What is mortgage protection? Mortgage protection insurance policies break into two groups. Group policies and Individual policies. There are some serious differences between the two. Find out about Group vs Individual Mortgage Protection Insurance policies in Ireland.

If you’re currently looking to buy a house, then you know that everyone is full of advice. 6 or 8 kitchen chairs? Separate dryer? Open plan kitchen? We can’t help you decide on those thorny issues.

We can help to explain why people can have strong feelings about Group Mortgage Protection policies in Ireland (arranged through your bank), and Individual Mortgage Protection policies (arranged by the individual).

Group vs Individual Mortgage Protection Insurance

Most banks will offer you the opportunity to join the bank’s Group Mortgage Protection policy in Ireland. This will be with one, non-negotiable insurance provider, and depending on the member of staff, the encouragement to join this policy may be quite ‘vigorous’.

Alternately, friends and family, and many members of the media will strongly encourage you to sort out your own cover. It may be hard to understand why you should do either, but the relative costs of the policies are the most common reason mentioned.

A Group Mortgage Protection Insurance Policy is:

  • Infrequently cheaper
  • Owned by the Bank
  • Ceases as soon as Mortgage is paid
  • Policy cannot be retained for other uses
  • May have less medical requirements & checks
  • Is guaranteed to pay full balance & potentially any arrears

An Individual Mortgage Protection Insurance Policy is:

  • Usually cheaper
  • Owned by the policy-holder
  • Can potentially be retained if the mortgage is paid in full before the term
  • May have additional benefits available
  • Is the customer’s choice

In effect, the Group Mortgage Protection Insurance Policy in Ireland is arranged for the bank’s benefit first, and yours second. If Serious Illness Cover is chosen as an additional option for this type of policy, the bank will receive the payment before you would.

A Group Policy safeguards a loan, but an Individual Policy safeguards a home.


Greenway Financial Advisors Limited is regulated by the Central Bank of Ireland. Registered No. C168372

Debbie Cheevers

Debbie Cheevers

Qualified Financial Advisor

Debbie was born in Dublin and graduated from NCAD with a degree in Visual Communication. She brings a strong customer services background to Greenway.

Debbie qualified as APA in 2017 and a fully qualified financial advisor (QFA) in 2018.

She believes that product knowledge is key to helping customers make the right choices.