There’s no single “best” mortgage protection policy — the best one is the policy that matches your mortgage, your circumstances and your budget. The good news is that you’re free to shop around, and doing so can save you a surprising amount over the life of your loan. Here’s how mortgage protection works in 2026 and how to choose the right cover.
What is mortgage protection?
Mortgage protection is a simple, low-cost life insurance policy designed to clear your mortgage if you die during the term. As your mortgage balance falls over the years, the amount of cover falls with it — which is why it’s known as decreasing term cover. It’s one of the cheapest forms of life cover precisely because the payout reduces over time.
Is mortgage protection compulsory in Ireland?
For most people buying a home, yes. Under the Consumer Credit Act 1995, lenders generally require you to have mortgage protection in place before they release the loan. There are some exemptions, including if you:
- Are over 50 and taking out a new mortgage
- Already have enough life cover in place to clear the mortgage
- Cannot get cover, or can only get it at a very high price, due to your health
- Are buying a property you won’t live in, such as a buy-to-let
You can read more on our mortgage protection page.
You don’t have to buy it from your lender
This is the part many buyers miss. Your bank may offer you a policy, but under the Central Bank’s Consumer Protection Code you are not obliged to buy mortgage protection from your lender. You’re free to arrange cover with any provider, and an whole-of-market broker can compare the market for you. The cover the bank offers is often not the cheapest, so shopping around can genuinely save you money.
What makes a policy the “best” one for you?
- The right structure. For couples, decide between joint cover (one payout) and dual cover (a payout on each life), which can offer better value and protection.
- Guaranteed premiums. Most policies keep the same price for the whole term, so your cost won’t creep up.
- The right term and amount to match your mortgage exactly — no more, no less.
- Useful extras, such as the option to convert or add cover later, or a small amount of serious illness cover.
- Price, once all of the above are equal.
The providers we compare
As an whole-of-market broker, Greenway isn’t tied to any one insurer. We compare mortgage protection from Ireland’s leading life companies to find the right fit for you:
- Royal London
- New Ireland
- Zurich
- Aviva
- Irish Life
How to compare policies
| What to check | Why it matters |
|---|---|
| Premium (and whether it’s guaranteed) | The price you’ll actually pay, fixed for the term |
| Joint vs dual cover | Dual can pay out twice for a small extra cost |
| Term and cover amount | Should match your mortgage exactly |
| Conversion / added options | Flexibility to change cover as life changes |
| Provider service and claims record | You want a smooth claim when it matters most |
Let Greenway do the comparing
Mortgage protection is one of the easiest places to overpay — and one of the easiest to fix. We’ll compare the market, set the cover up to match your mortgage, and make sure the price is right. It usually only takes one short conversation.