Life insurance protects your family for when you are not around. Compare Insurance will search the market and find the best possible quote for you to assure your family are in the best possible position.

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What factors influence the cost of life insurance?

The type and amount of life insurance that is right for depends on your personal circumstances and it is not always best to be guided by price alone. However, these factors will affect how much you pay for your life insurance policy.

The younger you are on taking out your life insurance cover (subject to minimum age), the less you will pay for life insurance.

Your age may also affect the term you are offered as no insurer offers term life insurance beyond the age of 90 in Ireland.

If you start paying for life insurance in your 20’s you can benefit from a longer term and lower premium prices than you would, say, in your 40’s.

Premium prices are affected by the level of life cover you choose. The amount of the lump sum you wish to receive, as well as whether your policy covers one or two people ie. single life cover, joint life cover, or dual life cover will affect the price you pay for life insurance.

If you chose additional options with , for example convertible cover or indexation you will pay more for your life insurance policy.

Generally, a level term cover will cost more in monthly premiums than decreasing term cover. Level cover means that your policy will pay out a fixed amount whenever you die during the term. Decreasing term cover means that the policy pays out less as the term goes on.

Whole of life insurance, or life assurance, which guarantees to pay on your death as long as you pay your premiums, is generally more expensive than term life insurance.

Additional cover like specified illness cover or income protection insurance, bought in conjunction with life insurance cover, will also increase the amount you pay.

Generally, the longer the term of your life insurance , the more you are likely to pay. This is because you will be older will the term ends in the policy. The term you choose depends on your circumstances, like for example, the ages of any children you have and when they may be financially independent, or the age at which you expect to retire.

You will need to mention any pre existing health conditions to your insurer and they may ask about your personal medical history as well as your family history as well. Having recovered from cancer, for example, will affect whether you are offered cover and your monthly premium.

Chronic long- term conditions you have been diagnosed with will also affect the price you pay for life insurance and you may also face exclusions in your cover.

If you are smoker, even an occasional smoker, or you vape, you can expect to pay significantly more for life insurance than a non smoker. Generally, your premium will be double that of a non smoker. It is also wise to be honest about your smoking, as your cover may be invalidated if you give your insurer false information.

Your occupation may affect how much you pay for life insurance, as some jobs are considered more inherently risky than others.

Dangerous hobbies, for example, may affect the price you pay for life insurance eg. skydiving.

Which life insurance companies do we compare?

Here are the insurers offering life insurance in Ireland currently:

Aviva - Home Insurance
Zurich - Home Insurance
FBD - Home Insurance

Main benefits of life insurance

Life insurance is very popular among Irish parents for the following reasons:

Life insurance pays a lump sum which will help your family or dependents with immediate financial concerns eg. funeral costs, as well as provide financial support with ongoing expenses in the short or medium term eg. education fees.

Inheritance tax can be significant but, a life insurance lump sum is tax free, so you can be sure how much your family will receive if you die.

Life insurance can be used to replace some or all of the monthly salary or income that you would have earned so that your family will have financial security and can cope financially.

A life insurance lump sum can be used to pay off debts or clear your mortgage.

Should the worst happen, you will have peace of mind knowing that your family will be looked after if you are not around.

How much is life insurance

Find out how much you can expect to pay for life insurance.

Example 1

Life Insurance – Joint Life – 31yrs, 32 years, non smokers – term 34 years, €300,000, no serious illness cover.

Insurer Cost
Zurich €37.24
Royal London €41.03
Aviva €43.41
New Ireland €43.41
Irish Life €43.41
Laya €44.74
VHI €51.63

Example 2

Life Insurance – Dual life – 45 yrs, 46 yrs, non smokers – term 20 years, €400,000, no serious illness cover.

Insurer Cost
Aviva €112.45
Zurich €96.07
New Ireland €129.51
Royal London €114.34
Irish Life €142.31
Laya €110.69
VHI €129.38

Example 3

Irish life One Plan Cover (life insurance, serious illness cover, bill cover )

Couple – 45 yrs, 47 yrs – one earner €54,000 annually, non smokers, 20 year term

Comprehensive Plan

€265.82 monthly premium includes

decreasing life insurance – €76.40 per month (€622, 143 cover)

bill cover – €59.63 per month – (€200 per month towards bills for 20 years)

serious illness cover – €122.19 per month (108,000 2 years salary)

Essential Plan

€165.03 monthly premium includes

decreasing life insurance – €57.30 (€466607 cover)

bill cover- €40.00 (€200 per month for 5 years)

serious illness cover – €61.10 (54,000 1 years salary)

Standard Plan

€96.66 monthly premium includes

decreasing life cover €38.20 (€311,071 cover)

bill cover €21.95 (€200 per month for 2 years)

serious illness cover – €30.55 (27,000 6 months salary)

Example 4

Life Insurance – Single life – 28 years – smoker – term 37 years, €190,000, serious illness cover

Insurer Cost
Aviva €91.37
New Ireland €91.47
Royal London €98.16
Zurich €99.95
Irish Life €100.24
Laya (no serious illness cover) €28.08
VHI €31.17

Example 5

Life Insurance – Single life – 28 years – non- smoker – term 37 years – €190,000, serious illness cover.

Insurer Cost
Aviva €52.77
New Ireland €54.34
Royal London €55.94
Zurich €59.20
Irish Life €59.45
Laya (no serious illness cover) €16.76
VHI €18.26

Example 6

Life Insurance – Dual cover- age 47 years, 45 years, non smokers – term 20 years, €250,000, no serious illness cover.

Insurer Cost
Aviva €79.74
Zurich €68.38
New Ireland €84.25
Royal London €76.17
Irish Life €94.61

Get a life insurance quote today

Make an enquiry today with Compare Insurance today to speak with a member of our team.

Our team of Qualified Financial Advisors will search the market to find the best possible life insurance quote for your specific needs.

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