Life insurance cost doubles between 36 and 46: Survey

The cost of life insurance doubles in the 10-year period between ages 36 and 46, according to a survey conducted by the Irish Financial Services Regulatory Authority (IFSRA).

The survey also found that smokers will pay more for life insurance cover, typically double that of non-smokers and that men on average pay more for life insurance than women.

IFSRA recommends shopping around, commenting that a 36-year old male smoker could save more than €10 per month on a 20-year €200,000 life insurance policy, a saving of more than €2,500 over the life of the policy, by shopping around.

The survey, which was released today, also looks at the costs of mortgage protection cover.

Legally, mortgage lenders require that mortgage protection is in place, except in certain circumstances, such as for the over-50s or for those who cannot get mortgage protection for medical reasons.

The IFSRA study demonstrates that savings are also possible in this area. For example, the survey shows that a 23-year old male smoker could save more than €1,700 on a 25-year mortgage protection policy.

Copies of the Life Insurance Cost Survey are available by phoning the consumer help-line on lo-call 1890 77 77 77, by visiting itsyourmoney.ie (link below) or by calling into the Consumer Information Centre at College Green, Dublin 2.