Table of Contents
10-second summary
Irish Life mortgage protection is solid and widely used by banks, but it’s often more expensive than other providers. You don’t have to buy it, and depending on your health, another insurer could offer better terms.
If you’re here, I’m assuming you’ve already got a rough idea of what mortgage protection does.
No?
That’s fine.
Head over to this First Time Buyer Mortgage Protection Guide to get up to speed.
—
So, you’re finally buying a home.
You’ve survived the viewings, the bidding wars, and you’re 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 it from your lender, even if they make it sound like you do.
Let’s break down Irish Life mortgage protection, what it does, what it costs, and whether it’s actually any good.
It’s a life insurance policy that clears your mortgage if you die before the mortgage ends.
The cover reduces over time, broadly in line with your mortgage balance.
And the price is fixed for the term of the policy.
Premiums start from €13.13 per month (including the 1% government levy).
Your actual premium will depend on:
You can get an instant quote here.
Irish Life say they approve 70% of applications within 24 hours.
That’s true.
But only if everything is straightforward.
The moment anything crops up, a GP visit, tests, or something ongoing, the timeline can slow down significantly.
This is where people get caught, especially close to drawdown.
This pays a lump sum if you’re diagnosed with one of the listed serious illnesses, for example cancer, heart attack or stroke.
There are also smaller payments for a range of additional conditions.
Irish Life sit somewhere in the middle of the market here, not the strongest, not the weakest.
If you add specified illness cover, your children are automatically included.
Children are covered from birth, which is one of the stronger features of Irish Life compared to other insurers.
If you have a child, get married or move house, you can increase your cover without medical questions.
That’s useful if your health changes down the line.
With the ‘Guaranteed Cover Again’ option, you can switch to a new policy in the future without going through underwriting again.
If you’re diagnosed with a terminal illness, Irish Life will pay out early.
The condition is that a consultant must confirm a life expectancy of less than 12 months, which can be difficult in practice.
Irish Life follow the Insurance Ireland Code of Practice.
This means that people who have been clear of cancer for a number of years, typically 7+, may be eligible for up to €500,000 of mortgage protection at standard rates.
That’s a positive step compared to how things worked in the past.
Short answer: sometimes yes, sometimes no.
Irish Life is the largest provider in Ireland. They’re well established, they pay claims, and they’re a safe pair of hands.
But that doesn’t automatically make them the best option for you.
This is where most people go wrong.
“The bank suggested it, so it must be the best option.”
It’s not.
It’s just the easiest option for them.
Insurers don’t assess risk in the same way.
One insurer might offer standard terms.
Irish Life might increase the premium.
Once you apply and get a decision, that can follow you.
That’s why applying to the right insurer first matters more than most people think.
If you apply to the wrong insurer first, you might still get cover.
But it may be more expensive than it needed to be
That’s the bit most people never see.
You can compare quotes from Aviva, New Ireland, Royal London, Zurich and Irish Life here.
Irish Life’s mortgage protection is solid, but it’s often more expensive than other providers.
Many Irish banks are tied to Irish Life, which is why it can feel like it’s being pushed on you, sometimes as part of the One Plan (see our review)
But you do have a choice.
Complete our quick mortgage protection questionnaire
We’ll check all insurers, do the legwork, and recommend what actually suits your situation.
Written by Nick McGowan, QFA RPA APA
Nick is a qualified financial advisor and founder of Lion.ie, a multi-agency Irish life insurance and income protection brokerage based in Tullamore.
He’s been helping people secure fair, transparent cover for over 15 years and was named Protection Broker of the Year 2022.
If you’d like straight answers without the sales pitch, learn more about Nick here.
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!
Watch our video
