Cost Guide · May 2026
How much does mortgage protection cost in Ireland in 2026?
The six factors that drive your premium — and indicative monthly costs for typical Irish buyer profiles.
By Donal Milmo-Penny QFA FLIA · May 2026
The 40-word answer
Monthly premiums range from roughly €10 for a young healthy non-smoker to over €80 for an older borrower with declared conditions. Six variables determine your exact figure: age, smoker status, term, sum assured, health history, and whether you add indexation. Only a whole-of-market quote reveals your personal cheapest.
The six cost drivers
Age at application
The older you are, the higher the statistical probability of death within the policy term. Premiums are set at your age when the policy starts and remain level for the full term. A 25-year-old will pay roughly half what a 45-year-old pays for the same cover.
Smoker status
Smokers pay approximately double the non-smoker premium across all five Irish life offices. Insurers define smoker as any use of tobacco or nicotine products in the 12 months prior to application — including e-cigarettes. If you stopped smoking more than 12 months ago, you qualify for non-smoker rates.
Policy term
Mortgage protection runs for the same term as the mortgage — typically 20 to 35 years for first-time buyers. A longer term means more years of risk exposure, so the premium is higher.
Sum assured (initial mortgage balance)
The starting sum assured equals your mortgage amount. A €400,000 policy costs roughly proportionally more than a €200,000 policy, though not exactly double — underwriting charges and policy administration fees have a fixed-cost element.
Health and medical history
Standard premium rates assume a person in normal health; any departure increases the risk and the price. Common loadings apply to elevated BMI, raised blood pressure or cholesterol, family history of cancer or heart disease before age 60, previous surgery or ongoing medication.
Indexation
An indexation clause increases the sum assured and premium by a fixed percentage — typically 5% — each year. Few mortgage protection buyers opt for indexation because the mortgage balance naturally decreases. Adding indexation increases the initial premium by roughly 10–15%.
Indicative premium ranges for typical buyer profiles
| Profile | Mortgage | Term | Monthly (indicative) |
|---|---|---|---|
| Age 30, non-smoker, standard health | €250,000 | 30 years | €10–€14 |
| Age 35, non-smoker, standard health | €300,000 | 25 years | €14–€20 |
| Age 40, non-smoker, standard health | €300,000 | 25 years | €22–€32 |
| Age 35, smoker, standard health | €300,000 | 25 years | €28–€42 |
| Age 45, non-smoker, standard health | €350,000 | 20 years | €38–€55 |
| Age 50, non-smoker, declared condition | €200,000 | 15 years | €55–€90+ |
Indicative ranges across the five Irish life offices as at May 2026. Your actual premium may fall outside these ranges. Only a full underwritten quote reflects your personal profile.
Why the same cover can cost so differently across providers
Each of the five Irish life offices — Aviva, Irish Life, New Ireland, Royal London, and Zurich — uses its own underwriting rules, reinsurance arrangements, and pricing models. The result is that identical cover can vary by 20–30% between the cheapest and most expensive provider for a given profile. Differences are especially pronounced for applicants with any medical history, where one insurer may offer standard rates and another may apply a loading or decline. A whole-of-market broker who submits to all five offices consistently finds the cheapest option.
Frequently asked
What is the average mortgage protection premium in Ireland?
There is no single average — premiums vary too widely by age, health, and mortgage size. For a healthy 35-year-old non-smoker on a €300,000 mortgage over 25 years, indicative monthly premiums run €14–€20 across the five Irish life offices.
Do I pay more for mortgage protection if I am a smoker?
Yes — smoker rates are typically double non-smoker rates. The definition of smoker includes e-cigarettes and nicotine products used in the 12 months prior to application. If you have been smoke-free for over 12 months, you can apply at non-smoker rates.
Does my mortgage protection premium go up each year?
No. Standard Irish mortgage protection premiums are level for the full term — they are set at inception and do not increase, provided you pay on time and did not select an indexation option.
Can I get a cheaper premium by having a shorter mortgage protection term?
A shorter term reduces the total number of premiums paid but the monthly premium is typically higher, because the insurer has less time over which to spread the risk. The optimal term generally matches your mortgage term.
Is there a cheaper insurer for people with health conditions?
Yes — underwriting appetite varies significantly across the five Irish life offices. A whole-of-market broker can identify which insurer is most competitive for your specific condition.
About the author
Donal Milmo-Penny QFA FLIA — Research Lead, mylife.ie. More than twenty years' experience in Irish financial services. Qualified Financial Adviser and Fellow of the Life Insurance Association. Former Chairman of PIBA and Director of Brokers Ireland.
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mylife.ie compares all five Irish life offices — Aviva, Irish Life, New Ireland, Royal London Ireland and Zurich Life — on price and policy quality.
This article provides general information only and does not constitute personal financial, tax, or legal advice. mylife.ie is a trading name of SMP Financial Ltd, regulated by the Central Bank of Ireland as an insurance intermediary (C42382). Telephone 01 662 9133. Indicative premiums are illustrative only — actual premiums require a personalised quote and acceptance by the insurer.