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Life insurance is often surrounded by myths, with many people assuming it’s too costly or not worth the effort right now. But what if it could actually cost less than some of your regular expenses? You might be surprised!
Let’s break it down and look at a few everyday expenses that cost the same—or even more—than life insurance, and how you could protect your family’s future for less than you think.
Life insurance could cost just €10 a month
Research from Aviva suggests that around 40% of people don’t have life insurance because they believe it’s too expensive.
This concern is usually shared among younger adults, who may prioritise other expenses over life insurance despite its long-term value. Additionally, many young people are unaware of the lower premiums available if they purchase insurance while they’re younger and in good health
Life insurance could cost as little as €10 a month for a 20-year-old, with a €200,000 cover for 25 years with a conversion option (as of October, 2024, Zurich). Purchasing a policy while you’re young helps lock in lower premiums.
Including a conversion option is advisable, as it allows you to review and adjust your policy later without undergoing health exams, which can be crucial if your health changes.
Your Daily Coffee Fix
Even though Ireland is known for being a tea-drinking country, its coffee culture has really grown in the last 20 years. In 2021, a report from Bewley’s found that 78% of Irish adults drink coffee daily, with an average of three cups each day. Dublin even ranks second in the world for the number of coffee shops per person, just behind Amsterdam.
A cappuccino or flat white brings joy to our mornings but also comes with a price tag. The average coffee in Ireland is around €3.50; if you’re grabbing one every day on your way to work, that’s over €1,000 a year! For that same amount, you could easily afford life insurance that protects your family for a lot longer than a coffee buzz.
Your TV Streaming Subscriptions
Streaming services like Netflix, Disney+, and Amazon Prime can quickly add up, with many households spending €30–€50 a month on subscriptions alone. For about the same monthly cost, you could have a life insurance policy that provides essential financial security for your loved ones if something happens to you.
And let’s face it, sometimes we sign up for a free trial and forget to cancel, only to end up paying for a few months of something we’re not even using. Investing that amount in life insurance could offer peace of mind and lasting value—far more than a forgotten subscription ever could.
Your Friday Takeaway
After a long week, Friday takeaways are a popular treat among Irish consumers. Research from Just Eat’s 2023 report highlights that Irish people order takeaways an average of 2.9 times per month, spending around €46.49 monthly on these treats.
Imagine if you swapped one takeaway a month for life insurance that guarantees financial support for your family when they need it most.
Gambling and Online Gaming
Whether it’s buying a lottery ticket or playing online games, casual gambling can seem like harmless fun, but the costs can add up quickly.
The thrill of a potential win makes it easy to overlook how much you’re actually spending. Even small bets, or the occasional lottery ticket, can accumulate over time.
New research shows that the average gamer in Ireland spends €180.30 per year on online gaming alone.
What starts as entertainment can easily become a regular habit, often costing more than expected—and more than the cost of life insurance.
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A Night Out
Dinner and drinks with friends can easily run €100 or more in Ireland, especially in Dublin.
While it’s great to enjoy these nights, you could secure a month (or more) of life insurance premiums for the same price.
Cigarettes and Vape
Cigarettes not only take a toll on your health but also on your wallet. A pack-a-day smoker in Ireland can easily spend hundreds of euros each month on cigarettes, far exceeding the cost of a basic life insurance policy.
With the Budget 2025 changes, the most popular category of cigarettes will cost €18.05 per pack. For someone smoking ten cigarettes per day (half a pack), the monthly cost would be approximately €270.75, adding up to about €3,249 per year at the new price of €18.05 per pack.
It’s worth mentioning that smoking can also make your life insurance premiums more expensive. By quitting smoking, you not only save on the cost of cigarettes but also guarantee cheaper life insurance premiums, making it a win-win for your health and your financial future.
Reasons to Get Life Insurance in Your 20s and 30s
Financial planning is crucial for young adults, and life insurance is an essential part of this planning. Even though it might seem early, purchasing life insurance in your 20s and 30s has a number of important advantages that can bring stability and comfort in the long run.
- It’s Cheaper at a Younger Age
- It’s Easier To Get Approved
- It Can Cover Funeral Costs and Expenses
- It Provides Financial Security For Those Relying on Your Income
- Paying Off Debts and Loans
- It Provides Benefits While You’re Alive
Learn more by reading our article, Why Life Insurance is More Important Than Ever for Young Adults.
Why You Should Consider Life Insurance
Peace of Mind: Knowing that your children will be taken care of provides immense peace of mind. As a mum, you already juggle countless responsibilities. Life insurance removes one big worry, allowing you to focus on creating happy memories with your children.
Financial Stability: Life insurance provides a financial safety net for your children. In the unfortunate event of your passing, a life insurance policy ensures that your children have the financial support they need. This support can cover everyday expenses, educational costs, and even future milestones like college or buying their first home.
Protection Against Debt: If you have any outstanding debts, such as a mortgage or personal loans, a life insurance policy can help ensure that these debts don’t become a burden for your children. It allows you to leave a legacy of financial stability rather than debt.
Add Serious Illness Cover to your Life Insurance for comprehensive protection
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 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.
Get a Life Insurance Quote
If you think life insurance is too expensive, it might be time to compare it to other things you spend money on. Many life insurance premiums cost less than everyday expenses like takeaways, streaming subscriptions, or coffee runs, yet provide a crucial safety net. By investing a small amount each month, you can protect your family’s financial future, ensuring they’re supported and free from your debts if something happens to you.
Let us handle the hard work of finding life insurance that fits you perfectly. We’ll shop around with Ireland’s top providers to secure the best coverage and prices tailored to your needs. Plus, we’ll help you determine the ideal life cover amount for your unique circumstances, so you can feel confident you’re fully protected at the right price.
We also provide various financial services, such as mortgages, serious illness cover, income protection, pensions, financial planning, health insurance, and savings & investments.
Ensure your loved one is fully protected!
All our content has been written or overseen by a qualified financial advisor. However, you should always seek individual financial advice for your unique circumstances.
