Apply for mortgage protection as soon as you go sale agreed. The biggest risk isn’t drawdown. It’s what can happen between contracts and drawdown if cover isn’t already in place.
When should you apply for mortgage protection?
As soon as you go sale agreed.
Ideally, your policy should be live when you sign binding contracts.
This isn’t about ticking a box for the bank. It’s about protecting the purchase itself.
Most people think the risk is missing drawdown. In reality, the risk sits between contracts and drawdown.
That gap is where things can go wrong.
Why that gap matters
It’s rarely anything dramatic.
It’s everyday stuff.
- A GP visit
- A new prescription
- An abnormal smear
- A referral for a scan “just to be safe”
None of it feels serious at the time.
Any new health issue that arises before the policy starts must be disclosed to the insurer. In practice, this often results in the offer being postponed while the new information is reviewed.
If mortgage protection isn’t in place, the bank won’t release funds, and you can’t close.
That’s how perfectly good purchases fall apart.
How long does mortgage protection actually take?
It depends on three things.
- Your health
- Your age and how much cover you need
- How quickly your GP responds if a report is required
If your health is straightforward
If you’ve no medical disclosures and the cover amount fits within non-medical limits, things can move quickly.
Apply today and your policy can often be issued within days.
If medical reports are needed
Once a GP report is required, timelines change.
Four to six weeks is common, and it can take longer.
Not because anything is wrong. Simply because GP surgeries are busy and paperwork takes time.
This is why leaving mortgage protection until the last minute is risky.
Age, cover amount, and hidden delays
Insurers apply non-medical limits.
In plain English, the older you are, the less cover you can get without extra medical evidence.
Two people with identical health can have very different experiences based purely on age and cover size.
One insurer may ask for a nurse screening.
Another may not.
Different insurers assess the same risk differently.
This is where advice on which insurer to apply to really matters.
GP reports and real-world timelines
Once a GP report is requested, you’re no longer in control of the clock.
Some GPs are very efficient. Others aren’t, and you may need to chase. Follow-ups, prepayment requests, missing letters, and clarifications are common.
If you’re not under time pressure, these delays don’t matter. They only become a problem when contracts are signed and drawdown is approaching.
When should your policy actually start?
Once underwriting is complete and cover is offered, you have two options.
Hold the policy until drawdown
This sounds sensible, but it’s often risky.
As mentioned above, any new medical issue between the date you apply and the date your policy goes live must be disclosed. Even something minor can cause the insurer to pause or revisit the offer.
That’s why we rarely recommend waiting.
Start the policy immediately
This is usually the safest option.
Your policy is live. Your documents are issued. You’re covered straight away.
If something unexpected happens before drawdown, the policy is already in force.
If you’re starting the policy in advance of drawdown, we recommend adding a small buffer.
What adding a buffer actually means
A real-world example
Let’s say you’re taking out a €290,000 mortgage over 30 years.
Rather than waiting until drawdown, you take out a policy for €295,000 over 31 years and start it straight away.
That small buffer does three things.
- It keeps the policy aligned with the bank’s loan offer, even if drawdown is delayed
- It avoids the need for new medical disclosures later
- It guarantees cover is already in place when the bank asks for it
The cost difference is small.
But it removes the risk of unexpected health issues affecting the purchase.
If the sale doesn’t go through, you can cancel the policy without penalty.
What to do next
If you’re sale agreed, or close to it, sorting mortgage protection early removes a huge amount of stress.
Complete our mortgage protection questionnaire and we’ll guide you through it properly.
If you’d prefer to talk it through first, you can book a callback here.
Thanks for reading,
Nick
Editor’s note: First published in 2021 and updated in 2026 to reflect current underwriting practices and mortgage timelines.
Written by Nick McGowan, QFA RPA APA
Nick is a qualified financial advisor and founder of Lion.ie, an independent Irish life insurance brokerage based in Tullamore. He’s been helping people arrange mortgage protection and life insurance for over 15 years, and specialises in cases where timing, health, or previous insurer decisions matter.
If you want straight answers without the sales pitch, learn more about Nick here.