Do I have enough Life Assurance cover?

It is understood that if you plan to purchase a property in Ireland, you will be required to have a Mortgage Protection policy in place. This policy is to pay back the loan amount in the event of death. Is this enough life cover? Depending on your age and whether you have a family or dependents, then no, Mortgage Protection alone is regularly not enough.

Why would I need more Life Assurance cover? A salary coming into a household is used for bills, loans, savings, and other big life events. If this salary ceases in the event of death, a replacement will be needed to cover the shortfall. If you have a young family, you will need more cover as you will need any benefits to last for a longer time.

How much is enough? We tend to avoid thinking about losing our loved ones, let alone the financial consequences. There is more than one way to work out how much life cover one might need. A basic starting point is to multiply your gross salary or your household annual expenses by a factor of eight.

The following quotations are an example of the cost of Life Assurance for a couple who are non-smokers and with the option of conversion (this allows you to convert your policy before the term ends to a new policy without the need to provide medical evidence). The term is for 10 years, and the cover is €250,000.

Age 30

€ 23.19 per month

Age 40

€ 40.41 per month

Age 50

€ 87.52 per month

You may not need extra Life Assurance or less cover in the case where; your dependents are financially independent, you have death-in-service benefit through your job, you have substantial savings, or you have investments or a property which could provide an income or be sold.

If you would like to see more information, just visit or if you have a question #JustCallOran on 087 6686624.

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