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How much is enough insurance?

The average death claim paid out by Irish Life was over €65,560(i) in 2013. That might sound like plenty, but if you died, how long would €65,560 last for your family?

Life Insurance provides a lump sum so if you die your family during the term of your plan, it will help your family financially. The amount of insurance you need may vary as your circumstances change, and our financial advisers can provide you with expert advice on how to keep yourself and your family protected.

Would €65,560 replace my income if I died?

If you’re worried about whether you’ve got adequate protection for your current circumstances, our Life Insurance needs calculator can help.

There are a lot of things you need to factor in when deciding on how much life insurance you and your family require. In addition to deciding how many years the lump sum would need to last, you need to establish what costs you and your family have. These include;

  • Household costs
  • Medical Costs
  • Transport costs
  • Education costs
  • Leisure

For full details of the claims paid out in your area, check out our claims statistics.

(i) The figure of €65,560 includes claims paid by Canada Life in 2013.

Some important points regarding Life Insurance:

  • You must be aged between 18 and 77.
  • The maximum term is 40 years or up to age 80
  • The amount you pay is guaranteed to stay the same for the entire period that you are insured for.
  • You must keep up payments to stay on cover.