Table 1 - Comparison Of Life Insurance Rates With Age
Cost of €250,000 life insurance cover to age 65
Couple both age 30 for 35 years €31 per month
Couple both age 40 for 25 years €44 per month
Couple both age 50 for 15 years €81 per month
Looking at these life insurance quotes, based on the best value rates available at date of writing, the figures are not especially surprising. The most important message is that life insurance is cheap when you are young and healthy and gets progressively expensive as you get older.
If you are in a serious relationship you should take out life insurance cover.
For a young couple looking ahead with the possibility of having children, the figure of €31 per month for life insurance, fixed for 35, years looks like very good value for €250,000 cover.
For the older group, where the fatality risk for the insurance company is no doubt higher, €81 also looks like reasonable value to cover the period between age 50 and 65.
As in all life insurance applications the quoted figures assume normal health and no illnesses or conditions that would lead to a loading or refusal.
There are strong arguments to put in place cover in all scenarios above.
Unfortunately, as we get older the risk of illness rises significantly and depending on the severity of the illness, the cost of life insurance cover may be increased above the standard rates quoted above.
We recommend using our life insurance calculator to check the cost under different assumptions and terms and try and match a solution that is within your budget.