Mortgage Protection - What is it?

If you are buying a home in Ireland either as a First Time Buyer or as a Trader Upper Congratulations – it isn’t easy in today’s climate. Before drawing down a mortgage your lender will require 2 things, that you have Home Insurance in place and a Mortgage Protection policy. Mortgage Protection is essentially Life Cover / Life Assurance on the mortgage. This policy will pay off your mortgage balance in full if you pass away during the policy term. It is designed to protect your family and loved ones from inheriting a mortgage debt they cannot afford to pay. It is important to know when it comes to taking out Mortgage Protection you are free to shop around, and you do not have to take out the cover with the lender.

 How Mortgage Protection typically works:

  • Insurable Amount: When you purchase a Mortgage Protection Policy, you choose an insurable amount that matches or closely aligns with the value of the mortgage. The policy will pay off the remaining mortgage balance if you die during the policy term. 
  • Policy Term: Mortgage Protection policies have a duration that matches the length of your mortgage, such as 15, 20, 25, 30 or 35 years. The policy expires at the end of the term, and if you pass away after the policy term has ended, no death benefit is paid out.
  • Premiums: You pay regular premiums to maintain your Mortgage Protection cover. The premium amount is based on factors such as your age, health, lifestyle, smoker status and the amount of coverage you choose. Premiums can typically be paid monthly, quarterly, or annually.

Benefits of Mortgage Protection:

  • Financial Security: Mortgage protection provides peace of mind knowing that your family will not face the risk of losing their home due to an inability to make mortgage payments after your death. If you are a couple taking out cover, you can take it out on a Dual Life basis where if one person passes away the cover will remain in place for the other person. 
  • Affordability: Mortgage protection can be more affordable than other types of life insurance, especially for younger and healthier individuals, as it typically offers a decreasing death benefit.
  • Flexibility: By taking out the policy with a conversion option, this means you can extend the benefits provided by your plan at any stage during the term. If you decide to extend, you can do so without having to undergo a medical examination or supply evidence of good health at the time of the conversion which gives greater flexibility.

Advantages of doing your Mortgage Protection with BARRY-JOHN RYAN FINANCIAL PLANNING:

  • Product: Banks are tied agents so can only offer you one provider but as a broker Barry-John Ryan Financial Planning can offer you access to 5 Irish insurance companies for Mortgage Protection. With this choice you can access unique features and benefits that are most suitable to you and your circumstances.
  • Price:  Not only can we price match the cheapest Mortgage Protection premiums on the market in Ireland, on top of that we can apply broker only price discounts of 15/20% and offer the first months cover free of charge.
  • Service: Clients of Barry-John Ryan Financial planning are guaranteed local, personalised service from a CFP ® (Certified Financial Planner) and QFA (Qualified Financial Planner) from the moment we do the initial quote right through to when we issue you the policy documents straight to your email inbox. The mortgage process can be stressful, so we aim to make the process as smooth as possible!  

If you are a First Time Buyer or Trader Upper looking for a mortgage protection quote or to find out more information visit , email or Call 022-42466.


Barry-John Ryan Financial Planning
19,West End,
Co. Cork 
P51 KX77
Office: 02242466
Mob: 086 785 1511
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Bells Cross Capital Limited trading as BARRY-JOHN RYAN FINANCIAL PLANNING is registered in the Republic of Ireland, registration number 656922 at 19, West End, Mallow, Co. Cork. Director: Barry-John Ryan.Bells Cross Capital Limited trading as BARRY-JOHN RYAN FINANCIAL PLANNING is regulated by the Central Bank of Ireland.


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