Mortgage Protection Made Simple
At EDUC Mortgages, we help you secure the right mortgage – and the right protection to go with it. Mortgage protection is a key requirement for most homebuyers in Ireland, but that doesn’t mean one-size-fits-all. We’ll guide you through your options, explain what’s essential (and what’s not), and make sure your cover is tailored, affordable, and fully lender-compliant – with zero stress.
Mortgage Protection
What is Mortgage Protection?
Mortgage Protection is a life insurance policy that clears your outstanding mortgage balance if you pass away during the loan term. It gives your loved ones security – ensuring they can retain the family home with no financial stress.
In most cases, Irish mortgage lenders won’t release your mortgage funds without this cover in place. It’s not just a legal requirement – it’s a smart way to protect your biggest asset and your family’s future.
How Mortgage Protection Works
You take out a policy that matches the amount and term of your mortgage
If you die during the policy term, the insurer pays off the remaining mortgage balance
The cover reduces over time as you pay off your mortgage (known as “decreasing” cover)
Once the mortgage is cleared, the policy ends.
Mortgage Protection Options
There are a few key choices to make when setting up your policy. We’ll guide you through them:
Joint vs Dual Life
- Joint Life: One payout, covering both people on the mortgage
- Dual Life: Pays out separately on each person’s death (offers more coverage)
Convertible Option
- Add a conversion feature so you can extend or renew your cover in the future without any medical re-assessment – even if your health has changed.
Indexed Cover
- Choose indexation to increase cover over time in line with inflation.
Bundled Cover
- Combine mortgage protection with serious illness cover for additional financial protection.
Level Term Cover
Level Term Life Insurance
Level Term Life Cover is a type of life insurance that provides a fixed lump sum payment if you pass away during a set period (the “term” of the policy). Unlike mortgage protection, the cover amount does not decrease over time – it stays the same throughout the entire term.
Useful for:
- Covering family living costs or children’s education
- Replacing lost income
- Leaving a legacy
- Supplementing mortgage protection (especially if you want to leave a lump sum beyond clearing the mortgage)
Level Term vs Mortgage Protection
| Level Term Life Cover | Mortgage Protection | |
| Cover amount | Stays the same | Decreases as mortgage is repaid |
| Policy use | Flexible — any purpose | Pays off remaining mortgage only |
| Cost | Slightly higher | Typically lower |
| Can leave surplus? | Yes – payout can exceed mortgage | No — just clears the balance |
Frequently Asked Questions
Is mortgage protection mandatory in Ireland?
Yes, for most residential mortgages it is a legal requirement – unless you’re purchasing an investment property or already have qualifying life cover.
What’s the difference between mortgage protection and life insurance?
Mortgage protection only pays out the outstanding loan balance, and decreases over time. Life insurance can offer a larger fixed lump sum to your family, and doesn’t have to be linked to a mortgage.
How much does mortgage protection cost?
Mortgage protection is amongst the cheapest form of life cover. Premiums depend on your age, health, mortgage amount, and term. It’s usually very affordable, especially if you’re young and healthy.
What if I already have life insurance?
It may qualify – but only if the cover amount and term match the mortgage and it’s assigned correctly. There are many considerations to take into account however including whether you want to ensure any dependents are financially protected in the event of your death. We will help you.
Can I still get mortgage protection if I have a health condition?
Yes — in many cases, you can still get cover. However, depending on your specific condition and medical history, your policy may be subject to a premium loading (higher cost), special exclusions, or in some cases, a deferral or decline. We will help guide you through the application process to find the best possible outcome.
Do I need income protection cover as well as mortgage protection?
While mortgage protection pays off your loan if you pass away, income protection supports you while you’re still alive — if illness or injury prevents you from working. It replaces up to 75% of your salary, helping you keep up with mortgage payments and living costs during extended sick leave. We’ll help you assess whether income protection is the right fit based on your role, benefits, and budget.
What happens to the policy if my mortgage is paid off early?
The policy can be cancelled once the loan is cleared, or kept (if convertible) for additional cover. We’ll help you review your options.
What if I switch mortgage providers?
You can keep your existing mortgage protection — or switch it if better rates are available. It’s a good time to review your cover.
Can I apply for mortgage protection before I have mortgage approval?
Yes, and in fact it’s smart to get your protection quote early — so you’re not delayed at drawdown stage. We can issue your lender’s confirmation once ready.
Not Sure What You Need?
We’ll review your situation and help you choose the right cover.
Our advisors will guide you through the best options based on your mortgage, personal circumstances, and budget – and we’ll also take into account any existing policies you may already have, or cover provided through your employment (like death-in-service benefits).
No pressure
No duplication of cover
Just clear advice and a plan that fits
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Testimonials
What Our Clients Say
“Cathal and the team's services made the process of purchasing a house as a first time buyer incredibly seamless. They expertly handled all the necessary paperwork, found us the best mortgage, leaving me and my partner with no worries. Their excellent communication ensured that we were well informed and taken care of throughout the entire process”
– V. Carroll
“I have used Educ Mortgages twice in the past 5 years when buying two different properties and I really cannot recommend them enough. I found them always very professional, knowledgeable, quick to respond with a friendly attitude. They made the process of buying a new home much easier for me and my family and I’m so grateful for their amazing service!”
– N. Vojvodic
"We used EDUC mortgages to apply for our self-build mortgage after having difficulty getting approval with our bank. We found them to be professional, knowledgeable and very efficient. If we had any questions they were always only a phone call away. We are halfway through building our house now and delighted that we decided to go with EDUC Mortgages."
– P. Moroney
From the very beginning, Cathal demonstrated a remarkable level of professionalism, knowledge, and dedication to his clients. He patiently explained the intricacies of the mortgage market and the various options available to me. Cathal and his colleague Clodagh promptly responded to my inquiries, kept me updated on the progress, and proactively addressed any potential issues that arose. I always felt informed and supported at every stage of the mortgage application. I would highly recommend EDUC Mortgages to my colleagues and friends.
– C. Hickey
Who We Work With
At EDUC Mortgages, we have access to all of the major lenders in Ireland so
we can get you the best rate available on the market.
