Life insurance is an invaluable form of financial protection which can pay a tax free lump sum on your death to provide financial security for your loved ones. 

In these times where you bills can seem to be going up daily, you may be looking at ways to save money on monthly bills and trim expenses where you can by finding low cost life insurance,

So how can you get low cost life insurance and is it always a good idea to go with a cheaper quote?

Cheap Life Insurance

Table of Content

Why are some life insurance quotes cheaper?

Although life insurance cover seems a straightforward product there can be price variations, with many factors affecting the monthly premium you pay for life insurance some of them related to the life insurance product you choose and some of them related to you as an individual policyholder. 

While the essential principle of life insurance is that it pays a lump sum on the death of the policyholder applies to all life insurance policies, there are a number of different variables within each policy and also differences between life insurers and their prices and products.

What affects my life insurance premium?

There are various factors that affect your life insurance premium:

Life insurance can be term life insurance or whole of life insurance, sometimes called life assurance. 

Term life insurance covers you for a specific time period whereas whole of life insurance, also known as life long insurance, offers protection until you die without any time limit.

Term life insurance will almost always be cheaper than whole of life insurance, as whole of life insurance or life assurance is guaranteed to pay a benefit.

With term life insurance, the longer the term of your policy, the likelihood is that your premiums will be higher. 

If you wish to purchase more affordable life insurance, consider how long you realistically need this type of insurance cover. This will probably depend on how long is outstanding on your mortgage, the ages of your children as well as your financial priorities.

The cover amount, or sum insured, is the amount of the lump sum that is paid when you die. The cover amount depends on your annual income, your levels of debt, and the needs of your dependents such as costs of education or childcare.

However, the cover amount will affect the amount you pay each month, with larger cover amounts resulting in larger premiums.

There are several options that you may consider when purchasing life insurance, adding these options will result in a higher price for life insurance.

Indexation, or increasing cover, means that the cover amount in your life insurance policy increases over time to allow for the effects of inflation

Convertible term life insurance, also known as guaranteed insurability, allows you to increase your cover amount or extend the term of your life insurance policy after you have purchased it. A conversion option may allow you to convert a term life insurance policy into a whole of life policy.

Serious illness cover can be purchased as part of a life insurance policy or as a standalone policy. 

Serious illness cover, or specified illness cover, will pay a lump sum if your are diagnosed with a serious illness. 

The lump sum provided can be independent of the life insurance amount or can be accelerated meaning that the lump sum paid when you are ill is taken from the total cover amount of the life insurance policy with a reduced pay out when you die.

Adding serious illness cover will increase the premium you pay for life insurance.

Your age, health, and your lifestyle, especially whether or not you smoke, all affect the premium you pay for life insurance cover.

As you get older life insurance premiums become more expensive, as a general rule.

Likewise, if you smoke, vape, or use nicotine replacement product, you will pay a higher premium for life insurance. One thing you can do to reduce the cost of life insurance is to give up smoking. Once you have been nicotine free for twelves months, your premiums should be the same as a non smoker’s.

If you have current or previous health issues these may affect how much you pay for life insurance. There is variation between insurers in how they view medical conditions and the effect that different conditions have on premiums, however, so it is worth shopping around or working with a qualified insurance advisor, such as Compare Insurance, if you need to find life insurance cover and you have a health issue.

What affects my life insurance premium

Single or joint life insurance?

Life insurance can be purchased to cover the lives of one or two policyholders.

Single life cover insures the life of one policyholder, the life insured.

Joint life cover insurers the lives of two policyholders, usually on a first death basis meaning that when one policyholder dies the benefit is paid then cover ceases.

Dual life cover also covers the lives of two policyholders but will pay a benefit if both policyholders die during the term of the policy.

A joint or dual cover life insurance plan will usually be more expensive than single life but is generally cheaper than buying two policies. Also, dual life cover may be more expensive than joint life cover, but will offer more comprehensive protection and may not cost significantly more.

Life insurance quotes

To give you an idea of how much you may pay for life insurance, here are some life insurance quotes for cheap life insurance in Ireland.

Life insurance quote 1

Non smoker aged 24, €100,000 cover for 40 year term.

  • Aviva €10.00
  • Zurich Life €10.00
  • New Ireland €10.00
  • Royal London €15.00
  • Irish Life €15.15
Life insurance quote 2

One smoker aged 39 & one non smoker aged 40, €450,000 cover for 35 year term, with conversion option. (Price for two non smokers included to show price difference).

  • Aviva €198.71 (€122.37)
  • Zurich Life €171.82 (€105.17)
  • New Ireland €158.97 (€97.90)
  • Royal London €172.14 (€105.99)
  • Irish Life €235.05 (149.24)
Life insurance quote 3

Non smoker aged 54, €200,000 cover for 12 years term (and for 22 years term)

  • Aviva €61.00 (€85.85)
  • Zurich Life €50.99 (€74.90)
  • New Ireland €49.49 (€70.83)
  • Royal London €52.49 (€75.12)
  • Irish Life €67.43 (€95.28)

How to get cheaper life insurance

Ideally, you would buy life insurance when you were in your 20’s, had no health issues, and were a non smoker for a lifetime of low premiums. Life insurance is advertised as being available for as little as €10 per month and if those applied, you may get a quote this low.

However, you may only think about life insurance when you are a little older and your life has changed, such as when you buy a house or become a parent or you may have a health issue that makes it more expensive to purchase life insurance.

So, how to get the best value life insurance for your circumstances?

In purchasing life insurance, you will need to consider the cover amount, or sum assured, carefully. Your priority may be to leave those you love financially secure if you die but the amount of cover you actually require will depend on your family circumstances as well as your monthly income.

If you choose a term life insurance policy, you may choose a term that will coincide with retirement or with your mortgage being paid off, or a time where your children may be financially independent, rather than continuing cover well into older age.

The best advice is to shop around and compare quotes from several insurers before you purchase a policy. Insurers will also offer policies with different features and benefits that may suit you, 

You may find that different insurers will give varying quotes for the same cover amount. Also, you may find that individual factors such as you age or health issues are viewed differently by different insurers and, so, the quotes you get will vary.

It is always best to work with a qualified insurance advisor as they may be able to offer discounted rates and will also have a good knowledge of different insurers and their medical underwriting , for example, if you have a health issue. 

You will also get quotes from a range of insurers, rather than having to discuss your requirements with several different insurance companies.

Here at Compare Insurance, all out advisors are qualified and we work with five life insurers to ensure that we offer you the best possible range of quotes for your individual needs.

The insurers we work with are

  • Irish Life
  • New Ireland
  • Royal London
  • Zurich
  • Aviva

Cheapest is not always best when it comes to life insurance

Low cost life insurance may not always be the best choice for you, the policy that suits your circumstances best may not always be the lowest quote you get. 

If you are primarily concerned with making sure that your family owns their home and feel that they will be able to earn an income then mortgage protection may be a better fit for your needs and may be more affordable than level term life insurance.

Again, it is best to get advice from a qualified insurance advisor who can discuss you needs with you and tailor your life insurance accordingly rather than just opting for the cheapest quote when purchasing a life insurance policy.

Switching life insurance

If you have previously purchased life insurance but are struggling to afford your monthly premiums, or your circumstances have changed and it may not longer be the best fit for you, then you may be able to changing your existing cover or switch life insurance provider.

It can be slightly tricky to switch life insurance but at Compare Insurance, we have helped customers to find life insurance that is affordable and fits their needs and, if you are considering switching your life insurance, we can assist you to do so.

Contact Compare Insurance

Talk to us about your life insurance today. We work with five insurers and will find you the policy that suits you at and works with your budget.

You may be able to switch life insurance and find a lower premium with the help of our insurance advisors.

Fill in our online assessment or call us to discuss your life insurance options. 

Get the lowest premiums by comparing all the policies in the Irish market

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