Life insurance can provide essential cover for individuals and families, but as with any form of insurance, you don’t want to overpay.

The key is to match your coverage with your needs and your budget. Getting there requires little more than making a few smart money moves.

What are our tips for getting the cover you want at a price that makes sense? We share them below.

Opt for Term Coverage

Whole of life insurance is the most expensive life insurance product because it provides a wider umbrella of cover. However, if you are young, healthy and only worried about the next few years, then term coverage may be a better solution.

Term cover provides you coverage if you die within the term of the policy. So if you have young children, you might buy a 25-year cover, by which time your children will be grown and your finances could be more stable.

Buy Life Insurance in Your 20s or 30s

Just as with health insurance in Ireland, waiting until your 40s or 50s to buy life insurance will cost you in premiums, so consider buying cover in your 20s or 30s.

Every life insurance premium is the product of your preferred cover and your personal risk. In other words, you’ll pay more in premiums when you’re older because you will spend fewer years paying into the policy and are more likely to experience ill health.

Work on Your Health

Life insurance becomes more expensive when you have a risky health profile. Smoking is perhaps one of the most common reasons you might receive a higher premium. Drinking and a sedentary lifestyle can also impact your premiums.

If you take steps to improve your health, let your insurer know. If your current insurer won’t recognise your efforts, you might consider switching life insurers.
Were you previously turned down for life insurance based on your health? Work with your GP to target trouble areas, like blood pressure or weight, and then apply again. Your GP can provide evidence that will help you get cover and enjoy more affordable premiums.

Keep Mortgage Protection in Mind

If one of your goals is to have enough life insurance to cover your mortgage, then you may already be set. Your mortgage protection insurance will cover the cost of your home and protect your family if you die.

Your lender very likely required this protection when you drew down on the mortgage. You can then factor your mortgage out of the cover equation, which can mean you need a smaller lump sum and thus enjoy a lower premium.

Shop Around

The best way to ensure you get the cover you need at a price that adds value is to shop around. Ireland has five life insurance cover providers, and you benefit from getting a quote from each one.

Shopping around for life insurance in Ireland is easier than you think. With Best Insurance Quotes, you can get life insurance quotes in just 30 seconds.