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.
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
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.
