Skip to main content
Open24 Login Open24 Login

Mortgage Protection

Protection for your home and peace of mind for you

Call Book an appointment Get a quote
Book an appointment to talk to a Qualified Financial Advisor.
Book an appointment Get a quote
Book an appointment to talk to a Qualified Financial Advisor.
A couple excited to move into their new home. The woman is holding the new house keys, and the man is holding a carboard box. The letter P for PTSB carved out in a slate of black marble

Your home is one of the biggest investments you’ll ever make. Mortgage Protection with PTSB, in partnership with Irish Life, can help safeguard that investment by helping to pay off your Mortgage if life takes an unexpected turn and you pass away during the term of your loan. With 70% of applications approved within 24 hours*, you can get the protection and peace of mind you need for the future.

 
Important information

*Approval is subject to meeting the underwriting criteria and providing all necessary documentation.

 

Already have Mortgage Protection?

You can switch your Mortgage Protection policy at any time and explore other options available, so you can be sure your cover continues to suit your evolving needs. Learn more about potential benefits of switching your policy.

 

What is Mortgage Protection? 

If you're buying a home, Mortgage Protection is one of those things you have to put in place. It's a type of Life Insurance that helps pay off your Mortgage if you or another policy holder pass away during the term of the loan, giving you financial protection when you need it most.

 

 

How does Mortgage Protection work?

Mortgage Protection Insurance steps in to ensure your Mortgage is covered if the unexpected happens, so your family don’t have to worry about paying off the remaining term of the loan. It ensures your home stays secure, giving you and your family peace of mind – no matter what life brings.

  1. After you receive your Mortgage Approval in Principle (AIP), you can apply for Mortgage Protection: You'll need to take out Mortgage Protection before you can drawdown your funds.  
  2. Match the cover with your Mortgage amount: Your Mortgage Protection policy should cover the same amount as your Mortgage and for the same length of time. 
  3. The cover amount reduces over time: As you make repayments on your Mortgage and the balance decreases, the covered amount on your policy will also decrease. However, your monthly payment will stay the same, so you don't have to adjust it over time.  
  4. If you pass away, the policy pays the mortgage lender directly: This helps ensure that your loved ones won't have to worry about making mortgage repayments. 

 

 

How much does Mortgage Protection cost? 

The cost of Mortgage Protection depends on several factors, such as your age, health, and the amount of coverage you need (i.e. the amount and duration of the Mortgage).

You can get an exact quote tailored to your needs by:

 

 

Choosing the cover that suits your needs

Here's a breakdown of the different types of cover available: 

  • Single cover: This cover is designed for individuals who are the sole borrower on the Mortgage. If something happens to you, the policy will pay off the remaining balance of your Mortgage. 
  • Joint cover: This cover is for when you have a shared Mortgage. If either you or another policy holder passes away during the term, the policy will pay off the remaining balance of the Mortgage. Once the payout is made, the policy will end. 
  • Dual cover: This cover is ideal for those who want more comprehensive protection for themselves and another person. It covers both individuals, and if either of you passes away, the policy will pay off the Mortgage. The key difference with dual cover is that it can pay out twice, once for each person if both pass away during the policy term. 

 

 

Not sure where to start?

Book an appointment to meet with an Irish Life Financial Advisor in person at your local PTSB branch, or through an online video call to discuss your options.  

Learn more Book an appointment

 

 

You can switch your Mortgage Protection policy during the lifetime of your Mortgage. Switching could help you save money, especially if your circumstances have changed since you first took out your policy. To find out if you are eligible to switch, talk to a Qualified Irish Life Financial Advisor. They can support you to: 

  • Compare what you're paying now versus new quotes. 
  • Understand if you're eligible to switch. 
  • Tailor your policy to your current needs. 

Learn more Book an appointment

 

Add extra protection with illness cover 

For additional peace of mind, you can choose to add specified illness cover to your Mortgage Protection policy, which will pay out if you get sick and are diagnosed with one of the 48 illnesses covered. The lump sum received can be used to pay off your mortgage, if you find yourself in this unexpected place. 

Please note: Additional benefits are added based on your suitability.

 
Important information 
  • Mortgage Protection premiums are inclusive of a 1% life insurance levy (August 2023).
  • The cost will depend on your age, your health, option chosen, the term and agreed level of cover. Your payments stay the same throughout the length of your policy.
  • Pays a lump sum to help pay off your mortgage if you die. Your cover decreases as the amount left on your mortgage decreases.
  • Plans available for those up to age 74.

Warning: You must keep paying to stay covered.

 

Permanent TSB plc trading as PTSB is tied to Irish Life Assurance plc for life and pensions products. Irish Life Assurance plc is regulated by the Central Bank of Ireland.

Back to top
Page loading
Close takeover popup
PTSB logo

Altogether more human

Find out more Close