Life insurance can give you peace of mind and financial security should you die unexpectedly. In exchange for a monthly premium, life insurance provides a tax free lump sum for those you leave behind.

 It can be confusing trying to navigate the various types of life insurance and options available though. Quotes for life insurance can vary widely, and it can be difficult to compare the quotes and know what you are paying for.

 Choosing life insurance is an important decision as your family may rely on this cover if you die. So how do you compare quotes?

Life Insurance Quote Guide

Table of Content

What to look for from a life insurance quote

Make sure you are comparing like for like when comparing life insurance quotes. There are a number of things to watch out for when looking at life insurance quotes.

Price

Obviously, price is a really important factor in choosing a life insurance quote as the policy you choose must be affordable for you.

Monthly premiums for life insurance range from very affordable to very expensive, but it is also important to choose the right cover for your circumstances as the cheaper quotes may not offer sufficient protection for you and more expensive policies may not be right for your situation.

Factors other than price to consider

 There are other variables that you need to bear in mind when considering life insurance quotes:

You can purchase whole of life insurance, or life assurance, or term life insurance.

Whole of life insurance is guaranteed to pay out when you die, as long as you continue to pay premiums. This type of life insurance is more expensive and is a form of long-term investment.

Term life insurance has a fixed term, e.g. ten, twenty, or thirty years. This form of life insurance will only pay a benefit if you die during the term. This type of life insurance is more affordable and is useful if you have a mortgage, debt, or your family relies on your income from employment.

The amount of cover is also important. This is the amount of benefit that your family or dependents will receive, should you die.

You will need to consider the amount of outstanding on any mortgage you have, your level of debt, and the ages of your family and the amount of money they are likely to need for financial security when you decide what level of cover you will need.

You will also need to decide whether you need your life insurance policy to be for a specific amount of money for the whole term of the policy (level cover), or you can choose cover that increases as the term goes on to allow for inflation (increasing cover or indexation).

You can choose decreasing cover where the amount of benefit your family receives decreases as the term of the policy goes on. This type of cover is usually used to pay off a dwindling mortgage balance and may also be available as mortgage protection.

If you choose a term life insurance policy, you will need to decide what term you choose.

As a general rule, the price you pay for life insurance increases if you choose a longer term as the policy will continue to offer you protection when you are older and are considered more likely to need cover.

Consider the ages of your family or dependents and the term of your mortgage or any debt you have, as well as the age at which you hope to retire when choosing the term of your life insurance.

You may choose to insure your own life with an individual life insurance policy or a single life policy.

You may also choose to insure your own life and the life of your spouse or partner. A joint life insurance policy will cover both you and your spouse or partner should one of you die, i.e. the policy will pay out on the first death.

A dual life insurance policy will pay out if both you and your spouse or partner die i.e. the policy will pay out twice should both you and your spouse or partner die. 

A dual life insurance policy will offer more security as the remaining policyholder will continue to be covered by this policy should one spouse or partner die. If the remaining policyholder is older they may find it expensive or difficult to obtain a new life insurance policy.

The quote that you receive for life insurance will be affected by your health history e.g. diabetes or heart conditions, or any previous health conditions you may have had as well as your family health history. The quote will also be affected by your smoking or vaping status.

Here is where it is especially important to shop around for life insurance quotes. A potential life insurer may ask you questions about your current and previous health and whether you smoke or vape.

You may be asked to provide more details on your health in the form of a health questionnaire, or to provide information from your GP, or even attend for a medical.

Different life insurers will vary in their treatment of various health issues and in how those health issues will affect the quote you receive for life insurance so it is essential to consider multiple life insurance quotes and providers.

If you choose a conversion option when purchasing life insurance, you may pay a slightly higher premium initially.

A conversion option means that, should you need to make changes to your life insurance cover in the future, you will be able to do so without having to provide new medical evidence. This can be useful as, as you get older, you may develop a health condition that makes it harder for you to purchase a new life insurance policy.

When you receive quotes for life insurance, they may be guaranteed or reviewable quotes.

A guaranteed quote may be a little higher, but the premium is fixed throughout the term of the policy (unless you choose an indexation option).

A reviewable quote for life insurance means that the monthly price is subject to review by your life insurance provider in the future. This may cause problems as you are older, as it may mean that you will be required to pay increasing premiums to maintain your life insurance cover when you are more likely to need protection.

compare life insurance

Who offers life insurance quotes in Ireland?

It is always worth shopping around for life insurance. There are several life insurance providers in Ireland:

How much is life insurance?

Here you can see a range of quotes for life insurance. In the second example, the prices of life insurance cover show more difference between providers, showing the importance of shopping around.

For an accurate quote on your health insurance, take the LifeCompare online life insurance assessment. A member of our team will be in touch with the best quotes on the market for you.

Life insurance Ireland Calculator

Example 1

30 year old, non smoker, €250,000 of cover over 37 years including a conversion option.

  • Zurich – €21.24
  • Royal London – €21.50
  • New Ireland – €20.27
  • Aviva – €24.57
  • Irish Life – €27.91
  • VHI – €27.29 no conversion option
  • Laya – €23.16 no conversion option

Example 2

Couple, both 50, €300,000 of cover over 25 years, no conversion option.

  • Zurich – €146.40
  • Aviva – €162.05
  • Irish Life – €181.92
  • Royal London – €136.04
  • New Ireland – €133.69
  • VHI – €155.00 term of 19 years (up to age 70 only)
  • Laya – €144.49 no conversion option

Example 3

25 year old, non smoker, €150,000 of cover over 40 years, conversion option.

  • New Ireland – €11.78
  • Zurich – €12.43
  • Aviva – €14.28
  • Royal London – €15.00
  • Irish Life – €16.00
  • VHI – €16.33 no conversion option
  • Laya – €12.96 no conversion option

Contact us today

Life insurance brings peace of mind and can give your family or dependents financial security should you die. Life insurance will provide a tax free lump sum to your family or beneficiaries.

However, quotes can vary, and it is difficult to know which policy to choose for your circumstances or even what benefits you want from your life insurance policy.

We have qualified financial advisers who can discuss your needs with you, obtain quotes and explain what the quote entails.

Contact us today and we can discuss your life insurance needs and options with you to find a tailored quote that works for you and your budget.

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