Life Insurance Ireland

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life insurance ireland

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What is Life Insurance?

Life Insurance is a policy that pays out a lump sum if you die during the term agreed in the policy.

It is a policy that offers you peace of mind that should something happen, your family is protected financially.

Should you earn an income, own a home or have a young family, putting a Life Insurance policy in place could be one of the most important decisions you make.

Key note 📌

If you have a family or any financial dependents, it may be worth considering a Life Insurance policy. The policy may help replace a salary, pay off a loan or simply help those left behind continue a lifestyle.

life insurance protection

How does Life Insurance work?

A life insurance policy will pay out a benefit should you die during an agreed timeline within the policy.

You may want cover as you have a young family and would like to ensure they are secure financially should something happen. Whatever the reason, speak to a financial advisor before making a decision and assess all potential options.

1.

What your family might need

Take time to think about how much your partner and children might need, based on their living expenses as well as any outstanding debts

2.

Length of policy

When thinking about how long you need cover for, consider how long your children might need financial support, or when your partner might retire

3.

Joint or single life policy

A joint policy with a partner can cover you both and be cheaper than two single policies but only pays out when the first person passes away

How much does Life Insurance cost?

The cost of a Life Insurance policy will depend on certain variables. These include:

age

Age

health

Health

Lifestyle

Smoker

sum insured

Sum insured

age

Age

health

Health

Lifestyle

Smoker

sum insured

Sum insured

Light Bulb on Messenger 1.0 If you would like to see how much cover might cost, you can use our free quote engine.

When should I take out Life Insurance?

Life Insurance is specific to personal circumstances. A good rule of thumb is that anyone with financial dependents should have protection in place.

If your death will have a financial impact on others, having a Life Insurance policy in place may protect them. It is worth noting that in some cases, you may have benefits through employment that may pay out on your death.

new homeowners

Starting a family

Life Insurance is vital for anyone who is starting a family or has children. Having a policy in place will protect those who depend on you financially.

house owners

New homeowners

Your home will likely be your most valuable asset and is something we all want to protect. Life Insurance will offer you peace of mind should something happen.

married

Getting married

One partner dying will likely have a significant financial impact on the remaining partner. Having an insurance policy in place will allow them to cover general living expenses and to continue their current lifestyle.

Starting new employment

A change in employment may mean a change or loss of benefits. It is important to plan long-term and assess any potential gaps after a change in employment.
planning

Inheritance planning

On death, liabilities around Capital Acquisitions Tax (CAT) may arise. In some cases these liabilities may be significant. A Life Insurance policy may provide funds to pay these liabilities.

exepenses

Funeral expenses

Unfortunately, there are expenses associated with the death of a loved one. A Life Insurance policy can help with covering these bills and expenses.

new-homeowners-1

Starting a family

Life Insurance is vital for anyone who is starting a family or has children. Having a policy in place will protect those who depend on you financially.
house owners

New homeowners

Your home will likely be your most valuable asset and is something we all want to protect. Life Insurance will offer you peace of mind should something happen.
married

Getting married

One partner dying will likely have a significant financial impact on the remaining partner. Having an insurance policy in place will allow them to cover general living expenses and to continue their current lifestyle.

Starting new employment

A change in employment may mean a change or loss of benefits. It is important to plan long-term and assess any potential gaps after a change in employment.

planning

Inheritance planning

On death, liabilities around Capital Acquisitions Tax (CAT) may arise. In some cases these liabilities may be significant. A Life Insurance policy may provide funds to pay these liabilities.

exepenses

Funeral expenses

Unfortunately, there are expenses associated with the death of a loved one.A Life Insurance policy can help with covering these bills and expenses.
Financial planning has many nuances. Therefore, it is often a good idea to speak with a qualified financial advisor who can answer your questions and assess all potential options.

Where can I get Life Insurance?

When considering Life Insurance, you will have several options available. You can use a broker (like us) who can compare the entire market.

You could go directly to one of the major Life Insurance companies. Or, you could approach one of the banks that currently have a Life Insurance offering.

There are considerations that should be taken before making an automatic decision. It is worth choosing carefully. Below we look at each in more details and explain their model in more detail

Why use a broker for Life Insurance?

Using a broker such as emero allows you to assess all potential options available in the market. We have agencies with all of Ireland’s leading Life Insurance companies.

This gives us the ability to assess your personal circumstances and discuss what policy and provider would be most suitable to your needs.

At emero, we focus solely on protection. This means we are experienced with the nuances associated with insurance as well as the underwriting process.

Using a broker also allows you to remove any potential jargon. 

What is a broker? Light Bulb on Messenger 1.0

A Financial Broker is someone who specialises in financial advice and will compare the market to find the most suitable product for your needs.

It is the role of a broker to ensure they provide a ‘fair analysis of the market.

At emero, we are not tied to one insurer meaning we can compare the entire market on your behalf. We can then use our experience and expertise to ensure you get the most suitable cover. Contact Our Team

Did You Know 📌

At emero, our team of Financial Planning experts has been providing advice for over 50+ years. Contact Our Team

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Need help with Life Insurance?

Call Us: 01 963 0436

Mon-Fri: 9am - 5pm

Our team is here to help with any questions you may have.

How emero can help you get Life Insurance

We can help you get covered in 3 easy steps.

1.

Calculate the cover required

Calculating the appropriate level of cover needed for your situation is the first step. A quick assessment will allow us to assess your situation and determine the correct cover you will need.
2.

Search the market

At emero, we hold agencies of all of Ireland’s largest Life Insurance companies. This gives us the ability to compare the entire market and allows you to ensure you get the best possible quote.

3.

Start your policy

The final step is to put cover in place to ensure your loved ones are protected. From here our team will liaise with you and guide you through the final steps before receiving your documentation.

1.
Calculate the cover required
Calculating the appropriate level of cover needed for your situation is the first step. A quick assessment will allow us to assess your situation and determine the correct cover you will need.
2.
Search the market

At emero, we hold agencies of all of Ireland’s largest Life Insurance companies. This gives us the ability to compare the entire market and allows you to ensure you get the best possible quote.

3.
Protect your Income
The final step is to put cover in place and ensure that your income is protected. From here our team will liaise with you and move through the final steps before receiving your documentation.
emero is an Irish-owned, Irish-based company who focus on providing a premium and seamless experience.

How much Life Insurance do I need?

Calculating how much Life Insurance you need can be difficult.

There is no universal answer as we all have a different set of needs and circumstances. Often the number of children you have and their age will play a major role.

We have written a guide explaining some of the factors you should consider as well as some calculation examples.

You can access our guide by clicking here.

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Income Protection

Income Protection will pay you a monthly benefit should you be unable to work due to sickness or injury.

Specified Illness Cover

A Specified Illness Cover policy will pay out following a diagnosis of an illness covered in the plan.
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Mortgage Protection pays off your mortgage should you die during the term of the mortgage.
Life insurance Ireland

Income Protection

Income Protection will pay you a monthly benefit should you be unable to work due to sickness or injury.

Specified Illness Cover

A Specified Illness Cover policy will pay out following a diagnosis of an illness covered in the plan.

Do I need protection for my business?

For any business, its most important asset is its people. At emero, we specialise in helping business owners, directors, shareholders and key partners future proof their business and mitigate against financial risks.

  • Keyperson Insurance
  • Partnership Insurance
  • Co-Director Insurance
  • Executive Income Protection

This is a specific area of advice and one the emero team has assisted clients in for over 20 years.

business protection insurance

We pride ourselves on supporting our clients by providing comprehensive guides on various types of cover.

You are welcome to check out the information below.

emero

Editorial Staff

Last Update: May 2022

Overview

Within Life Insurance, there are different types of cover available. Each policy is designed to best suit a particular type of circumstance.

However, it is not always easy to know exactly what type of insurance policy is correct for your situation.

Below we have broken down different types of policies and briefly explained what they are designed to do. If you would like to discuss any in more-depth, feel free to contact our team.

Level Term Insurance

This is often the standard ‘go-to’ within Iife insurance. The policy agrees to pay out a specific sum should the life assured die within a selected term. For example, the term could be 10,20, or 25 years.

Should the life assured survive the agreed policy term, no payment will be made.

Term cover

Convertible Term Insurance

With Convertible Term Life Insurance, you have a conversion option available at any time during the policy. This means you can convert your current policy into a new policy running for a longer period of time without the need to undergo a medical examination. You will not be required to supply any evidence of good health or medical records.

For a more expensive premium than a standard term life insurance policy, the option of this conversion may prove invaluable. The extra cost on premiums is due to the fact you can activate your conversion option and in effect have a new policy for a longer term without proof of good health.

Alternatively, if you do not exercise your conversion option, your cover will cease at the end of the term. As we have an agency with all the major Life Insurance companies, it allows us to compare the market.

Below are the companies currently offering a conversion option to their Life Insurance policies.

Life Insurance Company

Conversion Option Yes/No

Royal London

Yes

Zurich

Yes

Irish Life

Yes

New Ireland

Yes

Aviva

Yes

It is important to weigh up all options before making a decision. As outlined above, premiums will be higher for a convertible term insurance policy. However, even with these increased premiums, it may be a more suitable policy for your situation.

Take time to explore all avenues and discuss with your advisor before choosing a policy that may not be the best fit for your specific circumstance.

Indexation option

When considering taking out a Life Insurance policy, you will have the option to add indexation.

The option is designed to keep your policy in line with inflation. However, it should not be an automatic add-on.

It is often at a rate of either 3% or 4% depending on the insurer. Although Ireland experiences high-interest rates, your indexation cost is also likely increasing.

If unsure whether this may be an appropriate option, it is best to speak to a qualified professional before proceeding.

Decreasing Term Insurance

This is a policy that will reduce in cover over time. A good example of this would be a mortgage protection policy. As the years pass, the amount paid should you pass decreases.

For example, let us say you take out a decreasing policy for €300,000 over 20 years.

  1. Should you die on day 1, your beneficiaries will receive €300,000.
  2. Should you die in 5 years, they might receive approximately €225,000.
  3. Should you die in 10 years, they may receive approximately €150,000.
decreasing term cover

If you were to die in 19 years and 11 months, your beneficiaries are likely to receive a very minimal amount.

The above illustrates how decreasing term Life Insurance may work in a ‘real-life’ scenario.

The aim of this policy is to ensure you have the highest amount of cover when it is most needed. For many, this is at the beginning of the term whilst you still have a young family.

As your family gets older, and becomes more financially independent, less of a pay out is needed.

Whole of Life Insurance

A Whole of Life Insurance policy will last a lifetime as opposed to a specific term once you continue to pay the premiums. On your death, the policy will pay your beneficiaries a lump sum.

Within a whole of life policy, there are specific arrangements you can choose from. These include:

Guaranteed whole of life policy – This policy will have fixed premiums set to an agreed level. It is worth noting that having the ‘fixed’ element included in the policy will bring up the price of the premiums.

Unit-linked policies – In this policy, the insurer will invest your contributions into a fund. This fund will be managed and the insurer will expect a certain growth rate throughout the period.

However, growth is not guaranteed. It may or may not be sufficient to pay your Life Insurance policy. If it does not achieve the growth expected, you may have to increase premiums to keep the sum assured at the agreed level.

Section 72 policy –   A Section 72 policy is a policy designed to pay an inheritance tax bill when you die. If you pass leaving assets above a certain threshold, your beneficiaries may be left with a sizable inheritance tax liability.

If you feel your beneficiaries may not be in the position to pay this tax bill, a Section 72 policy may be an option. This type of policy is usually for those with a large estate, if you would like to discuss a possible Section 72 policy, it may be worth contacting our team.

Specified Serious Illness Cover

A specified serious illness policy pays out a lump sum if you are diagnosed with suffering from one of the illnesses outlined in your policy. The specific illnesses included will vary depending on the insurer.

If considering a specified serious illness policy, it is vital you understand what is and is not covered in your policy. In some cases, insurers also offer additional features of advanced payments should you need specific medical treatment.

If you are unsure of what cover you may need or what exactly you will be entitled to, discuss options with your broker who can scan the market and find the best fit for your situation.

Accelerated Serious Illness Cover

Accelerated serious illness cover means the policy will pay out should you be diagnosed with one of the illnesses listed in your policy. This is an optional benefit that can be added to a Life Insurance policy.

However, it is worth noting that the cover will not pay out twice. For example, let’s say you have a Life Insurance policy with a total value of €200,000 and add accelerated serious illness of €50,000.

Should you be diagnosed with a particular illness covered in your policy and claim the €50,000, if you then pass away during the term of your Life Insurance policy only €150,000 will be paid to your beneficiaries.

Total Life Insurance Policy

€200,000

Accelerated Serious Illness Cover

€50,000

Remaining Amount of Life Cover

€150,000

The example above illustrates how a claim on the accelerated illness policy will be taken from the overall Life Insurance policy benefits payable.

Does Life Insurance always pay out?

It is not uncommon to wonder whether an insurance policy will or will not payout.

However, the majority of Life Insurance claims are paid. The percentage of claims paid out is in excess of 90%.

If you are honest during the application process and pay your premiums, you will have nothing to worry about.

Although, there is a small percentage of cases where a policy will not payout. Some reasons why a Life Insurance policy will not payout may be the following:

  • You are not insured at the time of your death – If you take out a term policy, you are only covered for that specific period of time. Should you die outside this agreed term, you will not be covered. For example, if you take out a 25 year term but die after 26 years, you would not be insured.
  • Not paying premiums – Should you stop paying your monthly premiums, it is likely your policy will be cancelled. Some insurers may give a grace period but this should not be taken as guaranteed. If you miss a payment, it is advisable to contact your broker or insurer to see if a solution can be found.
  • Cancelling a policy – If you make the decision to cancel your policy, you will no longer be insured. It may be worth discussing alternatives before cancelling your policy.
  • Not being truthful on an application – The main reason a small percentage of claims are denied is that applicants are not truthful in the application process.

If you have any medical conditions or history that the insurer asks about, it is always worth being honest. Hiding any conditions or medical history may cause a claim to be denied.

How to make a Life Insurance claim?

Making a Life Insurance claim will likely involve a couple of steps. You can start the process by calling your broker, or the Life Insurance company directly.

The more information you have on-hand the better. Some items you may need are:

  • Policy details of the person who was insured.
  • If possible, original policy documents and relevant details.
  • A death certificate for the deceased.
  • A grant of probate or letter of administration. Whichever is relevant.
  • A Will if the deceased had one made.
  • ID and documentation for the person making the claim.

The exact documentation needed may differentiate on a case-by-case basis. Certain insurers may also have different requirements.

You may also need to have certain documents certified. This may need to be done by a solicitor, bank or by a member of An Garda Siochana.

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Life Insurance FAQ's  

At emero, we pride ourselves on our customer-centric approach. From the in-depth information, we provide on our website, to providing access to a quote engine where you can compare the market.

Everything we do is with our clients in mind. We also believe there is no one-size-fits-all approach. With any insurance policy, there are nuances associated.

Our advisors are all highly qualified and are happy to assist and answer any questions you may have. We can only truly understand your needs after speaking with you. Therefore, it is always encouraged to pick up the phone and assess your options.

While speaking with us, there may be elements you initially forgot to consider. Having a conversation will ensure you get the most suitable cover for your needs.

The length of your coverage will depend on what type of policy you have. You may have a level term policy for 10,15 or 25 years.

Alternatively, you may have a whole of life policy that aims to cover you until you die. The length of time you are covered for is directly related to the type of policy you have.

In some situations, an individual needs long-term cover whereas in other scenarios a shorter term may be a better option.

There is no universal or best life insurance policy. The best policy is the one that is most suited to your needs and the needs of your family.

However, it is important to assess all potential options. There are several insurers offering life insurance in Ireland and it is advisable to compare the market.

You can compare all the major life insurance companies using our free quote engine.

Alternatively, you can speak to a member of our team and discuss potential options.

There can be certain nuances within life insurance and the insurers offer various additional benefits. If you have a specific insurer in mind, discuss this with your broker and ask how they differ to the other insurers on the market.

We know there are also personal factors such as age, smoking status, health and income that will impact what level of cover you choose.

Taking some time to compare while assessing your options is a worthwhile exercise. It is important to ensure you get the most suitable cover from the beginning.

It is your responsibility to ensure that your premiums are being paid. If you have not paid your premiums your policy will lapse after a certain period has passed.

This period will be outlined in your policy terms from the outset. It may also differ depending on your insurer. Some insurers allow a grace period of 30 days.

In some cases, you may be allowed to re-start your policy if it has lapsed. Although this is not guaranteed and, in some cases, you may be required to start a new policy.

It is important to monitor your premiums and ensure they are paid. This means you will reduce the chance of not being covered should something happen.

No. You are not required to take out Mortgage Protection or Life Insurance through your lender.

In fact, The Competition and Consumer Protection Commission encourages comparing the market and different providers.

Using a broker such as emero will allow you to assess the entire market and ensure you find the most suitable cover.

We are not tied to a single insurer allowing us to play an important role while providing advice.

Yes. Although if you are switching Life Insurance companies it is important that you are not uninsured at any point.

Prevent this by having the end date of one policy and the start date of another match up. Once you switch companies, your old insurer will no longer be liable to pay out should you die.

It is always advisable to keep up to date with any Life Insurance policy. If there is an event that will have a significant impact on your life then it may be worth contacting your advisor.These events can include but are not limited to:
  • Getting married or divorced
  • Becoming a mother or father
  • Purchasing a new home
  • Inheriting money or assets
There are many other events that can have a significant impact on our lives. If you are unsure or feel your policy may not be suitable, you are welcome to contact our team.

Life Insurance companies are regulated by the Central Bank of Ireland. Under regulation and guidance from the Central Bank, all life insurance companies must adhere to strict guidelines.

The Central Bank’s website  contains more information about the regulation and legislations in place.

https://www.centralbank.ie/regulation/industry-market-sectors/insurance-reinsurance

Yes. CHK Financial Services Ltd trading as emero is regulated by the Central Bank of Ireland.

 

 This is a policy where only one person is insured.

In this example, two people are covered under one insurance policy. Typically this is popular among married couples.

Need help?

Our team of advisors is here to help you get the correct cover in place.

emero staff - senior financial advisor
Senior Insurance Advisor
01 963 0436 • Mon-Fri 9:00am - 5:00pm

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