What is Mortgage Protection Insurance and how does it relate to my Rental Income?

Mortgage Protection Insurance is a life insurance policy that pays off your mortgage on our rental property if you or your partner dies before the mortgage is paid off.

The policy has a term identical to your mortgage and the payout reduces in line with your mortgage.

In general having a mortgage protection policy is a condition of a mortgage loan.

How much can be claimed?

The entire amount paid in the year can be claimed. The documents relating to this cost must be retained for a period of 6 years, as per Revenue.