If you’re buying a home in Ireland, you’ll usually need Mortgage Protection before your mortgage can be drawn down.
A common question is: how much cover do I actually need?
The Simple Answer
Your Mortgage Protection cover should generally match the amount you are borrowing.
For example:
- Mortgage Amount: €250,000
- Mortgage Protection Cover: €250,000
As your mortgage balance reduces over time, your cover reduces too.
Factors That Affect Your Premium
Several factors influence the cost of Mortgage Protection:
Age
Generally, younger applicants pay lower premiums.
Smoking Status
Smokers typically pay higher premiums than non-smokers.
Health
Existing medical conditions may affect premiums or underwriting requirements.
Mortgage Term
Longer mortgage terms generally result in higher overall costs.
Can I Switch Mortgage Protection Provider?
Yes.
Many homeowners are surprised to learn they can switch providers and potentially reduce their monthly premiums while maintaining the same level of cover.
Comparing Quotes
Different insurers use different underwriting criteria and pricing models.
Comparing quotes can help you find suitable cover at a competitive price.
Typical Mortgage Protection Levels
| Mortgage Amount | Typical Mortgage Protection Cover |
|---|---|
| €150,000 | €150,000 |
| €250,000 | €250,000 |
| €350,000 | €350,000 |
| €450,000 | €450,000 |
| €550,000 | €550,000 |
Note: The exact level of cover required will depend on your lender’s requirements, mortgage amount, term, age, health and smoking status.
Final Thoughts
Mortgage Protection is one of the most important financial protections you’ll ever put in place. Taking time to compare options can help ensure you’re getting the right cover for your needs.
Compare Mortgage Protection Quotes Today
Compare quotes from Ireland’s leading insurers and find the right level of cover for your mortgage and budget.