Your Guide to Mortgage Protection

What’s the Right Mortgage Protection for You?

When you take on a mortgage, protecting it isn’t just smart, it’s essential1. But with so many protection types available, like life cover, serious illness cover, and job-loss protection, it can be tricky to choose the best fit.

✅ 1. Life Insurance Cover
Covers your mortgage if you pass away, ensuring no remaining liability for your family. Ideal if your income supports dependents or co-owners.

✅ 2. Serious Illness Cover
Pays out if you’re diagnosed with a defined critical illness. Suitable if you’re concerned about prolonged recovery or treatment disrupting your ability to work – and pay the mortgage.

✅ 3. Job Loss Protection
Offsets mortgage repayments temporarily if you're made redundant. This could be valuable in today's unpredictable job market, giving peace of mind during tough times.

⚖️ Choosing What’s Right for You

• Single-earner households may want to bundle life, illness, and job-loss cover for full peace of mind.
• Dual-income couples might focus on protecting the primary breadwinner.
• Those with savings/emergency funds may choose illness or job-loss cover selectively.

💡 Tips Before You Buy

1. Understand your current financial situation – including your income, any debts, how much you’ve saved and whether you have any dependents relying on you.
2. Shop around and compare. Insurance costs and coverage can vary, so it’s worth it to get a few quotes and see what each policy includes. 
3. Read the fine print. It’s important to read things like exclusions, waiting periods, and how long benefits last.
4. Ask how flexible the policy is. Some policies let you make changes later, like upgrading your cover or reviewing the terms which can be helpful if your needs change.

Mortgage protection isn’t a one-size-fits-all deal. The right choice for you can make all the difference when life throws the unexpected your way, helping to keep your home and finances secure!

Source
¹The Irish Times, 24 May 2025,  What’s the right mortgage protection for you?
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