage, no matter what the bank says, all you need is basic mortgage protection. 🎉
  9. You only need to insure the mortgage amount (not the purchase price of the property). 🏡
  10. You don’t need to insure the interest payable on the mortgage, just the principal sum / amount you are borrowing. 🙂
  11.  If you have a health issue, speak to a broker before you apply because if  your bank declines you, it will be harder for you to get cover elsewhere. 👋
  12. If you use e-cigarettes, the bank will charge you smoker rates (twice the price of a non smoker). Brokers have access to preferential rates for vapers. 🚭
  13. Finally, you CANNOT get exclusions on a mortgage protection policy. The insurer will cover you for death due to any reason or won’t cover you at all.💸



Your Guide to Mortgage Protection Insurance in Ireland 2021

Oh hello there, I’ve been expecting you, hopefully it hasn’t taken you too long to find us.

But now, you can sit back, relax and start learning all you need to know about mortgage protection.

Welcome to THE most comprehensive guide to mortgage protection on t’internet.

  • Would you like to know where to buy the best mortgage life insurance policy?
  • How about why you should never add serious illness cover to your policy?
  • Or how to avoid 33% tax if you’re not married

You’ve come to the right place.

You don’t need to know everything there is to know about mortgage life assurance.

But if you read through these articles, you’ll know more than enough to get by…

What is mortgage protection?

Your starting point, if you read just one article, make it this one.

Mortgage protection in plain English

The one question almost everyone asks.

What’s the difference between mortgage protection and life insurance?

What’s the best mortgage protection policy?

This changes regularly so we keep this post updated

How to find the best life insurance for your mortgage

What are the different types of mortgage protection insurance?

A must read before you get bullied by your bank.

Guide to mortgage protection for first time buyers

A guide to getting mortgage life insurance if buying from abroad.

Non resident mortgage protection

What you need to know if you have agreed on a split mortgage with your bank.

Mortgage protection for split mortgages

Don’t get sidetracked by price only

How to properly compare mortgage protection quotes

Can I get mortgage protection with a pre-existing condition?

Yes, in the vast majority of cases. Here’s detailed blog on getting mortgage protection with a chronic illness

Chronic illness should not affect your chances of getting a mortgage for your dream home

Pitfalls to avoid if you’re buying with a partner

If you’re not married and buying together, you must read this

Mortgage Protection Cohabiting Couples

Mortgage life cover bells and whistles

Pimp your policy with these add-ons.

The most flexible type of mortgage life insurance available.

Convertible mortgage protection

How to get twice the cover for the same price

Dual life mortgage protection

Why you should think carefully before adding serious illness cover to your policy

Mortgage protection serious illness cover

The smart alternative to serious illness cover.

Mortgage income protection

Applying for and buying mortgage insurance

Is it better to buy from the bank or use a broker?

Where can you the best mortgage protection quotes?

Start sooner rather than later.

When should you apply for mortgage protection?

Here’s what the bank doesn’t tell you about their mortgage protection policy.

Why you should avoid your bank like the plague

Not unless you have serious health issues.

Will I need to do a medical?

Need cover yesterday, read this article then ring me immediately!

Urgent mortgage protection

Cost of mortgage life assurance

Here we go through the factors affecting the cost of your policy

How does an insurer price mortgage life cover

This is a link to our quote machine – it’s easy to use, have a go!

Mortgage protection quotes

Want to know even more?

Check out this article on how to compare mortgage protection policies in Ireland.

Over to you…

If you’re like me, you’ve haven’t clicked on a single link 🤣, just scrrrrrrrrrrolllllll on down to the bottom to find the juicy bits.

Too much like hard work!

I got you covered…

Complete this short questionnaire and I’ll make a recommendation on the most suitable level of cover for your your current stage in life. It’ll be quicker and easier than doing it yourself.

If you have a couple of questions you’d like me to answer first, call me on 05793 20836 for a quick chinwag.

Nick McGowan | making life insurance easier.


Mortgage Protection Insurance
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You Don't Need Life Insurance for a Mortgage (You Only Need Mortgage Protection)

If you think you need life insurance for a mortgage, you're mistaken.

All you need is mortgage protection (no matter what the bank tells you)

It'll save you a few quid...

Don’t know where to start?

Have a nose through our free life insurance guides

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Life Insurance Quotes - Free and Easy!

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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