Compare Mortgage Protection Insurance

Mortgage protection is a form of life insurance which pays off the outstanding balance on your mortgage should you die before the mortgage is fully repaid. It is usually compulsory for all mortgage holders in Ireland.

The cost of mortgage protection will depend on several factors such as the size of your mortgage, your age and health status, and whether you want single life or joint life cover. Smokers will also pay more for cover than non smokers. Use our mortgage protection comparison service to find out the price of cover for you.

Mortgage lenders require that you take out mortgage protection or life insurance before they’ll allow you to draw down a mortgage. This is because they want assurance that the loan will be fully paid off in the unlikely event of your death during the term of the mortgage.

Life insurance pays out a lump sum should you die during the term of the policy. This sum remains constant and with indexation can increase each year to help keep up with inflation.

With mortgage protection, the lump sum decreases each year to broadly match the outstanding balance on your mortgage. This means it tends to be cheaper than life insurance.

Generally, mortgage protection is designed to pay off your mortgage if you die, not to provide a cash sum to your dependants. So you’ll usually need separate life insurance to provide a cash lump sum if you have a dependant family.

You can, if you want, use an existing life policy for mortgage protection by assigning it to your mortgage provider, so long as the amount you’re insured for is at least equal to the value of your mortgage and it runs for the same term. Should you die before the life insurance policy ends, the mortgage will be cleared and the balance paid to your dependants.

No. By law you’re under no obligation to buy mortgage protection from your bank. A bank can’t refuse you a mortgage if you decide to get mortgage protection elsewhere. You’re free to shop around and find the best value protection for you and we would highly recommend that you do.

If you decide to switch mortgage provider you don’t need to take out a new policy. You can simply reassign your existing policy to your new lender. Your premium and level of cover will remain the exact same as long as the amount you borrow and the term of your mortgage hasn’t changed.

Comparing mortgage protection policies is easy with bonkers.ie. Just fill in some simple details such as your age, the amount of cover you want, and the term the policy should run for using our online comparison service, and we'll compare polices from Ireland's main providers and produce a quote for you in just seconds.