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Life Insurance Ireland Calculator

Life insurance offers protection, in the form of a lump sum payment, if you die. Life insurance is an essential safety net if you are concerned about the financial security of your loved ones and are concerned about providing for them should the worst happen.

However, there are so many options and types of life insurance that it can seem overwhelming to know which is best for you. Here we outline the various types of life insurance and the factors you need to consider in choosing the right policy.

Life insurance Ireland Calculator

What is life insurance

Life Insurance pays a lump sum to your dependents following your death. Life insurance can be divided into Life Term Insurance (for a specific length of time) and Whole of Life cover (sometimes known as Life Assurance) which is guaranteed to pay out when you die as long as you continue paying premiums.

Life insurance can pay out once on the death of the policyholder (single life),once on the death of the policy holder or their spouse (joint life) or pay out twice on both the death of the policyholder and their spouse (dual  life).

Level term cover pays out a set amount for the term of the policy.  Decreasing term cover means that the amount paid out decreases over time. Increasing term cover means that the policy pays out more over time to allow for inflation and cost of living increases. 

Convertible cover means that you can make changes to your cover during the term of the policy without providing new medical information.

Serious or critical illness cover can be purchased as a stand alone policy or added to a life insurance policy and will pay out a lump sum should you be diagnosed with one of the serious illnesses included in the policy terms.

Life insurance can be used to provide an income for your family, pay off outstanding debt, or pay for funeral expenses or education for your children.

Life insurance covers the death of the policyholder

How to calculate life insurance

Life insurance is highly individualised and complex with many factors affecting the premium you pay as well as the protection and benefits that are right for you. 

Factors that will affect how much you pay for life insurance include:

  • Age
  • Health
  • Lifestyle
  • Level of Cover
How to calculate life insurance


As you get older you will pay more for life insurance. Your age may affect the term of the policy available to you from a life insurer.

Purchasing life insurance when you are over 50 can be more challenging and you will likely only be able to purchase a lower amount of protection affordably.


Your current health, any long standing health issues or previous illnesses and your family history will affect your premium. 

You may face exclusions in your life insurance cover, relating to chronic or long- term health conditions. You may be asked by a life insurer to provide medical information or attend a medical arranged by your insurer.


Smoking or vaping will have a significant effect on your life insurance premium. It is best to be honest with insurers as false information may invalidate your policy.

Your job and your hobbies and the level of risk they are deemed by your life insurer to present may also affect the premium you pay for life insurance. You may also face exclusions in your cover or be declined completely for life insurance, although this is rare.

Level of cover

The amount of cover you require, as well as the term of the policy will affect the premium you pay for health insurance.

Adding additional cover you require eg. specified illness cover or choosing convertible cover will also be reflected in your premium.

Who offers life insurance in Ireland?

  • Acorn Life
  • Aviva
  • Irish Life
  • Laya
  • New Ireland
  • Irish Life Assurance plc
  • Royal London Ireland
  • VHI
  • Zurich
  • FBD

How much is life insurance in Ireland?

A quick search will show you that life insurance cover is available from as little as €10 a month.  However, the price you pay is completely individual, depending on you, your dependents, and your financial circumstances.

It is essential to carefully consider your unique circumstances and compare like for like in obtaining quotes for life insurance to get the best cover for you.

Example 1: Life Insurance – Joint Life – 31yrs, 32 years, non smokers – term 34 years, €300,000, no serious illness cover.

Example 2: Life Insurance – Dual life – 45 yrs, 46 yrs, non smokers – term 20 years, €400,000, no serious illness cover.

Insurer Example 1 Example 2
Zurich €37.24 €96.07
Royal London €41.03 €114.34
Aviva €43.41 €112.45
New Ireland €43.41 €129.51
Irish Life €43.41 €142.31
Laya €44.74 €110.69
VHI €51.63 €129.38

How much life cover do you need?

The level of cover you need will depend on your unique circumstances, it is best to tailor your cover with these in mind:

How much can you afford to pay each month ? You will need to be guided by your monthly budget, and find cover that you can afford.

Bear in mind though, that trying to save a small amount of money each month may mean that you will have to pay more over time. For example, a convertible life insurance policy may cost a little more initially but you will be glad to have flexibility if you need to change your level of cover down the line when you are older and may have developed a health condition.

Do both you and your spouse work outside the home? What are the ages of your children and how long until they will be financially independent? Will they need third level education? 

These factors will affect whether you take out a single, joint or dual cover life insurance policy and also the term of your policy.

What is the outstanding balance of your mortgage? Do you have other personal debts ? How much cover would you need to clear these debts should your family no longer be able to rely on your income is a key consideration when taking out a policy.

How much would you like your policy to pay out? Would a term life policy, maybe until retirement age or a whole life policy with a guaranteed payment on your death, might  suit you better.

Consider whether you want level term cover, decreasing or increasing term cover.

Consider whether or not you want your policy to be protected from inflation (indexation).

Consider any additional cover you may require eg. serious illness cover, accidental death cover, income protection.

Having the right protection in place will give you peace of mind that, should the worst happen, your loved ones will have financial support and the security that life insurance brings.

Get a life insurance quote today

Life insurance brings peace of mind that you have protection should the worst happen. It is a very complex insurance product and it is best to be guided by an insurance professional when you are choosing what policy would be right for you and your family.

Take our online assessment today, or call us and speak to a qualified financial advisor. We will assist and support you in choosing the right life insurance product for you.

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