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Mortgage Protection what is it?


Mortgage Protection Letterkenny

If you have a mortgage on your family home, you are legally required (with some exceptions) to have life insurance cover to pay off the mortgage should you die before the end of the mortgage term. This is called mortgage protection cover.




Should you buy it from your mortgage provider?

Most lenders offer this cover as part of their home loan package. However you are not obliged to take their cover. You can arrange such cover yourself and there are many advantages in doing so:

With help from your Financial Broker you can search the market for the most competitive mortgage protection policy cover available (lenders typically use just one insurer for their mortgage protection cover).
You own the cover yourself so if you move to a different lender, you can take the cover with you. Lender's mortgage protection cover, on the other hand, ceases when you move your mortgage to a different lender and you would then have to take out fresh cover.


  • How old you are when you take out the cover
  • How long you want the cover
  • The level of cover you want, and whether you want this cover to increase annually, or reduce annually.
  • Your general health
  • Whether you smoke or not (smokers will be charged more than non-smokers for the same cover)
  • What additional benefits and options you want to add on

Important Note:

You do not have to take out mortgage protection insurance if: you are aged over 50; the mortgage is not on your principal private residence; you cannot get the insurance or can only get it at a much higher premium than normal. These are exemptions to the legal requirement to have mortgage protection life cover in place. However, your lender may still specify mortgage protection life cover as a condition of the loan offer even if these exemptions apply to you.

The above if for information purposes only and does not constitute financial advice in any, we recommend that you speck with us before making any financial decisions.

We recommend a holistic approach to financial planning and we can help you put your plans in place.

Give us a call if you need advice; tel 074 912 8362 Contact us red ball

Advice First Financial Services Ltd trading as Advice First Financial is regulated by the Central Bank.

Tags: Advice, cheapest price, Donegal Advisor, Life Cover, mortgage advice, mortgages

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