mylife.ie · Research
Original consumer-facing analysis of the Irish life assurance, mortgage protection and serious illness markets. Published to inform Irish consumers, policymakers and the wider research community.
The mylife.ie Working Paper Series is published by SMP Financial Ltd, regulated by the Central Bank of Ireland (C42382). Papers are written by Donal Milmo-Penny QFA FLIA and are available without restriction. They do not constitute regulated financial advice.
Schedule mismatch in Irish mortgage protection and three modernisation candidates
The standard Irish mortgage-protection product is a decreasing-term assurance whose sum-assured schedule is fixed at policy inception to a notional 6% amortisation curve.
€14,332
Mean over-insurance
€22,292
Peak over-insurance
6%
Notional rate convention
A comprehensive whole-of-market report and analysis (second annual edition)
The second annual whole-of-market study of Irish claims experience. The five domestic offices — Irish Life, New Ireland, Zurich, Aviva and Royal London Ireland — paid more than €919m in protection claims across 18,200+ individual claims in 2025, up 8.4% on 2024. Life-cover paid rates cluster at 97–99%; the meaningful differences sit in specified serious illness.
€919m+
Claims paid in 2025
18,200+
Individual claims
5
Offices covered
Tied bancassurance distribution and mortgage-protection pricing in Ireland
Irish pillar lenders distribute mortgage protection through single tied life offices. Whole-of-market quotation reveals a typical premium gap of 20–30 per cent — costing Irish households an estimated €28 million per year.
20–30%
Bank premium gap
€28m
Annual household cost
€56m
30-year vintage cost
Why Irish mortgage-protection policyholders do not switch, and what it costs them
Switching mortgage protection after origination can reduce the annual premium by approximately 27.5 per cent for a representative borrower. Yet switching rates remain far below the level predicted under standard rational-consumer assumptions.
27.5%
Typical saving on switch
€3,000+
Lifetime saving (30yr term)
Low
Observed switching rate
A comprehensive whole-of-market report and analysis (first annual edition)
The first annual whole-of-market study of Irish claims experience. The five domestic offices — Irish Life, New Ireland, Aviva, Zurich Life and Royal London Ireland — paid at least €847.7m in protection claims across 17,475+ individual claims in 2024. Life-cover paid rates run 98–99%; serious-illness paid rates are structurally lower, and cancer dominates the serious-illness book.
€847.7m+
Claims paid in 2024
17,475+
Individual claims
5
Offices covered
Series author
Donal Milmo-Penny QFA FLIA
Research Lead, mylife.ie
More than twenty years of experience in Irish financial services, protection and client advisory work. Qualified Financial Adviser (QFA) and Fellow of the Life Insurance Association (FLIA). Former Chairman of PIBA and Director of Brokers Ireland.
Act on the research
Our research shows a typical bank premium gap of 20–30 per cent. Get a whole-of-market quote in minutes.
Get a whole-of-market quoteWorking papers are published for information only and do not constitute regulated financial advice. SMP Financial Ltd t/a mylife.ie is regulated by the Central Bank of Ireland (C42382). Registered office: 55 Ailesbury Road, Dublin 4, D04 F8C0. CRO: 315830.
