Protection Products

One of the most important aspects of financial planning is ensuring you’ve made provisions for your family and any dependents in the event of a serious illness, injury or untimely death. It’s important to understand what provisions are out there like mortgage protection.

When it comes to protection provisions, there is a wide range of products to choose from. Having transparent advice to help navigate this complex marketplace will give you peace of mind, particularly given the potentially serious financial consequences for you and your family.

Types of protection policies include:

Mortgage Protection Insurance

Mortgage protection is a life assurance policy that covers the balance of a mortgage should you or any joint holders of the loan die before the mortgage is paid off. Putting a mortgage protection policy in place is a legal requirement when you take out a mortgage, and in many cases the bank arranges the policy for you which is always more expensive than using a broker.

Mortgage protection is a type of insurance that pays off your mortgage in the event of your death, disability, or job loss. It is designed to help ensure that your family is able to maintain their home in the event that you are no longer able to make mortgage payments. This type of insurance can be particularly useful for homeowners who have high mortgage balances or who have a lot of debt that would be difficult for their family to pay off in the event of their death or disability. There are several different types of mortgage protection insurance, so it’s important to research and compare your options carefully before choosing a policy.

At ProgressiveFS we can help but in addition here are the steps you should consider when getting mortgage protection insurance in Ireland:

  1. Determine your need for mortgage protection insurance: Consider your financial situation, the amount of your mortgage, and the amount of insurance coverage you need.
  2. Shop around: Compare quotes from different insurance companies to find the best coverage at the best price.
  3. Choose a policy: Select a policy that meets your needs and budget.
  4. Submit an application: Complete and submit an application for mortgage protection insurance to the insurance company you have chosen.
  5. Wait for approval: The insurance company will review your application and determine whether to offer you a policy.
  6. Accept the policy: If your application is approved, review the policy terms and conditions carefully before accepting the policy.
  7. Pay the premiums: Mortgage protection insurance requires you to pay premiums on a regular basis to maintain your coverage.
  8. Review your coverage: It’s important to periodically review your mortgage protection insurance policy to ensure it still meets your needs.

Term Assurance

Term assurance is a policy that is designed to financially protect your loved ones in the event that you pass away. It pays out a lump sum or an income on death that can be used to supplement the loss of income to the home. How much you need is completely dependent on your personal circumstances. If you are self-employed or an employee in non-pensionable employment, you can take out a term assurance policy via a ‘Pension Term Assurance’ policy and the premium is tax-deductible.

Term assurance is a type of life insurance policy that provides coverage for a specified period of time, or term. It pays a benefit to the beneficiary in the event of the policyholder’s death during the term of the policy. Term assurance is typically less expensive than permanent life insurance, which provides coverage for the entire lifetime of the policyholder. The premiums for term assurance are typically fixed, and the policy does not have a savings or investment component like some permanent life insurance policies.

Term assurance is often used to provide financial protection for a specific need, such as covering a mortgage or providing income for a family. It can be a good choice for someone who only needs life insurance for a limited period of time, or for someone who is on a tight budget and wants to minimize the cost of life insurance. If there anything else you would like to know about term assurance please get in touch.

Serious Illness Cover

Serious illness cover pays out a lump sum in the event of being diagnosed with a specified serious illness listed within the policy conditions. The lump sum can be used in whatever way you desire, for example, paying off medical expenses or to supplement income for a number of years.

Serious illness cover is a type of insurance policy that provides financial support to policyholders if they are diagnosed with a serious or terminal illness. It is designed to help policyholders pay for medical expenses, make up for lost income, and cover the costs of adapting their homes or vehicles to accommodate their illness. Serious illness cover can provide financial peace of mind to policyholders and their families during a difficult time. It can be purchased as a standalone policy or as an add-on to a life insurance policy.

Permanent Health Insurance (Income Protection)

Your income is your most valuable asset. In the event that you are unable to work due to illness or injury, permanent health insurance will pay out an income until you are able to return to work, or until your normal retirement age, whichever comes sooner. The payment will commence after a set period of time, known as the ‘deferred period’.

Permanent health insurance, also known as income protection insurance, is a type of insurance policy that provides financial support to individuals who are unable to work due to illness or injury. The policy pays a regular income to the policyholder, typically a percentage of their pre-disability earnings, until they are able to return to work or until the policy reaches its expiration date (which is often set at age 65 or 67). The purpose of permanent health insurance is to help individuals maintain their standard of living and cover expenses such as bills, mortgage payments, and living expenses while they are unable to work.

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€350.8m + paid out in death claims in Ireland last year


€160m + paid out in serious illness claims in Ireland last year


€117.2m + paid out in income protection claims in Ireland last year


On average 57% of claimants were aged under 60 across all categories