The Mortgage Protection bit is fairly straightforward, but there’s a potential sting in the tail called Inheritance Tax, which could be a reality for many couples.I know it’s a bit grim to skip straight to one of you dying, but it’s always a consideration: if you or your other half passes away, anything left behind if you’re unmarried is subject to Inheritance Tax.Ouch.Generally, the most you can inherit tax-free from your partner is €16,250 – so if you’re left a house, expect to be hit with a whopper tax bill at a rate of 33 per cent. According to EBS, the average mortgage for a first-time buyer in Ireland is €225,000 – and a third of that is €75,000. That’s just not possible for most people. You’d likely have to sell up to foot the bill.Let’s say Tony, who we mentioned earlier, gets a mortgage of €200,000 with his other half on a house worth €350,000. Sadly, she dies, in mysterious circumstances, a couple of years in. The Mortgage Protection would kick in and pay off the rest of the mortgage, and Tony inherits the house.Revenue would rule that Tony has inherited  50% of the mortgage-free value of the property, i.e. €175,000.Tony would face an inheritance tax bill of €52,387 which is 33% x  [€175,000 – the tax-free allowance of €16,250]