Life insurance

Why Life Insurance?

At Financial Life, we assure to protect your family’s financial security in your absence with our best life insurance plans. We ensure that the living standard of your family is maintained through the lump sum paid. The amount can be used for repaying debts, paying the rental cost, funding the education of children, paying funeral costs, and paying inheritance tax.

Life insurance

Terminal Illness Cover

Life insurance

Continuation / Convertible Option

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Life insurance

Specified Illness Cover

Life insurance

Single, Joint and Dual Cover

Life insurance

How much life Insurance do I need?

The amount of cover you need to protect your family depends on various factors like:

  • Life insurance Your monthly budget for life cover

    Is the cost of the monthly budget for life cover affordable to you?

  • Life insurance Your income

    How intensely will the loss of your income affect your family?

  • Life insurance Family needs

    How much amount is needed to meet your day to day family needs?

  • Life insurance Mortgage Balance

    Have you got Mortgage Protection Insurance?

  • Life insurance All other outstanding debts

    How much amount would be needed to clear all your outstanding debts?

  • Life insurance Existing Protection

    What life cover do you currently have to take care of your family financially in case of your death?

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Life insurance

How much does life insurance cost in Ireland?

Life insurance cost depends on the type of policy you opt. Generally, term insurances are less costly affairs compared to permanent insurance. Following are factors that decide the cost of the insurance:

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Younger policyholders will pay less premium because the chances that the insurer has to pay off the claim increases with age.

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A history of chronic disease, serious illness, etc. can increase your premium amount.

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If you are a smoker, you will have to pay a higher premium than usual.

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Your premiums could be higher if you have risky jobs.

What is Life Insurance?

A life insurance policy will pay a lump sum to your family if you were to die or become seriously ill. The features include:

  • Contract with an insurance company:

    If you pass away during the policy term, your beneficiaries will receive the death benefit as a lump sum or monthly income.

  • Most affordable type of life insurance:

    Term life insurance and Whole of Life insurance are the main types of insurance policies and can be tailored to meet the budget.

  • Flexible premium payment options:

    You can choose to pay premium payments as monthly or annual premium

  • Coverage for a specific period:

    You can choose the term on your plan specific to your needs.

  • Allows naming of multiple beneficiaries:

    You can add multiple beneficiaries to receive death benefits, offering flexibility in asset distribution.

  • Tax-efficient product:

    There are tax-efficient options available for the Self-employed or those in non-pensionable employment. For those who are married, the benefit is completely tax-free. Cohabiting couples can arrange Life of Another policies to ensure their benefits are tax-free too.

How to Compare Life Insurance in Ireland

Cost of Premium

The cost of premium is based on factors like your age, coverage, benefits, type of policy, etc. We compare the premiums with the different insurers and find the best coverage for your needs and budget.

Benefits of the Policy

There are two main types of insurance policies - Whole of Life and Term life insurance; Term Assurance is set for a number of years and Whole of Life lasts for the rest of your life. Whole Life insurance can be more expensive than term life insurance, but lasts for the rest of your life and it is guaranteed to pay out.

Duration of the Policy

A term life insurance policy offers coverage only during a specific period. Choose the right term length for your life insurance policy to cover your specific needs, such as covering a mortgage or protecting your kids till they are financially independent.

Coverage You Need

Life insurance policies offer different benefits. Analyse your financial goals and obligations; compare the types of coverage available, and understand the benefits and your needs before you choose one. You can include Specified serious illness cover, Personal Accident cover and Hospital Cash cover if required.

Compare Premiums from Ireland’s Leading Life Insurance Providers

If you want to compare (We will do this for you) premiums from Ireland’s leading life insurance providers, consider the following factors:

  • Analyse the financial capacity:

    Analysing your financial goals, requirements, and budget can help understand how much coverage you need and choose the right policy.

  • Ask questions and express your concerns:

    It is important to understand all the details before you choose a life insurance policy. Be ready to ask any questions or concerns you have.

  • Get quotes from leading life insurance providers:

    Before choosing a policy, get quotes from all leading financial providers and ask for a comparison report which a good broker can provide for you.

  • Understand the claim process and exclusions:

    It’s crucial to understand the terms, inclusions, exclusions, how to file a claim, how long would it take to settle a claim, etc.

  • Premium and term length:

    Consider your financial goals and obligations before choosing a policy. Premium and term length would depend on various factors including your family situation, age, health condition and lifestyle.

  • Reputation of the insurance company:

    Some basic research, reading reviews, or discussing with friends who have availed of their services can help understand the credibility, reputation, and financial strength of the insurance company.

  • What a Financial Broker will do for you:

    Make sure to use a reputable broker who can shop around for you and understand your needs. Tip: Avoid the banks that are tied to only one insurer and as such can not compare the market.


What is a Pension Term Assurance Plan?

This is a life Insurance plan that is usually set up for the self-employed or those who are not in an occupational pension scheme.

One big advantage if you qualify for this type of life Insurance plan is tax relief of up to 40% on any premiums paid.


Read more:

  1. 1. I Quit Smoking. Will this have any Impact on the Cost of Life Insurance for me?
  2. 2. My Bank can get me a Mortgage Protection Cover, Why Should I Search for a Broker to Search the Market?
  3. 3. Is Financial Life Regulated?


Why Choose a Section 72 Life Insurance Policy?

Once certain conditions are met, on death, the lump sum paid and used to pay the inheritance tax liability will itself not be subject to any inheritance tax.


Read more:

  1. 1. What is a Pension Term Assurance Plan?
  2. 2. I Quit Smoking. Will this have any Impact on the Cost of Life Insurance for me?
  3. 3. My Bank can get me a Mortgage Protection Cover, Why Should I Search for a Broker to Search the Market?



What is Section 72 Life Insurance Policy?

This type of policy is used to pay inheritance tax liabilities on death.

Usually, these plans are set up by parents to ensure a lump is paid to cover any inheritance tax liability their children may incur on the transfer of the parent’s estate to the children.


Read more:

  1. 1. Why Choose a Section 72 Life Insurance Policy?
  2. 2. What is a Pension Term Assurance Plan?
  3. 3. I Quit Smoking. Will this have any Impact on the Cost of Life Insurance for me?


What If I Cancel My Life Insurance Plan?

You can cancel your Life Insurance anytime without penalty. Once your plan is cancelled you are no longer covered.

We would strongly advise you to speak with one of our financial advisors for advice before you cancel your plan.


Read more:

  1. 1. What is Section 72 Life Insurance Policy?
  2. 2. Why Choose a Section 72 Life Insurance Policy?
  3. 3. What is a Pension Term Assurance Plan?



We compare the market to get you the best quote

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Mortgage Protection

Repays mortgage if the insured dies or suffers a terminal illness.

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Life Insurance

Ensures the financial stability of the family if the insured dies.

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Life & Serious Illness cover

The insurance plan gives coverage against specific diseases.

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Income Protection

Ensures a regular income for the insured who is unable to work.

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Whole of Life cover

If you are looking for a life cover plan with a guaranteed payout then a Whole Of Life Cover Plan is just for you.

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