What is Mortgage Protection ?
If you are buying a home in Ireland, mortgage protection is not an option- it is a legal requirement. Your lender would need this proof of protection before allowing you to draw down your funds. But it is not just about ticking the mandatory box, it is about making sure that your family never loses the home that you built for them after you die
How Does it Work?
Mortgage protection is a form of life insurance that clears your remaining mortgage balance if you die during the term of your cover. The cover reduces each year; in the same way your mortgage loan reduces. As the cover decreases over time, it is generally cheaper that your standard life insurance
Do You Have to Buy it From Your Bank ?
No. Your bank will typically only offer you one option- their own. At Beat the Bank, we compare across the market in seconds to find the right cover at the right price for you. Keeping everything transparent and no hidden charges.
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What About Health Conditions ?
This is the part most people do not think about. Different insurers treat health histories very differently. Conditions like high blood pressure, diabetes, anxiety, or a high BMI can affect your application and if you are declined by one insurer, others will ask about it. Getting these right first-time matters, which is why it helps to have someone in your corner from the start.
When Should You Apply ?
You should apply for this cover as soon as your sale is agreed. Waiting until the last minute can cause unwanted delays and stress. If a medical report is needed, it can take weeks and that delay can hold up your entire mortgage process.
What Features Are Worth Knowing About ?
Two options are easy to overlook but worth understanding: Guaranteed Insurability Option (GIO): this lets you increase your cover at a later stage, without medical underwriting this useful if you ever top up your mortgage
Conversion Option: this allows you to extend your term of the cover without health questions if your circumstances change
One Thing to Be Aware Of
If you have any outstanding medical referrals or tests that have not yet taken place, most insurers will pause your application until those are resolved. Always disclose this honestly, failing to do so can result in a claim being refused down the line. Beat the Bank makes this simple, Get your mortgage protection quote in seconds-fully online, no paperwork. We will make sure your cover is structured properly so your lender is happy and your family is protected.
Which Type of Mortgage Protection is Right For You?
| Particulars | Single | Joint | Dual |
|---|---|---|---|
| Who is covered | One person | Two people, one policy | Two people, one policy |
| How it pays out | Pays out if that person passes away | Pays out when the first person passes away | Pays out on first death; potential second payout |
| After the claim | Policy ends | Policy ends for both | Surviving person's policy continues |
| Covers mortgage if | The policyholder passes away | Either person passes away | Either or both persons pass away |
| Best for | Someone protecting themselves or their family alone | Couples who want straightforward, lower-cost cover | Couples who want full, independent protection for each |
| Cost | Single premium | Lower than dual | In certain instances, no additional costs apply |
How to Make a Claim
We understand that making a claim is never easy. While the claim itself is handled by the insurer, we are here to provide support and guidance throughout the process. You can contact us at any stage, and we will help you understand what is required and what to expect as the insurer assesses the claim. We will be on hand to answer questions, explain what is happening and support you until the claim is settled and the benefit is paid to the named beneficiary.
Why Choose Beat the Bank ?
Compare Ireland's Leading Insurers
Compare mortgage protection insurance from Ireland's leading insurers, including Royal London, Aviva, Zurich, Irish Life and New Ireland. Find the cover that best suits your mortgage, needs and budget.
Save Up to 40% Compared to Bank Quotes
We help keep your mortgage protection costs low by passing back a portion of the commission we receive from insurers. This means you could pay less for the same policy from the same insurer, while still meeting your lender's requirements.
You're Free to Choose Your Own Provider
You don't have to buy your mortgage protection from your bank. As long as your policy meets your lender's requirements, you're free to choose any authorised provider and we'll take care of the paperwork for you.
Trusted & Regulated Irish Broker
Beat the Bank is authorised and regulated by the Central Bank of Ireland and is rated 4.9 on Trustpilot by customers across Ireland.
(Financial Planning Matters Limited t/a Beat The Bank is regulated by the Central Bank of Ireland. Financial Planning Matters Limited t/a Beat the Bank is not a bank and is not authorised to carry out banking business in Ireland)
Fast Online Quotes & Expert Support
Get a personalised quote in seconds and complete your application online in minutes — with no sales calls and no pressure, all at your own convenience. If additional medical information or underwriting is required, our team will guide you through every step of the process.
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