Why Life Insurance is More Important Than Ever for Young Adults

How Much Life Insurance Cover Do You Need As a Young Adult?

When planning for life insurance, a valuable resource is the life insurance calculator. This tool provides an estimated amount of life cover you might need, acting as a guideline to assist in your preliminary calculations. 

Additionally, you can request a quote directly through our service, which compares the best life insurance providers in Ireland all in one place. This convenience allows you to shop around without the need to visit multiple websites—we do all the work for you.

Are you wondering why purchasing life insurance through a broker might be your best choice? Brokers can offer personalised advice and access to a broader range of products than you might find on your own, with better prices!

To understand the advantages in more detail, read our article on why buying life insurance from a broker could be more beneficial for you.

Is It Possible To Adjust Our Life Insurance Cover Over Time?

Many life insurance policies offer flexibility, also known as Guaranteed Insurability. Policies with a guaranteed insurability option allow you to increase your cover when significant life events occur, such as the birth/adoption of a child or the purchase of a home, without providing additional medical evidence.

Additionally, you can add Indexation to your life insurance policy, which ensures your cover increases over time to compensate for inflation. 

This feature helps maintain the value of your policy, providing adequate protection for your loved ones as the cost of living rises. By adjusting your cover to keep pace with inflation, you can ensure that your beneficiaries receive sufficient financial support when needed without the risk of your policy’s value diminishing over time.

By reading our article, you can learn more about how inflation can impact your life insurance payout.

Can I Get Life Insurance If I’m a Smoker?

Absolutely. Many smokers successfully apply for life insurance, so not only is it possible, it happens frequently.

However, there is a catch. Your status as a smoker will impact the insurer’s decision to provide coverage and will likely affect your premium—the amount you pay for your coverage.

In a nutshell, if you are a smoker, your premium is likely to be higher than that of a non-smoker.

For example, a non-smoker could pay as little as half of what a smoker applying for the same coverage would pay.

Read more in our article, How Quitting Smoking Can Significantly Reduce Your Life Insurance Costs.

Can Serious Illness Cover Be Included in a Life Insurance Policy for Young Adults?

Yes, you can add Serious Illness Cover to your Life Insurance or Mortgage Protection policy, which pays out a lump sum if you are diagnosed with a specified serious illness.

If you add serious illness cover to your Mortgage Protection or Life Insurance when the payment is made, the life cover amount is reduced accordingly. This is also called accelerated serious illness cover.

Alternatively, you can buy Serious Illness Cover as a separate policy. It’s called Standalone Serious Illness Cover and it means it is taken out as a separate policy and it is completely independent of any life protection you might purchase or already have. It is sometimes called additional, separate, or double cover.

To understand better, read our detailed article about Serious Illness Cover where we explain everything in depth.