I would avoid a policy through the bank as they are probably tied agents and the policy may be a block policy which could be tricky to port to a different lender. I've had a number of policies through
www.labrokers.ie in the past - wow, the last one was 10 years ago - and they were very efficient.
If it's a joint mortgage I'd be looking at a dual life, convertible, non-indexed, term policy comfortably in excess of the mortgage amount, rather than reducing cover mortgage policy. This would act as (additional?) life cover and tick the mortgage protection box for the bank but could also be easily assigned to another lender should you switch and/or applied to an increased mortgage you might take out in the future.