Life Insurance - Before you Insure

Yes! If you have a mortgage, you’ll need mortgage protection. In most cases, your lender will require you to have a policy in place before they approve your mortgage.

What Does Mortgage Protection Cover?

Your policy will pay off your mortgage if you pass away during the term of your plan. You can choose from:

• Single Cover – Pays the outstanding mortgage balance if you pass away during the policy term.

• Joint Cover – Covers both you and your partner, paying off the mortgage if either of you passes away during the term. This payment is made once only.

Need more details? See our Policy Documents for more information.

What is a Schedule of Insurance?

Your Schedule of Insurance is a handy document that summarises all the important details specific to your insurance policy. Think of it as a personalised snapshot—clearly laying out the key info such as:

• Your personal details
• Exactly what's covered
• Policy start and end dates
• Any specific terms or endorsements that apply to you

We always recommend double-checking your schedule carefully. Keep this document safe, along with your other policy documents, so you can refer to it whenever you need it.

Spotted a mistake, or something unclear? Give us a quick call on 01 524 6000 or send an email complaints@123.ie - we’ll happily clear things up.

A Statement of Fact is a clear summary of all the important details you've provided about yourself, your vehicle, and your insurance needs. It confirms the information we use to set up your policy.

Make sure it’s accurate—need changes? Let us know straight away.

A proposal form gathers all the important details we need from you to set up your insurance, such as your claims history, car details, or your home’s rebuild cost. At 123.ie, it’s quick, easy, and paper-free—done online or over the phone. Simple!

Utmost Good Faith is the obligation to voluntarily, accurately, and fully disclose all material facts related to the insurance risk, regardless of whether they are specifically requested.

Being transparent about all relevant details ensures your policy is valid and provides the right coverage. For more information, review our policy documents or contact us for assistance.

Life insurance provides a lump-sum payment to your family if you pass away within the policy term (term insurance). They can use this money for expenses like mortgages or bills, offering vital financial support.

Learn more at: What is Life Insurance and why do I need it?.

Mortgage Protection is a Life Insurance policy designed to clear your outstanding mortgage balance if you pass away during the mortgage term.

It's typically assigned to your lender and reduces as you repay your mortgage, provided repayments remain current and interest rates don't significantly exceed assumptions.

In insurance, ‘risk’ can mean two things:

1. The insured item – This is what is being covered, such as a car, home, or belongings.

2. The insured event – This is the situation you are protected against, like theft, fire, or accidental damage.

For example, if you insure your car, the car itself is the insured risk, while events like theft or a collision are the risks you’re covered against. Insurers assess both to determine policy coverage, terms, and premiums.

Need help to understand your cover? We’re here to help. Contact us for guidance or review your policy documents for full details.

Non-disclosure happens when you don’t share information that’s needed when you’re applying for, renewing, or changing your policy.

Insurers rely on the details you give to set up your cover and keep it right throughout the year. If important information is left out, your insurer may cancel your policy, reduce the amount they pay, or refuse to pay a claim.

Not sure what counts as relevant info? We can help. Contact us or read your policy documents to stay on the right track.

Life Insurance helps protect the people you care about most. It helps bridge the gap between a parent’s death and their children becoming financially independent. It’s a simple way to give your family the financial back-up they might need—just when they need it most.

If you’re thinking about how to support your family long-term, we’ve got options to suit you. Contact us to learn more.

A peril is an event or cause that leads to a loss covered by insurance. For example, fire is considered a peril under Home Insurance, as it can result in property damage and financial loss.

An insurance premium is the amount you pay to an insurance company to cover a specific risk, such as your Car or Home, for a set period of time - typically one year. Terms and conditions apply, see our policy documents for more information.

An exclusion is something your policy doesn’t cover. It’s a clearly listed situation, item, or event that isn’t included in your insurance.

For example, if your vehicle is stolen while left unlocked, you may not be covered. You’ll find all exclusions, terms, and conditions in our policy documents.

The limit of liability refers to the maximum amount an insurance company will pay for a covered event or item. This cap may apply within a specific timeframe.

For instance, the personal accident benefit for Car Insurance has a yearly limit of €5,000. For more information on specific limits, see our policy documents.

If you die during the term of your Mortgage Protection plan, your mortgage is cleared—provided your repayments are up to date and the interest rate hasn’t gone above the assumed level on average.

In most cases, the Life Insurance policy is assigned to your mortgage lender, so any payout goes straight toward settling the mortgage. As your mortgage reduces, so does the amount covered by your plan.

Want to know how this works in more detail? Read: Who pays my mortgage if I die?.