Irish Life websites

What is Mortgage Protection?

If you die during the term of your plan, whatever is left of your mortgage will be paid off, as long as your mortgage repayments are up to date and your mortgage interest rate has not, on average, risen above the interest rate assumed.

Normally, you will transfer ownership of your Mortgage Life Insurance Plan – also known as Mortgage Protection to your mortgage lender. And, as you pay off your mortgage, your cover will fall to reflect the reducing amount you owe on your mortgage. The fact that the level of cover reduces over the term of your plan helps to keep the cost of this plan lower than other forms of life assurance.

The payments and benefits under this plan are guaranteed. That means you will always know how much you are paying and how much we will pay out. The amount of life insurance you need and the length of time you should be protected for will depend on the amount of your mortgage and how long you have left to pay it off.


Some important points regarding Mortgage Life InsuranceProtection:

  • You must be aged between 18 and 77.
  • The maximum term is 40 years or up to age 80
  • The amount you pay is guaranteed to stay the same for the entire period that you are insured for.
  • You must keep up payments to stay on cover.