Life Insurance in Ireland: Comparing Quotes and Coverage

Insurance is one of those topics that most people don’t want to think about, but it’s also one of the most important. Life insurance is a type of insurance specifically designed to protect your family in the event of your death. It’s not something you need to worry about until later in life, when you have a family and assets to protect. In Ireland, life insurance can be purchased from an insurance company or purchased through an employer (if they offer it). Here are some things to keep in mind when getting quotes for life insurance:

Why you need life insurance in Ireland

Life insurance Ireland is a financial safety net for your family, providing them with the resources they need to handle their financial responsibilities after you’re gone.

• Funeral costs: When someone dies, their final expenses are often far greater than what was expected. According to research conducted by Irish Life, the average funeral costs between $8,000 and $10,000–and this doesn’t include any additional expenses like cemetery plots or headstones! If you have life insurance in place before your death, it will help cover these costs so that your loved ones aren’t left with mountains of debt on top of their grief.
• Debt payments: Many people have mortgages (or other loans), credit cards bills and other types of debt that need to be paid off after death–but only if there’s enough money available from other sources like investments or inheritance from parents/family members who may have passed away earlier than expected due to accidents etcetera… If there isn’t enough cash available then many times debts go unpaid – which can lead into further financial problems down road such as foreclosure on homes etcetera…
• Children’s education fund: Another common reason why families purchase life insurance policies is because many parents want ensure that their children receive quality educations without worrying about paying off massive student loans later in life when those kids grow up into adults themselves 😉

How much life insurance do I need?

The amount of life insurance you need is a very personal decision. You should take into account your financial situation and determine how much coverage will be enough to protect your family members.

In general, the higher the net worth (or total value) of all assets owned by an individual or family unit, the more life insurance they should carry. A good rule of thumb is that individuals should carry at least 10 times their annual income in coverage while couples should carry 15 to 20 times their combined annual incomes in coverage. For example: If John Smith earns $50K per year and has no dependents then he would need approximately $500K in coverage because 500 x 10 = 50000; if John were married with two children who were both college students then he would need approximately 750K due to 750 x 15 = 112500

What is the difference between term and whole of life cover?

There are two main types of life insurance: term and whole of life. Both types offer protection for your family in the event of your death, but their coverage periods, premiums and benefits differ.

Term insurance is cheaper than whole of life because it covers you for a limited period of time–usually 10 or 20 years. At this point the policy expires and you will need to purchase another one if you still want to be covered by an insurance policy (many people don’t). Whole-of-life cover continues indefinitely until either party cancels it; therefore it’s more expensive than term cover over time.

What are some of the other features to look for?

We’ll go over some of the other features to look for in life insurance.

• How much will it cost to cancel the policy? If you decide that you no longer want your coverage, how much are you going to have to pay in order to get out of it? If there’s an early cancellation fee, consider whether or not that makes sense for your situation. For example, if someone has been paying into a policy for many years but then passes away unexpectedly before they can use any of their coverage (as often happens when people die young), then having an early cancellation option might be beneficial so that their beneficiaries don’t have all those premiums go down the drain without getting anything out of them. On the other hand, if someone knows that they’re going through financial difficulties and may need extra cash at some point in time during their life span (perhaps due to illness or injury), then having an option like this might not make sense because there’s always a chance something could happen where canceling would be necessary anyway!

What is the cost of life insurance in Ireland?

The cost of life insurance in Ireland is a function of your age, health and lifestyle. It’s important to compare quotes from different companies before deciding on a policy. You can save money by choosing a policy with lower premiums, but you may also want to consider going for one with lower death cover if you don’t have dependents or any other financial obligations that would need to be covered by the policy.

Get a free quote and see how much you could save by comparing different plans.

Get a free quote and see how much you could save by comparing different plans.

Life insurance is a vital part of any financial plan, but it can be expensive. There are many different types of life insurance policies available, so it’s important to understand what each one offers before making a decision about which policy is right for you and your family.

You can use this guide to help compare quotes from multiple providers, find out more about each type of policy and learn how much coverage might cost in Ireland today

Conclusion

We hope that this article has helped you understand the basics of life insurance in Ireland and how to get a quote. If you want more information on specific products, feel free to contact us at [email protected]. We’ll be happy to help!