Get a Quote in Seconds
No contact details required
Mortgage protection is a type of decreasing term life insurance designed to repay your outstanding mortgage if you die during the policy term. As your mortgage balance reduces over time, the amount of cover reduces too, which generally makes it more affordable than standard life insurance. It helps ensure your family can remain in their home without the burden of repaying the mortgage.
For most people buying a home in Ireland, yes. Mortgage protection is normally required before your lender will allow you to draw down your mortgage. However, there are legal exemptions, such as certain medical circumstances, borrowers over a specified age, or properties that are not your principal private residence. If an exemption applies, your lender will advise you on the alternative requirements.
No. Your bank may offer mortgage protection, but you are free to choose any authorised provider as long as the policy meets your lender’s requirements. At Beat the Bank, we compare Ireland’s leading insurers to help you find the right mortgage protection cover at a competitive price, with no hidden charges. Many customers save up to 40% compared to buying through their bank.
Not always. Mortgage protection and life insurance serve different purposes. Mortgage protection is designed to repay your outstanding mortgage and reduces over time as your loan decreases. Life insurance pays a fixed lump sum that can help your family cover living expenses, childcare, education and other financial commitments. Many homeowners choose both, so their mortgage is cleared while their family also has additional financial support.
Mortgage protection premiums depend on several factors, including your age, health, smoking status, mortgage amount and mortgage term. Because everyone’s circumstances are different, the easiest way to find your exact premium is to compare quotes online and receive an instant personalised price.
Many straightforward applications receive a decision within 24 to 48 hours, particularly for younger applicants in good health. If your insurer requires additional medical information or a GP’s report, the process may take longer. Applying as soon as your sale is agreed can help avoid delays to your mortgage drawdown.
Yes, it is possible. Different insurers assess medical histories differently, so conditions such as high blood pressure, diabetes, anxiety or weight-related health concerns may affect your application. If one insurer declines your application, other insurers may ask about that decision. This is why comparing insurers and getting expert guidance from the outset can make a real difference. If you cannot obtain standard mortgage protection, you may qualify for a legal exemption.
Yes. You can switch your mortgage protection provider at any time, and many homeowners do so to reduce their monthly premium. Before cancelling your existing policy, make sure your new mortgage protection policy has been fully accepted and is in force so there is no gap in cover. As long as your new policy meets your lender’s requirements, switching will not affect your mortgage.
We compare mortgage protection policies from Ireland’s leading insurers-including Aviva, Irish Life, New Ireland, Royal London and Zurich, to help you find a competitive premium. We pass back a portion of the commission we receive from insurers as a discount, helping many customers pay less for the same mortgage protection policy. That’s one of the reasons our policies are often up to 40% cheaper than buying through a bank.
We compare mortgage protection policies from Ireland’s leading insurers, including Aviva, Irish Life, New Ireland, Royal London and Zurich. Comparing multiple insurers helps ensure you receive competitive pricing and cover that meets your lender’s requirements-all in one place.
Yes. When you arrange your mortgage protection through Beat the Bank, you receive the same policy from the same insurer, with the same terms, conditions and claims process as if you purchased directly. The difference is that we compare multiple insurers for you and help you access competitive pricing, often at a lower cost than buying through a bank.
Mortgage protection is designed to decrease in line with your mortgage balance. However, once your mortgage is cleared (or if you switch lenders), you may still want life cover.
The conversion option allows you to convert your decreasing mortgage protection into another type of life cover (such as level term or whole-of-life) without further medical underwriting.
This option protects you against future changes in your financial circumstances. For example, if you need to extend your mortgage term to lower repayments, switch to interest-only payments, or remortgage for home renovations, you can adjust your policy accordingly. Adding this option increases your discounted premium by just 5%.
Yes, Royal London can reduce your cover if you’ve paid off a lump sum. They’ll require a written request and a statement from your lender, then provide you with an updated quote.
The Guaranteed Insurability Option (also called Special Events Increase Benefit) allows you to increase your cover by up to 50% of your original benefit (or €100,000, whichever is lower) without providing further medical evidence if you increase your mortgage, get married, or have or adopt a child.
This option applies only up to age 55 and must be used within 6 months of the relevant event. Taking out additional cover separately can often be more cost-effective in those circumstances.
Use your current communication address until you move into your new home. Once you move in after policy issue, simply notify us and we’ll ask Royal London to update their records.
Unlike home insurance, mortgage protection covers your life, not the property directly. Your address doesn’t appear on your Mortgage Protection policy certificate, allowing you to use the policy if you move in the future, provided the cover still suits your requirements.
Yes, if you haven’t smoked, vaped, or used any tobacco or nicotine replacement products for more than 12 months with no intention to resume, Royal London may review your rates to non-smoker rates. You’ll need to confirm this by signing paperwork, and full disclosure of all material facts is essential.
Yes, you are considered a smoker if you vape, smoke, or use any nicotine replacement products. Even occasional use within the last 12 months qualifies as smoking for underwriting purposes.
The plan can be issued one month in advance of your requested start date. If you’re certain of your drawdown date, you can have the policy issued with a future start date.
Consider issuing the policy with an extended term and slightly increased cover (102% of your mortgage amount) to allow for any delays after policy issue. This typically adds less than €1 to your monthly premium while providing complete peace of mind and protection against complications or delays before drawdown.
Royal London also offers one month’s free cover, so you won’t pay your first premium until a month after policy issue, but you’ll be covered immediately.
Mortgage Protection is a specific type of life cover designed purely to clear your mortgage if you die during the loan term. The cover amount reduces over time in line with your mortgage balance, making it the most affordable form of life cover as the insurer’s risk decreases each year. The policy is normally assigned to the bank, so if you pass away, the mortgage is cleared but no payment goes directly to your family.
Life Insurance (level term assurance) offers more flexibility. You choose the cover amount and term, and the cover stays level throughout the policy. If you take out €300,000 cover, your family receives €300,000 whether it’s year one or year twenty. This lump sum can be used for the mortgage, living costs, education, or any other family needs. The money goes to your beneficiaries, not the bank, and they decide how to use it.
Key differences:
Many people in Ireland combine both: mortgage protection to satisfy the bank’s requirement, plus separate life cover to ensure the family is financially secure.
If you no longer have a mortgage, you can cancel the cover without penalty at any time.
The cover should be for the amount of the mortgage loan you are drawing down from your lender, not the full property price.
Yes, if the cover is sufficient for your new mortgage (both the cover amount and term length), you can provide the policy documents to your new lender. We can also supply a statement showing your current mortgage protection cover balance.
When tests are outstanding for medical reasons, underwriters will need the results before proceeding with your application. Contact your GP or consultant to expedite the results so the underwriting team can make an informed decision with all the necessary information.
All mortgage protection policies use an assumed interest rate of 6%. This means your cover decreases at the same rate as the capital of a loan with 6% interest. Life companies use interest rate bands of 6%, 9%, and 12%, with 6% being standard.
Since actual interest rates are typically lower than 6%, this ensures you always have slightly more cover than your remaining mortgage balance. This buffer guarantees the plan never pays out less than the full outstanding loan amount. Any surplus above the outstanding balance paid out in a claim will be returned to you once the mortgage is cleared.
The figure to insure is the amount you are borrowing from the bank, minus your deposit. For example, if your property costs €540,000 with a €54,000 deposit, you would insure €486,000.
Mortgage Protection policies are designed to track your mortgage decreasing over time, so the cover remains higher in the early years when you’re paying more interest than capital. The life company uses an assumed interest rate of 6% to allow for fluctuations over time, ensuring there will always be sufficient cover to pay off your mortgage in the event of death during the term.
Once you submit the policy documents to your bank, they will ask you to sign an Assignment Form allowing their interest to be noted. The bank then writes directly to Royal London to note their interest on the policy, and Royal London confirms when this has been completed.
If you choose a level term policy, the premium will remain fixed for the policy term, provided you don’t change your cover. If you choose indexation, both your cover and premium will increase each year in line with the policy terms. Other changes you request may also affect your premium.
Joint life cover normally pays out once, following the first death of either person, after which the policy ends. Dual life cover provides separate cover for each insured person, so a benefit may be payable on each life if both the insured persons die during the policy term. Premiums and terms vary between insurers, so the more suitable option depends on your circumstances.
Not always. Many applications can be assessed using the information provided on your application form. Depending on your age, health, medical history and the amount of cover requested, the insurer may ask for additional information such as a GP report, medical questionnaire or medical examination. Requirements vary between insurers.
Some straightforward applications can be assessed quickly – sometimes the same day, while others take longer if the insurer needs additional medical or financial information. The timeframe depends on your individual application and how quickly any requested information becomes available.
Yes. Smokers, vapers and users of other nicotine products can still apply for life insurance. Each insurer has its own definition of smoker or nicotine use, so it’s important to answer the application questions accurately, as this affects both your eligibility and your premium.
Yes. You can cancel a life insurance policy, although the financial consequences depend on when you cancel and the type of policy you hold. Individual life insurance policies generally have a 30-day cooling-off period. If you’re considering cancelling existing cover and replacing it with a new policy, don’t cancel your current policy until the replacement cover has been accepted and is fully in force.
Yes. You can have more than one life insurance policy – for example, mortgage protection for your home loan alongside separate level-term life insurance for your family’s wider financial needs. Insurers may ask why a particular level of total cover is required as part of their financial underwriting.
You don’t usually need a separate life insurance policy to get a mortgage in Ireland. What lenders generally require is mortgage protection, which is a type of life insurance which decreases over the term, specifically designed to repay the mortgage if you die during the term.
Mortgage protection usually decreases in line with your mortgage balance and is generally cheaper than level-term life insurance.
Life insurance is different – it isn’t tied to your mortgage, the cover can stay level, and the payout goes to your chosen beneficiaries. Many people have both, depending on the level of protection they want for their family.
The good news is that a life insurance payout is not treated as income, so your family won’t pay income tax on the money they receive. However, Capital Acquisitions Tax (CAT) may apply depending on the beneficiary’s relationship to the policyholder and the amount involved.
This depends on the relationship between the policyholder and the beneficiary. A spouse or civil partner is fully exempt, regardless of the amount. A child can receive up to €400,000 tax-free (Group A threshold), a sibling, niece or nephew up to €40,000 (Group B), and anyone else – including a cohabiting partner – up to €20,000 (Group C). Anything above the relevant threshold is taxed at 33%. These thresholds are set by Revenue and reviewed periodically, so it’s worth confirming the current figures before relying on them. (Source: Revenue.ie, correct as of August 2026.)
Yes, this is one of the most common tax surprises with life insurance. If you’re not married or in a civil partnership, your partner falls into the lowest tax-free threshold (currently €20,000), regardless of how long you’ve been together. A large payout could leave them with a significant tax bill at an already difficult time. If this applies to you, it’s worth discussing options such as a “life of another” policy structure, where each partner takes out a policy on the other, which can help reduce or avoid this exposure.
You pay your Income Protection premiums gross and claim back the tax through Revenue. You’ll receive an Income Protection Tax Certificate with your policy documents to provide as proof to Revenue.
If your bonus is regular and guaranteed over consecutive years, it can be included as part of your salary. If you make a claim, the insurer reviews your payslips and will consider any additional earnings.
The deferred period should match how long your employer pays sick pay while you’re out of work, as you cannot receive both employer sick pay and income protection simultaneously. The cover only begins when you’re no longer receiving salary from your employer.
If you’re paid sick pay for 3 months, choose the 13-week deferred period. If you’re paid for 4-6 months, choose the 26-week period.
An Income Protection plan only replaces earned income. If you retire early, simply cancel your Income Protection plan when it’s no longer required.
Generally no, unless you take on a more physically demanding job with more manual work or hazardous conditions. It’s worth notifying the life company if this happens so the underwriting team can confirm.
No, redundancy or unemployment is not covered under income protection policies. Losing your job for reasons other than illness or injury (such as being laid off or your employer going out of business) won’t trigger a payout.
Yes, it pays out for serious illnesses like cancer if you’re certified as being unable to work.
Yes, you can cancel your policy at any time without penalty.
To obtain tax relief:
This is your personal decision. Income Protection is one of the most valuable policies available as it protects your income—the very basis on which the bank approved your mortgage. While it’s not compulsory, it’s highly beneficial. If you’ve built up a substantial savings buffer, you could delay taking it out, but consider the risk of being unable to obtain cover later due to health changes.
Yes, Income Protection includes a Guaranteed Increase Option allowing you to increase your cover by up to 20% every 3 years, enabling you to cover salary increases over that period.
If indexation applies, your benefit automatically increases on each policy anniversary by 3%. Your premium also increases annually by 3.5%.
Escalation ensures your payments while in claim increase by 3% per annum. This means if you’re sick long-term, your payout increases with the general cost of living, maintaining the real value of your benefit.
No contact details required
