Compare Life Insurance in Ireland

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What is life insurance in Ireland?

Life insurance pays a lump sum, or sometimes an income, to your family if you die during the policy term. Term life cover runs for a set period such as the length of a mortgage, while whole-of-life cover lasts your lifetime. Mortgage protection, a form of decreasing term cover, is legally required for most home loans in Ireland. Cover gives dependants financial security to clear debts and maintain their standard of living.

How the Irish market works

Life cover is provided by life assurance companies and sold directly and through brokers such as Cornmarket and Arachas. Irish Life, Aviva, Royal London, Standard Life and FBD are among the main underwriters. Mortgage protection is typically arranged alongside a home loan, and a distinctive Irish feature is the Government levy applied to life assurance premiums. Premiums are usually not tax-deductible, unlike qualifying pension or income protection contributions.

Benefits

Family security — a lump sum helps dependants clear the mortgage and meet living costs.

Mortgage protection — decreasing term cover clears the outstanding home loan if you die.

Guaranteed premiums — many term policies fix the premium for the whole term.

Optional add-ons — serious-illness and conversion options can be included for extra protection.

How to choose

Decide how much cover your family would need to clear debts and replace income, and set the term to match your longest financial commitment, usually the mortgage. Compare guaranteed versus reviewable premiums, decide whether to add serious-illness cover, and consider dual-life versus joint-life policies for couples. Buy sooner rather than later, as premiums rise with age, and answer health questions fully to keep the policy valid.

Leading providers in Ireland

Irish Life, Aviva, Royal London, Standard Life and FBD are leading life assurance providers, offering term, mortgage protection and whole-of-life cover. Cornmarket and Arachas broker policies, including group and scheme cover, and can compare underwriters. Because base products are similar, price and underwriting terms for your health profile often decide the best value.

What it costs

Monthly premiums commonly range from around €9 to €45 or more, depending on your age, health, whether you smoke, the sum insured and the term. Younger, non-smoking applicants pay the least, and adding serious-illness cover increases the premium. A Government levy applies to life assurance premiums, and mortgage protection is generally required before a lender will release funds.

Protections and regulation

Life assurers and brokers are regulated by the Central Bank of Ireland under the Consumer Protection Code, which governs suitability, disclosure and claims. The Financial Services and Pensions Ombudsman investigates disputes. A Government levy applies to life premiums under Revenue rules, and consumers benefit from cooling-off rights after taking out a policy.

Common questions

Is mortgage protection compulsory? — For most home loans, yes; lenders require decreasing term cover before releasing funds.

Term or whole-of-life? — Term cover is cheaper for a set need like a mortgage; whole-of-life lasts your lifetime and costs more.

Should I add serious-illness cover? — It pays out on diagnosis of specified conditions, offering extra protection for an added premium.

Life Insurance in Ireland — FAQ