When Should I Apply for Mortgage Protection?

Niall O'Connor MSc CFP® QFA

Co-Founder

When Should I Apply for Mortgage Protection?

If you’re buying a home in Ireland, Mortgage Protection is one of the key steps you’ll need to take before drawing down your mortgage — but many buyers aren’t sure when exactly to apply. Too early and things can expire. Too late and you might hold up your drawdown. Here’s how to get the timing just right.

First: What Is Mortgage Protection?

Mortgage Protection is a life insurance policy that pays off your mortgage if you pass away during the term of the loan. In most cases, it’s a legal requirement before your lender releases the funds.

So, When Should You Apply?

The ideal time is once you’ve identified the property you want to buy and know how much your mortgage will be. That usually means after going Sale Agreed and having formal mortgage approval in place.

Here’s why:

Your lender will need the policy details to finalise your drawdown.
If any medical information is required, underwriting can take several days (or longer).
You don’t want a last-minute delay caused by paperwork or health queries.
We can often hold your approval for a number of months if needed, so it’s worth getting ahead of it.

Applying around 6–8 weeks before drawdown usually gives plenty of breathing room.

What If You Have Health Conditions or Medical Queries?

The earlier you apply, the more flexibility you’ll have. If your insurer needs extra info from your GP or requires medical follow-up, that can take time. Getting a head start ensures these won’t cause delays later.

If too much time passes between approval and drawdown, we may simply ask you to confirm your health status hasn’t changed — it’s a quick declaration in most cases.

Don’t Just Accept the Lender’s Quote

Lenders often offer Mortgage Protection policies, but they’re rarely the best value. At BeatTheBank.ie, we typically save customers money by sourcing cover from a panel of providers — and we’ll make the process fast, simple, and entirely digital.

Can I switch providers if I already have cover?

Yes, absolutely. If you’ve been told to go with your bank’s policy – but it’s pricey – you’re not locked in. You can switch your Mortgage Protection policy at any time, even after your mortgage starts. And chances are, you’ll save.