How much life insurance do I need?

What you need depends on your circumstances:

The first step is to work out how much money you need to provide for your loved ones now.

Then look at what they will need in the future.

It's not the most exciting stuff to dive into, but very worthwhile for the peace of mind it brings.

Think about these things:

  • What are the costs of running your household? Add up your bills: phone, internet, gas, electricity, water, groceries, car payment, loan repayments, TV subscription, school fees maybe... all the things you need to cover on a regular basis.
  • Don't forget to make some allowance for clothing, petrol, things like that. Some money for a holiday, perhaps?
  • What is the value of your mortgage and how long is remaining on it?
  • Think about a fund to pay for life's inconveniences: washing machine repairs, new tyres for the car, a replacement for your cracked smartphone screen.
  • There are big things, as well. One day, the car will refuse to go another mile. The boiler won't come on. A pipe will burst. Your children will want to go to college. Setting aside some money each month to cover these costs when they arise will take the sting out of them. 

You should also consider: 

  1. How old are your dependants? If your children are still young, you'll be looking at possible college fees in the future.
  2. How healthy are you? Your health has a big say in whether or not we're able to offer you life cover.
  3. Do you smoke? Non-smokers typically pay less for life cover.
  4. How long do you want the cover to last for? Perhaps you need to cover the next 20 years of your life – perhaps until the child that is sitting on your knee now can look after themselves. You can use our quick quote tool to see how the length of the cover changes your premium.
  5. How much cover do you need? Our level term policies also cover mortgages and the sum insured never decreases, so if you want your  and cover for your family, these are a perfect choice. 

Make sure you review 

Things change, so it's a good idea to take stock now and then to make sure your life cover still fits your needs. You may find that you need to top up. If you do, just let us know. Call us on 1890 907 100 if you'd like to speak to us or you can reach us via email too:


Have you seen our Cost of raising a child research? Empathy research carried out an online survey to establish the expenditure per household of Irish parents. The research was conducted among 1,000 parents of children aged 0-21 years of age across Ireland between 1st - 10th June 2015.