Do I need life insurance for a mortgage?

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.