Polyethylene based ionomers are demonstrated to feature a thermo‐mechanical and dielectric property portfolio that is comparable to cross‐linked polyethylene (XLPE), which may enable the design of more sustainable high voltage direct‐current (HVDC) power cables, a crucial component of future electricity grids that seamlessly integrate renewable sources of energy. A new type of ionomer is obtained via high‐pressure/high‐temperature free radical copolymerization of ethylene in the presence of small amounts of ion‐pair comonomers comprising amine terminated methacrylates and methacrylic acid. The synthesized ionomers feature a crystallinity, melting temperature, rubber plateau modulus and thermal conductivity like XLPE but remain melt‐processable. Moreover, the preparation of the ionomers is free of byproducts, which readily yields a highly insulating material with a low dielectric loss tangent and a low direct‐current (DC) electrical conductivity of 1 to 6·10−14 S m−1 at 70 °C and an electric field of 30 kV mm−1. Evidently, the investigated ionomers represent a promising alternative to XLPE‐based high voltage insulation, which may permit to ease the production as well as end‐of‐use recycling of HVDC power cables by combining the advantages of thermoset and thermoplastic materials while avoiding the formation of byproducts.