If you’re here, I’m assuming you’ve already got a scooby about what mortgage protection does?
No?
That’s cool. Head over to this First Time Buyer Mortgage Protection Guide to brush up on your knowledge.
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So, you’re finally buying a home.
You’ve survived the viewings, the bidding wars, and are ignoring that weird smell in the ensuite.
Now the bank says you need to buy mortgage protection.
Good news – you don’t have to buy mortgage protection from your lender (even though they might make it sound like you do).
That’s where we come in.
Let’s break down Irish Life’s mortgage protection — what it does, what it costs, and whether it’s any good.
It’s a life insurance policy that clears your mortgage if you die before the mortgage ends.
So, your loved ones can keep the house and avoid crowdfunding it on GoFundMe.
The cover reduces over time, matching your decreasing mortgage balance.
So you’re not overpaying for cover you don’t need.
Premiums start from €13.13 per month (including the 1% government levy).
But your premium will depend on
You can get an instant quote here
Irish Life says they approve 70% of applications within 24 hours.
However, that assumes no health issues.
Get a lump sum if you’re diagnosed with one of the listed serious illnesses (think cancer, heart attack, stroke).
There’s also a smaller payment for 23 additional conditions.
Irish Life aren’t the best, nor the worst for illness cover.
🟩 Irish Life: €7,000
🟨 Aviva & Royal London: €5,000
🟥 New Ireland: €4,000
🟥 Zurich: None
If you add Specified Illness Cover, your children are automatically included.
Kids are covered from birth, making Irish Life the fairest insurer in the market.
If you have a baby, get married, or remortgage, you can increase cover without medical questions.
Handy if you hate forms and doctors.
With the ‘Guaranteed Cover Again’ option, you can switch to a new policy down the line, even if your health changes.
If diagnosed with a terminal illness, Irish Life will pay out early but the catch is your consultant has to certify that you have less than 12 months to live – this can be difficult.
Irish Life supports the Insurance Ireland Code of Practice.
That means cancer survivors who’ve been clear for a certain period (usually 7+ years) will be eligible for up to €500,000 mortgage protection at the normal price.
About time!
You can get an instant quote here
Irish Life’s mortgage protection is solid, but it is expensive compared to the other providers.
Most of the Irish banks are tied to Irish Life for the mortgage protection, so you may feel like it is being forced on you.
That’s because it is being forced on you.
But you have a choice.
You don’t have to buy from your bank
You can (and should) shop around
And if you’d like a human to explain it all—no bots, no scripts—we’d be happy to help.
💬 Complete our quick mortgage protection questionnaire
We’ll check with all five insurers, do the legwork, and recommend the best one for your situation.
✔ No bots
✔ No scripts
✔ Just sound advice from people who actually give a sh*t.
Thanks for reading
Nick
Editor’s note | We published this blog in 2022 and regularly update it
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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