Life Insurance

Who Needs Life Insurance?

Find out more about life insurance.

  • By Paddy Compare
  • 24 May 2023

Life Insurance is a tax-free lump sum paid to your family when you die. This money is given in one large sum or smaller monthly installments. It acts as a replacement for your income if, in an unfortunate circumstance, you pass away.

Life insurance takes care of:

  • Your loved ones, whether or not they are financially dependent on you.
  • Your debts, including mortgage.
  • Your children's education.
  • Funerals or other final expenses

With Paddy Compare, you can make an informed choice by choosing the best life insurance coverage in Ireland, for you!

In this article

Do you need life insurance?

If you are going through big life changes like getting married, starting a family, having a baby, or buying a home, you should ideally consider getting life insurance.

In case of a tragedy, life insurance financially secures your family and can be useful as a regular income, to pay off debts, or even help pay for medical treatments.

Who can benefit from getting life insurance?

  • Young Families: If you have young children or a partner who relies on your income to cover living expenses, life insurance can provide financial security in the event of your untimely death.
  • Homeowners: If you have a mortgage on your home, life insurance can help ensure that your family is able to keep the home if you pass away before the mortgage is paid off.
  • Business Owners: If you own a business, life insurance can help ensure that the business can continue to operate if you pass away. The death benefit can be used to cover expenses like payroll and other operating costs.
  • Individuals with Debt: If you have significant debt, such as student loans or credit card debt, life insurance can help ensure that your beneficiaries are not burdened with this debt if you pass away.
  • Individuals with Dependents: If you have parents, siblings, or other dependents who rely on your income for support, life insurance can help ensure that they are taken care of if you pass away.

As you learn about who needs Life Insurance, it's also important to understand 2 things:

  1. What Life Insurance typically covers and what it doesn't.
  2. What are the factors that influence Life Insurance policy.

How much does life insurance cost in Ireland?

Pricing for life insurance can vary quite a bit depending on a person's age, health, job, length of term, and other specific situations.

Usually, a person can also get a cheaper price on life insurance if they do not smoke or drink alcohol on a regular basis.

On average, for a person in their 30s, the average cost of a €250,000 policy will cost around €150 to €250 a year.

Check out the Guides below to know which type of Life Insurance Policy best suits your needs!

  1. Term Life Insurance
  2. Joint Life Insurance
  3. Whole-of-life Insurance
  4. Death-in-Service Life Insurance
  5. Mortgage Protection Coverage
  6. Over 50s Life Insurance
  7. Terminal Illness Cover

Want to know more about Life Insurance? Read here.

How can I get life insurance in Ireland?

With a number of life insurance providers out there, it is important to always do research on which option fits best. In most cases, a person can find a good deal that fits their needs almost completely.

Going without life insurance in general can be a very risky proposition though, especially if a person has multiple dependents who could be left behind.

With Paddy Compare you can compare the different life insurance quotes available, in a matter of minutes! Simply follow these steps:


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