Irish Life websites

Who needs Mortgage Protection?

If you have a mortgage, you need Mortgage Life Insurance, which is also known as Mortgage protection. Generally, your bank will request that you have a Mortgage Protection plan in place before your mortgage can be drawn down.

You can protect:

  • Single cover: One person covered. This means we will make the payment if you die during the term of the plan; or
  • Joint Cover:  Two people covered. This means that we will make the payment if either person dies during the term of the plan. However, we will only make the payment once.

You can also choose specified illness cover under your Mortgage Life Insurance plan – this will pay you a lump sum if you are diagnosed with one of the conditions covered. You and your family can then use this lump sum to help pay off the mortgage.

Some important points regarding Mortgage Protection:

  • 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 your payments to stay on cover.