Mortgage protection on home and investment property

[theoaks]

Myself and my wife currently owe €23,000 on our PPR with a 4 year term remaining, and €152,000 outstanding on an investment property over 25 years on an interest only variable term.
What level of protection do we need and is mortgage protection compulsory on the investment property?

 

[LDFerguson]

Assuming you're both under 50 and in good insurable health, you must have life assurance cover on the PPR mortgage. Life cover on the investment property mortgage is not obligatory by law but your lender may have made it a requirement of your loan.

How much life cover you actually need is another question entirely which depends on a variety of factors, including how many dependents you have (if any), your respective incomes, outgoings, assets, liabilities and existing cover (e.g. personal policies, death-in-service cover as part of a pension scheme etc.)