Mortgage Protection · Royal London
Royal London Mortgage Protection in Ireland
If you’re buying a home in Ireland, you’ll need mortgage protection — cover that clears your outstanding mortgage if you die during the term. You don’t have to take it from your bank, though. As whole-of-market advisers we compare Royal London against the whole market to find you the same cover for less.
Last reviewed by Debbie Cheevers, QFA, RPA · 30 June 2026
What is mortgage protection?
Mortgage protection is a type of life insurance designed to clear the balance of your mortgage if you die before it’s paid off. The cover decreases over time in line with what you still owe, so it’s usually the cheapest way to protect a home loan. In Ireland it’s a condition of getting a mortgage on your own home.
- Pays off your outstanding mortgage, direct to the lender.
- Cheaper than level life insurance because the cover reduces.
- Can be set up on one life, or as joint or dual cover for couples.
You don’t have to buy it from your bank
Banks will often offer you their own mortgage protection policy — but you’re not obliged to take it. Under the Central Bank of Ireland’s Consumer Protection Code, your lender has to make sure cover is in place, but they can’t insist you buy it through them, and they must accept any policy that meets the requirement.
The bank’s offer
Convenient, but often more expensive — and rarely compared against the wider market.
The whole market
We compare all of Ireland’s main insurers so you get the same protection for the lowest premium.
Real savings
Over a 25 or 30-year mortgage, shopping around can save you a significant amount.
How we set up your cover
- 1
Match it to your mortgage
We set the cover amount and term to your loan, so it clears exactly what you owe.
- 2
Choose single, joint or dual
We advise the right basis for you — dual cover can pay out on both lives for a similar price.
- 3
Compare the market
We compare Royal London against Ireland’s other insurers for the best value.
- 4
In place for drawdown
We arrange it in good time so your cover is ready and doesn’t hold up your purchase.
Mortgage protection vs life insurance
Mortgage protection
Decreasing cover that clears your outstanding mortgage and is paid directly to your lender. Required for a home loan, and usually the cheaper of the two because the cover falls over time.
Life insurance
A level lump sum paid to your family, which they can use for anything — income, childcare, everyday bills. Many people hold both. See our life insurance guide.
Do you need it — and who’s exempt?
Mortgage protection is required for a mortgage on your own home. You may be exempt in a few situations:
- You’re over 50 when the loan is approved.
- It’s an investment or buy-to-let property, not your main home.
- You already hold a suitable life policy that can be assigned to the mortgage.
- You can’t get cover for health reasons (and can’t obtain it at a normal premium).
Even where you’re exempt, cover is often still a good idea — we’ll talk you through your options.
What affects the cost?
Your premium is based on you and your mortgage. The main factors:
- Your age — the younger you start, the cheaper it is.
- Your health and family history — assessed when you apply.
- Smoker status — smokers pay more; giving up can lower the premium.
- The mortgage amount and term — how much you borrow and over how long.
- Single, joint or dual cover — how many lives are protected.
Because every insurer prices these differently, comparing pays. See our main mortgage protection guide, or how it fits with life insurance and income protection.
We work with Ireland’s leading life & pension companies
Frequently asked questions
Is mortgage protection compulsory in Ireland?
Yes. For a mortgage on your own home you must have mortgage protection in place under the Consumer Credit Act 1995. There are a few exemptions, such as being over 50 when the loan is approved or buying an investment property.
Do I have to buy mortgage protection from my bank?
No. Your lender has to make sure cover is in place, but under the Central Bank’s Consumer Protection Code they can’t force you to buy their policy — they must accept any policy that meets the requirement. Shopping around usually saves money.
What’s the difference between mortgage protection and life insurance?
Mortgage protection is decreasing cover that clears your outstanding mortgage and is paid to the lender. Life insurance pays a level lump sum to your family that they can use for anything. Many people have both.
Who is exempt from mortgage protection?
Common exemptions include being over 50 when the loan is approved, buying an investment or buy-to-let property, already holding a suitable policy, or being unable to get cover for health reasons.
Is mortgage protection cheaper than life insurance?
Usually, yes — because the cover decreases over time in line with your mortgage balance, rather than staying level like standard life insurance.
Can I get mortgage protection on a joint mortgage?
Yes. Couples usually take joint or dual cover. Dual cover can pay out on both deaths for a similar price to joint cover, so it’s often worth considering.
What if I’ve been refused cover because of my health?
There are still options — including specialist insurers and, in some cases, an exemption from the requirement. We can help you find cover or work through the alternatives.
When do I need it in place?
Before you draw down your mortgage. We arrange it in good time so your cover is ready and doesn’t delay your purchase.
Don’t just take the bank’s price
Talk to a qualified Greenway adviser for free. We’ll compare Royal London against the whole market and set up mortgage protection that meets the requirement — usually for less than your lender quoted.