Life Insurance

Your Guide To Mortgage Protection Life Insurance

Learn about mortgage protection and protect your home!

  • By Paddy Compare
  • 26 May 2023

For most, buying a home is a major financial commitment. It is important that you have adequate cover in place to protect your home in the case of an unfortunate incident.

There are 3 types of life insurance:

With Paddy Compare, you can make an informed choice by choosing the best life insurance coverage in Ireland, for you!

In this article

What is Mortgage Protection Insurance

Mortgage payment protection insurance (MPPI) or decreasing term life insurance is a form of income protection that provides cover for your mortgage payments in case you're made involuntarily redundant or find yourself unable to work due to an accident or illness. It helps clear off the outstanding balance on your mortgage.

This type of insurance:

  • Helps secure the ownership of your home.
  • Helps alleviate any financial burden that may fall on a family member.
  • Helps pay off a mortgage if you are diagnosed with a specified serious illness, within a specified term.

How does Mortgage Protection Insurance work in Ireland?

This type of insurance policy can cover your monthly repayments in full as long as they don't exceed 65% of your gross annual salary and is available for both repayment (capital and interest) mortgages and interest-only mortgages.

  • By paying a premium each month for a specified term, the policy will pay out a lump sum if the unexpected happens.
  • The cover provided decreases over the term of the plan, based on the capital outstanding on your mortgage.

After understanding the working of Life Insurance, the next step is to clearly decide the amount of coverage you would need.

It important to consider questions like How to get cheaper life insurance in Ireland? Or What factors impact the Life Insurance Policy?

What is covered in Mortgage Protection Insurance?

You can decide what level you require out of the three types available:

  • Accident and sickness
  • Unemployment
  • Accident, sickness and unemployment

To ensure you're not paying for the same thing twice, check if your health insurance would cover your mortgage if you had a long-term illness.

As you consider the coverage of Mortgage Protect life Insurance, it’s also important to know what Life Insurance covers in general.

Benefits of Mortgage Protection Insurance in Ireland

There are many benefits to having mortgage protection cover in place:

  • It protects your home by helping to clear your mortgage if you pass away.
  • It provides protection for your family, safeguarding them from a substantial financial burden.
  • You can add cover for many serious illnesses and disabilities, and you have the option to increase coverage on certain life events.

Just like Mortgage protection, it's worth considering other beneficial life insurance deals like:

Is Mortgage Protection Insurance suitable for your needs?

Anyone taking out a mortgage is required by their lender to have mortgage protection in place.

Many people take up a policy with their mortgage provider, but it's always a good idea to shop around. This allows you to see the best premium available to you while ensuring that you get the most suitable product for your needs.

Considering Mortgage Protection Insurance?

If you'd struggle to keep up your monthly mortgage payments when you're unable to work, this type of insurance could be for you.

With Paddy Compare you can compare mortgage protection life insurance quotes in Ireland, in a matter of minutes! Simply follow these steps:


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