Life Insurance

How much does life insurance cost?

Exploring the factors which affect the price you'll pay for your life insurance in Ireland.

  • By Paddy Compare
  • 04 January 2022

Life insurance is one of those things that nobody wants to pay for but everybody needs. If you are wondering how much does life insurance cost, it depends on your age, your health and the amount of coverage you want. The average cost of a €250,000 policy for someone aged 30 will cost around €150 to €250 a year. A ten year term is one of the cheapest types of life insurance, guaranteeing fixed premium amounts for the first ten years.

As a general rule, the earlier in life you take out life insurance, the less it will cost. The cost is directly related to the chances of you dying; the younger you are the more likely you are to live a specified number of years. Your age is one of the biggest factors that affect the cost; if you take out life insurance in your 20s, your rates won't increase much over the term of the policy, although once you reach your 40s, you can expect to pay more.

Other risk factors also affect the cost, including where you live, whether you smoke and of course, the amount you want your dependents to receive when you die. Your overall family history will also be taken into account when determining how much you pay.

Term life insurance is also a lot cheaper than whole life insurance. With a term policy, your monthly and annual payments are the same for the initial term. Whole life insurance protects you for as long as you live, although the premium costs are higher. A whole life policy accrues value over time, while a term life policy doesn't accrue any cash value. Talking to an insurance agent can help you understand the difference and get the policy that's right for you.

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