You are not obliged to buy from your bank
Irish lenders require evidence of mortgage protection before drawdown of a principal-residence mortgage. They cannot require you to buy that cover from them. Your right to use any authorised intermediary is set out in EU IDD legislation transposed into Irish law and reinforced by the Central Bank's Consumer Protection Code.
Most banks distribute a single tied life office. We distribute every one. That alone is usually worth a five-minute comparison.
Decreasing vs level term
Decreasing term — the sum assured falls in line with a typical capital-and-interest mortgage repayment schedule. It's the cheapest compliant option and matches your lender's requirement exactly.
Level term — the sum assured stays the same for the entire term. Costs roughly 30–50% more for the same age. Worth considering if you have an interest-only mortgage, want a legacy element, or expect to overpay slowly.
Joint life vs dual life
Joint life pays out once on the first death, then ends. Cheapest option for a couple but provides no continuing cover for the survivor.
Dual life — two independent policies, one per life. Both can pay out. Both can be assigned and re-assigned separately. At younger ages the cost gap is small, and many insurers now offer "dual life at joint price" promotions.
Conversion option and waiver of premium
These are the two add-ons most worth understanding. Conversion lets you extend or upgrade later without new medical underwriting. Waiver pays your premium for you if illness stops you working. Both add a small loading but a lot of long-term flexibility.
When to apply
Apply 6–8 weeks before your scheduled drawdown. That gives time to absorb a GP report or paramedical attendance if the insurer requests one. Late applications are the most common cause of avoidable drawdown delays.