How can I get cheaper life insurance in Ireland?

Life insurance provides financial security for your loved ones in the event of your death. It can help replace the lost income and cover expenses such as mortgage payments, outstanding debts, and daily living expenses.

Although there are many benefits of life insurance, it can be expensive! That's why it is essential to carefully assess your financial situation, family needs, and long-term goals before purchasing life insurance.

What is life insurance and how does it work?

Having a clear idea of what it means to get life insurance can help you make the right choice.

• Life insurance is a contract between you and an insurance company.
• You make regular premium payments.
• The insurance company pays your beneficiaries a lump sum amount in case you die.
• It provides financial protection to your loved ones or dependents in the event of your death.

With a wide range of life insurance options to choose from, it's essential to stay well-informed about each type. By evaluating your unique needs, you can select the insurance policy that best suits your specific situation.

Types of life insurance policies:

• Death in Service cover
• Joint Life Insurance
• Terminal Illness Cover
• Over 50s Life Insurance
• Whole of Life Insurance
• Term Life Insurance

What affects the cost of life insurance?

The cost of your life insurance depends on:

• Your age
• Your health
• Your lifestyle
• The coverage amount

It’s important to understand how these factors influence the terms of your policy and are the core basis for you to decide on what type of life insurance policy will serve your coverage needs best.

Finding the right life insurance policy

Insurance premiums can vary between providers, so it's essential to compare quotes from different insurance companies. To gather information on different policies you can:

• Use online insurance comparison websites.
• Consult with different insurance brokers to get multiple quotes.
• Seek professional advice from a qualified insurance professional.

How to get cheaper life insurance?

The right insurance policy isn't always the cheapest. Here are some ways to make the most out of your insurance coverage:

• Take out cover when you're young. Getting life insurance at a young age means your premiums won't be as high as if you were older because you're a lesser risk.
• Compare Policies. Look around and do your research to know what's being offered and what's excluded from the cover.
• Reassess your cover to make sure your policy meets all your needs. Remember to tell your insurer about any lifestyle changes.
• Consider the add-ons you need. Sometimes, combining add-ons with your cover can turn out to be cheaper than getting a policy that is supposed to cover everything.
• Stay honest about your health and any conditions you may have. Not doing so could result in you losing any payout due. If you're not sure how to answer a question, ask the insurer.
• Place the policy in trust to have greater control over who benefits from and looks after the policy.

Best practices when getting life insurance

• Maintaining a healthy lifestyle can positively impact your premiums since insurance companies require medical underwriting before initiating your policy plan.
• Opting to pay premiums annually instead of monthly or quarterly can result in savings. Insurance companies offer a discount for annual payments since it reduces their administrative costs.
• Review your policy if your circumstances have changed (paying off a mortgage or eliminating debts). You may be able to adjust your coverage or switch to a more affordable policy.

Planning on buying life insurance in Ireland?

Buying life insurance can become a complicated process, especially with the different types of policies and add-ons available. Choosing the correct policy which is best suited for your needs will help you ensure you are getting your money's worth.

Paddy Compare can help you get a clearer idea of what to opt for. We put you in touch with insurance brokers who can offer you an insurance policy plan which is the best fit for your budget and particular requirements. Simply follow these steps: