Life cover is one of those financial decisions that many people put on the long finger. It is not exciting, it is easy to postpone, and if you are healthy and young it can feel like something you will sort out later.
The problem is that “later” can be expensive.
In Ireland, the cost of life cover rises steadily with age. What might cost €10 per month in your twenties could easily cost three or four times that amount twenty years later. Over the lifetime of a policy, that delay can add up to thousands of euro in extra premiums.
If you are on the fence about putting life cover in place, it is worth understanding how age affects cost and how much delaying could really cost you.
Why Life Cover Gets More Expensive With Age
Life insurance pricing is largely based on risk. The older you are when you take out a policy, the higher the statistical risk that the insurer may need to pay out during the term.
Because of this, premiums increase at each age band.
For example, for a healthy non-smoker in Ireland looking for €250,000 of cover over 25 years, typical monthly premiums might look something like this:
Age you start cover | Monthly premium | Total paid over 25 years |
25 | €10 | €3,000 |
35 | €16 | €4,800 |
45 | €36 | €10,800 |
55 | €85 (approx.) | €25,500 |
These are example figures based on typical quotes in the Irish market and will vary depending on the insurer and personal circumstances. However, the trend is very consistent across providers.
The key takeaway is simple: the later you start, the more you pay.
How Waiting 10 or 20 Years Can Cost You Thousands
Looking at the table above, the financial impact becomes clear very quickly.
If someone takes out cover at age 25 and keeps it for 25 years, they might pay about €3,000 in total.
If that same person waits until age 35 to start the exact same cover, the total cost rises to around €4,800. That is an extra €1,800 simply for waiting ten years.
Delay until age 45 and the cost jumps to about €10,800. That is €7,800 more than the person who started at 25.
And if someone waits until their mid-fifties, the total premium could exceed €25,000.
That is more than eight times the cost of starting earlier.
When you look at it this way, delaying life cover is not just a small financial decision. It can dramatically change the long-term cost.
The Irish Financial Context
Life cover is particularly important in Ireland because of the financial commitments many households carry.
The average wage in Ireland is now around €52,800 per year, and many families rely on two incomes to meet monthly expenses.
At the same time, property prices remain high. The median house price in Ireland recently reached around €381,000. For many homeowners, this means a mortgage that runs for 20 to 30 years.
Irish households also carry significant debt overall. Household debt is estimated at around €147 billion nationally, with the majority tied to mortgages.
If a primary earner passes away unexpectedly, that mortgage and those living costs do not disappear.
Life cover is designed to protect against that exact situation. It ensures that the family home can be paid off and that loved ones are not left struggling financially.
Another Risk of Waiting: Your Health
Cost is not the only reason to avoid delaying life cover.
As we get older, health changes are more likely to occur. Conditions such as high blood pressure, elevated cholesterol, or other medical issues can lead to higher premiums or additional underwriting requirements.
Sometimes insurers may apply a loading to the premium. In more serious cases, certain conditions may even make it difficult to obtain cover at all.
Taking out life cover while you are young and healthy usually means:
- Lower premiums
- More insurers willing to offer cover
- Fewer medical complications during underwriting
Once a policy is in place, the premium is typically fixed for the entire term. That means you lock in today’s price for decades.
Why Many People Still Delay
Despite the benefits, many people still put off arranging life cover.
Common reasons include:
- “I’m still young.”
- “I’ll do it after I buy a house.”
- “I’ll sort it when the kids arrive.”
- “I’ll get around to it next year.”
The irony is that these life events often arrive sooner than expected. When they do, the cost of cover is already higher than it would have been a few years earlier.
Life cover is often at its cheapest during the very stage of life when people feel least urgency to arrange it.
A Small Monthly Cost for Significant Protection
One of the biggest misconceptions about life cover is that it is expensive.
In reality, younger applicants can often secure substantial cover for the cost of a few coffees per week.
For example, someone in their twenties or early thirties may be able to secure hundreds of thousands of euro in cover for well under €20 per month, depending on their health and the policy structure.
Compared with the financial protection it provides for a partner, children, or mortgage, that is a relatively small cost.
The Bottom Line
The biggest mistake people make with life cover is waiting too long.
The numbers speak for themselves. Starting early could save thousands of euro over the life of a policy, while also making it easier to secure cover while you are in good health.
Life cover is not just about planning for the worst. It is about protecting the people who rely on you financially and ensuring they are secure no matter what happens.
If you have been thinking about putting life cover in place but have not taken the step yet, it may be worth revisiting the decision sooner rather than later.
Thinking About Life Cover?
If you would like to understand what life cover might cost for your situation, the team at Riordan Financial can help.
We can walk you through your options, compare policies from multiple insurers, and help you put a plan in place that protects your family without stretching your budget.
Even a quick conversation can give you a clear idea of what cover might look like for you.
The hardest part is simply getting started.