How to compare and apply for mortgage protection insurance on
Caoimhe Bermingham
Staff Writer

Comparing and applying for mortgage protection has never been easier. On you can compare and find the best value mortgage protection insurance for you in a matter of minutes. To get a quote today all you need to do is follow these simple steps.

Mortgage protection insurance, or mortgage life insurance, protects you and the bank, in the event you die unexpectedly before you have fully paid back your mortgage

Lenders require you to have mortgage protection in place before you can draw down your mortgage. In the event of your untimely death, a lump sum will be provided to the lender to pay off the outstanding balance left on your mortgage. 

This is the second guide in our five-part series on how to get the best value mortgage protection insurance. Here we outline how to use our mortgage protection comparison service and apply for cover.

You can find the rest of the guides in this series linked at the end of this piece.

Step 1 - Input your date of birth

Your age will determine the cost of your premium. For example, the younger and healthier you are, the less likely you are to make a claim. Therefore, you will pay less for insurance.

It’s important to note that if you’re over the age of 50, a lender may agree to give you a mortgage without mortgage protection cover in place.

Step 2 - Indicate whether you are a smoker or a non-smoker 

If you have smoked any tobacco products or used nicotine replacement products in the last 12 months, you will need to tell us. Smokers are considered to be a high-risk factor for insurers, as they are more susceptible to diseases and more likely to be in poor health. 

As a result, smokers will have to pay a higher rate on their premium in comparison to non-smokers as they are more likely to make a claim.  

However, if you have been off these products for over a year, you can apply for non-smoker rates, but you may be asked to take a cotinine test to prove you are no longer smoking. 

Step 3 - Tell us how much money is owed on your mortgage

The larger the balance left on your mortgage, the more money you will have to pay for your mortgage protection policy. 

For example, if you have €300,000 left on your mortgage, your mortgage protection costs will be more than someone who only has €150,000 remaining on their mortgage. 

Note that the sum insured that you enter should only reflect the loan amount from the lender, and not the overall purchase price of the property. 

Step 4 - Tell us how many years are left on your mortgage

Your mortgage protection policy must run for the full length of your mortgage term or the years remaining on it, to ensure both you and the lender are protected. 

At this stage, you will be able to indicate how many years you have left on your mortgage term and can choose anywhere between 10-40 years. The more years you have left on your mortgage, the more costly your premium will be. 

Step 5 - Add an additional person

If you are getting a mortgage by yourself, you should get a single cover policy, however, if you are getting a mortgage with a partner you should apply for either a dual or a joint policy. 

Take a look at this guide to learn more about the differences between a joint and dual policy

If you decide to add another person to your mortgage protection cover, you will need to tell us their date of birth and smoking habits. 

Generally, single cover policies are cheaper than joint or dual policies, as they are only insuring one person, however, it is better value to take out a joint or dual policy for two people, rather than getting two individual policies for one mortgage. 

Step 6 - Is this policy to replace an existing policy?

If your answer is yes, you will need to select which insurance provider you currently have your existing mortgage protection cover with. 

Step 7 - Review your results

Once you have submitted all the information required above, you will hit the ‘Compare Mortgage Protection’ button. You will be brought to the results page, where the complete list of policies is ready for you to examine in more depth. All our quotes have a discount applied. 

Monthly premium

Your mortgage protection quotes are organised in order of the cost of your monthly premium, with the cheapest appearing first. 

This price will include any additional extras you decided to opt for during this process. 

Policy features and benefits

Each quote will outline what benefits and offers are covered in this particular policy. These will vary from provider to provider and will depend on the policy and your circumstances.

These benefits may include: 

  • Serious illness cover
  • Terminal illness benefit 
  • Children’s life cover
  • Guaranteed insurability option 
  • A reinstatement clause in case you miss your payments 

View more details

If you’d like to know more about a policy, simply click on the ‘see details’ button. 

Here the policy will be outlined in more depth and you can review all the benefits.

It is important to note the length of time each quote is valid. You can discover this at the bottom of each insurance quote as they can differ depending on the provider and the policy. 

Step 8 - Select your cover and fill in your application

Once you examine the policy and benefits thoroughly of each provider, you can select which mortgage protection insurance covers your needs best. 

Then you'll need to fill out your application for your chosen cover. You will be required to provide some personal information, such as:

  • Your full name: This is the name your insurance policy will be registered under. 
  • Your email address and contact number: This contact information is needed so you can be sent your insurance policy documentation and confirmation of payment.
  • What stage your mortgage application is at: Whether it is approved in principle, approved, sale agreed or at the drawdown stage.
  • Your address: This must be the address to which you currently reside and receive correspondence to. 

Next, you will have to provide information regarding your financial circumstances. These answers are necessary to provide a complete financial picture so that we can provide the appropriate recommendations and advice for your financial needs.

  • Your health: State if you are in good or bad health.
  • Define your marital status: Select whether you are single, married, divorced, widowed, separated or if you are a common-law spouse.
  • Your occupation: Provide details regarding your employment status, your job and the industry you work in. If you have added another person to your policy, you will have to submit this information about them also.

Step 9 - Answer the final questions

Let us know how you heard about our service. You can also choose what medium you would like to be contacted by your new insurer.

Here you’ll be able to pick a time that suits you best for a callback from our insurance team.

Step 10 - Declarations 

Lastly, you must agree to the terms and conditions of your new policy. 

What happens next?

After you submit your application, one of our qualified insurance advisors will phone you to confirm your medical history, ask you about your mortgage application, and answer any questions you may have about the policy you’ve selected.

This call should last approximately 10 minutes. 

Our expert advisors will guide you through the full application process and will liaise with the mortgage protection insurance provider on your behalf.

Our team will be with you every step of the way until your policy has been issued. 

Take control of your mortgage process

Choosing the correct mortgage protection insurance is just one important element of the mortgage process. No matter where you are on this journey, our expert advisors and mortgage centre are here to help you with your queries. 

You can compare the different mortgages and their interest rates on our free mortgage comparison tool. Once you are ready to apply for your mortgage, you can submit an online enquiry through our mortgage brokers service

Don’t forget you will also need a home insurance policy for your mortgage to be approved by the bank. Luckily, you can apply for home insurance on too. 

You can use our other comparison tools to get the best deals and offers available across a range of energy, broadband, banking and other insurance products. So start cutting your costs today with

Become an expert in mortgage protection 

Why not take a look at the other articles in our mortgage protection guide series?

You can keep up to date with our latest news on mortgage protection insurance, and blogs and guides pages. 

Help is on hand

If you have questions regarding mortgage protection insurance, our team of qualified advisors are here to help.

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