Pricing Guide · Updated 2026
How much does mortgage protection cost in Ireland?
What drives premiums, illustrative examples by age and mortgage size, and how to get a quote that reflects your actual circumstances.
By Donal Milmo-Penny QFA FLIA · April 2026
Quick answer
Published mylife.ie indicative examples start from €18/month for €250,000 over 25 years for a non-smoker aged 30; €28/month for €350,000 over 30 years for a non-smoker aged 35; and €52/month for €450,000 over 25 years for a non-smoker aged 40 (single life basis). Your actual premium depends on underwriting, smoker status, health, the amount and term of cover, and the chosen provider. Always get a personalised quote across all five Irish insurers before you buy.
What is mortgage protection — and why does the price vary?
Mortgage protection insurance is a decreasing-term life assurance policy that pays off the outstanding balance on your home loan if you die during the term. In Ireland, it is required for most mortgages on a principal private residence under Section 126 of the Consumer Credit Act 1995, with a small number of statutory exemptions. Cover reduces in line with your assumed mortgage balance, so the insurer’s risk falls over time — which is why premiums are typically lower than equivalent level-term life cover.
Because every applicant is different, there is no single “price” for mortgage protection. Insurers in Ireland quote individually based on a defined set of rating factors. Two people borrowing the same amount over the same term can be quoted very different premiums.
The seven factors that drive your premium
| Factor | Why it matters |
|---|---|
| Age at start of policy | Older applicants pay more — risk of death within the term rises with age. |
| Smoking status | Smokers (including vapers in many insurers' rules) typically pay roughly 50–80% more than non-smokers for the same cover. |
| Mortgage amount (sum assured) | Larger loans mean a larger payout liability for the insurer. Premium scales with cover. |
| Mortgage term | Longer terms mean more years of risk; premiums rise with term length. |
| Health & medical history | Pre-existing conditions, BMI, family history, and certain medications can lead to loadings, exclusions, or in some cases a postponement. |
| Single, joint or dual life cover | Joint pays once on the first death; dual life can pay twice and is sometimes priced similarly. Single cover is cheapest in absolute terms. |
| Optional extras | Adding serious / specified illness cover, or a conversion option, increases the monthly premium — sometimes substantially. |
Indicative mylife.ie rates — published examples
The figures below are the indicative monthly premiums published on mylife.ie for healthy, non-smoking applicants on a single life basis. They are not personalised quotes. Actual premium is subject to underwriting and depends on the rating factors above.
| Profile | Cover | Term | Indicative premium |
|---|---|---|---|
| Non-smoker, age 30 | €250,000 | 25 years | From €18/month |
| Non-smoker, age 35 | €350,000 | 30 years | From €28/month |
| Non-smoker, age 40 | €450,000 | 25 years | From €52/month |
Indicative mylife.ie rates. Actual premium subject to underwriting. Single life basis.
Smoking and price — the single biggest lever
Across all five Irish insurers, smokers can pay roughly 50–80% more than non-smokers for the same cover. Most insurers consider you a non-smoker once you have been tobacco- and nicotine-free for 12 months, though some require longer. If you have quit, ask for a non-smoker requote at your next anniversary.
Joint vs dual life — and why dual is often the better deal
If two people are on the mortgage, you can take a joint policy (pays out once, on the first death) or a dual life policy (can pay out twice). Some Irish insurers price dual life identically or very close to joint life, meaning you effectively get double the cover for little or no extra cost. Always ask your broker to quote both.
Add-ons: how much do they actually cost?
There are three common add-ons. Each one will increase your monthly premium:
- 1. Specified illness cover (also called serious illness cover). Pays out a lump sum if you are diagnosed with one of a defined list of serious conditions during the term. Adding it can double or more the monthly premium of the underlying mortgage protection. It is typically optional, not required by the lender.
- 2. Conversion option. Lets you convert the policy to standalone life cover at the end of the term without further medical underwriting. Useful if your health may change. Adds a small loading.
- 3. Indexation / increase options. Built-in flexibility to increase cover (for example after a top-up or a new mortgage) without fresh underwriting. Pricing varies by insurer.
Five practical ways to lower your premium
- Compare across all five Irish insurers. Aviva, Zurich, Royal London, Irish Life, and New Ireland. Premiums for an identical applicant routinely vary by 30%+ between providers.
- Don't buy from your bank by default. Banks typically distribute one provider only. You are not legally required to take cover from your lender.
- Be honest about smoking status. Non-disclosure can void a future claim. But if you have genuinely quit for the required period, request a non-smoker requote.
- Right-size your cover. Cover the mortgage you actually have — overcovering means overpaying.
- Use a whole-of-market broker. A broker appointed with all five insurers can match underwriting quirks (e.g. BMI, family history, mental health) to the most accommodating provider.
FAQ
Is mortgage protection more expensive through a bank?
Not always, but bank channels distribute a single insurer's product, so you cannot compare. Many switchers find materially cheaper cover by quoting all five Irish insurers via a whole-of-market broker.
How much does mortgage protection cost for a €350,000 mortgage?
As a published mylife.ie indicative example, €350,000 of cover over 30 years for a non-smoker aged 35 starts from €28 per month (single life basis). Smokers, older applicants, larger sums and joint or dual life cover may price higher. These figures are indicative only — get a personalised quote.
Does mortgage protection get more expensive every year?
No. Premiums on a standard policy are fixed at outset for the full term. They do not rise with age, even though your statistical risk of death does. This is one of the biggest reasons to lock in cover when you are young and healthy.
Why are smokers charged so much more?
Underwriters apply a smoker rating because tobacco use materially increases mortality risk. The loading typically falls in the 50–80% range across Irish insurers. Once you have been nicotine-free for the period required by your insurer (commonly 12 months), you can apply to be reclassified as a non-smoker.
Can I reduce my premium later if my circumstances change?
Yes — if your health improves, you stop smoking, your mortgage balance has fallen, or there is simply a cheaper market option, you can switch to a new policy. Never cancel the existing policy until the new cover is in place.
Are the mylife.ie indicative rates the same as a quote?
No. Indicative rates published on mylife.ie show from-prices for healthy non-smoking applicants on a single life basis. A quote is an underwritten price specific to you, subject to acceptance by the insurer.
About the author
Donal Milmo-Penny QFA FLIA — Research Lead, Mylife.ie. More than twenty years' experience across financial services, pensions, mortgages and protection. Qualified Financial Adviser and Fellow of the Life Insurance Association. Former Chairman of PIBA and Director of Brokers Ireland.
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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, regulated by the Central Bank of Ireland as an insurance intermediary. Examples shown are illustrative only — actual premiums require a personalised quote and acceptance by the insurer. You are not legally required to take mortgage protection cover from your bank or lender.