Ireland Mortgage Protection Calculator
Calculate Irish mortgage protection premiums (decreasing term life). Joint-life first-death pricing, 2026 benchmarks, Specified Serious Illness rider — mandatory under CCA 1995.
Borrower Profile
Mortgage Protection Premium
Monthly Premium
€16
Annual €194 · Total over term €4.8K
Initial Sum Insured
€320.0K
Term
25 yrs
Type
Joint-life 1st
SSI Rider
No
Decreasing Sum Insured (matches mortgage balance)
Year 1
€312.2K
Year 5
€278.0K
Year 9
€238.1K
Year 13
€191.5K
Year 17
€137.2K
Year 21
€73.9K
Year 25
€0
Statutory Requirement (CCA 1995)
Mortgage protection is a statutory requirement under the Consumer Credit Act 1995 to draw down a residential mortgage in Ireland. Exemptions: you are aged 50 or over when the mortgage issues, cover is unobtainable on normal terms (medical decline), or you already hold life cover of at least the mortgage sum with a matching term. Your bank must prove mortgage protection is in force before releasing funds for your new home.
Joint vs Single Life
Joint-life first-death: one policy covers both borrowers, pays the FULL sum insured on whichever life dies first, and then the policy ends. Typical Irish couple setup — ~15% cheaper than two single-life policies at the same face. BEWARE: if one spouse dies and the survivor later re-mortgages or tops up, they must requalify for new cover at their current age/health — increasingly costly past 45.
Specified Serious Illness Rider
Pure mortgage protection (no SSI rider): cheapest structure, pays only on death. If SSI protection matters to you, either add an accelerated rider to the mortgage protection policy (+45-55% premium) OR buy a separate Specified Serious Illness policy — the latter pays an additional lump sum (on top of mortgage protection) and has richer condition lists.
Mortgage protection in Ireland — what and why
Mortgage protection is DECREASING-TERM life insurance: the sum insured falls in line with the outstanding balance of a repayment mortgage so the payout always clears the loan on first death. It is mandatory under the Consumer Credit Act 1995 to draw down a residential mortgage in Ireland. Your lender verifies the policy is in force before releasing funds on closing day. Exemptions exist for borrowers aged 50+, those unable to obtain cover, and those with equivalent existing life cover.
Joint life first-death — the Irish couple default
Most Irish couples buy a joint-life first-death policy: one policy, two lives insured, pays the FULL mortgage-balance sum on whichever partner dies first. Roughly 15% cheaper than two separate single-life policies. Trade-off: the policy ends on first payout, so the survivor has no ongoing cover — if they later top up or re-mortgage, they re-underwrite at their then-current age and health.
Specified Serious Illness rider
A common add-on: if you are diagnosed with a listed condition (heart attack, cancer of specified severity, stroke, kidney failure, major organ transplant, MS), the full sum is paid EARLY — clearing the mortgage while you are alive. Adds 45-55% to the base premium. Well worth it for single-income households; a standalone Specified Serious Illness policy pays in addition and has richer condition lists.
2026 Irish mortgage protection benchmarks
€320,000 balance, 25-year decreasing term, joint-life first-death, both non-smokers age 35: around €24-28/month combined. Smoker loading +85%. Shop Royal London Ireland, Irish Life, Zurich, New Ireland, Aviva — premiums can vary 30%+ for the same cover. Your lender's own-branded policy is almost never the cheapest: always get two independent broker quotes before signing.
Common questions about Mortgage Protection
Is mortgage protection compulsory in Ireland?+
Yes — mortgage protection is a statutory requirement under the Consumer Credit Act 1995 to draw down a residential mortgage on your principal private residence. Your lender must confirm cover is in force before releasing funds on drawdown day. Exemptions: you are aged 50 or over when the mortgage issues, cover is unobtainable on normal terms due to medical decline, or you already hold life cover matching the mortgage sum and term.
Decreasing term vs level term for a mortgage?+
Decreasing term (standard mortgage protection) matches falling mortgage balance — sum insured tracks the amortisation schedule. Level term holds the face amount flat for the term. Decreasing is ~45% cheaper because actuarial risk falls each year. Level is preferable if you want surplus cover for your family above the mortgage payoff, though most people use a separate level term policy stacked on top for that purpose.
What is joint-life first-death?+
One policy insures both borrowers and pays the FULL mortgage-balance sum on whichever life dies FIRST; the policy then ends. Roughly 15% cheaper than two single-life policies. Trade-off: the surviving partner has no remaining cover, so if they re-mortgage or top up they must requalify at their then-current age and health. Couples with a large age gap or where one partner is uninsurable should consider two single-life policies instead.
Does the lender choose my mortgage protection insurer?+
No — you can use any authorised insurer in the Irish market (Royal London Ireland, Irish Life, Zurich, New Ireland, Aviva). Your bank may offer a branded policy at drawdown, but you are under no obligation to accept it; banks cannot make branded cover a condition of the mortgage. Independent broker quotes are often 20-30% cheaper — always compare before signing the lender's own-branded policy.
What is the Specified Serious Illness acceleration rider?+
An optional rider on mortgage protection: if you are diagnosed with a listed serious illness (heart attack, cancer of specified severity, stroke, kidney failure, major organ transplant, multiple sclerosis, motor neurone disease), the full mortgage balance is paid EARLY, clearing the loan while you are alive. Adds 45-55% to the base premium. Well worth it for single-income households; a separate Specified Serious Illness policy pays additionally and has richer wording.
Can I switch mortgage protection later?+
Yes — mortgage protection is not tied to your mortgage. You can switch insurer at any time (subject to fresh underwriting) to save money, typically with a simple letter of assignment to your new lender. BEWARE: never cancel the existing policy until the replacement is in force AND the new lender's letter of assignment has been confirmed by your mortgage bank, to avoid any gap in the CCA 1995 statutory requirement.
What are 2026 Irish mortgage protection benchmarks?+
€320,000 balance, 25-year decreasing term, joint-life first-death, both age 35 non-smokers: approximately €24-28/month all-in (including the 1% life assurance levy). Smoker loading roughly +85%. Adding Specified Serious Illness pushes the same couple to €40-€45/month. Quotes vary 25-30% between insurers for identical cover — shop Royal London Ireland, Irish Life, Zurich and New Ireland via an independent broker.