Why is Life Insurance in Ireland is So Good?

One of the first things that surprises South Africans is how affordable life insurance is here in Ireland. Why? Simply put: Less Risk!! Life expectancy in Ireland is much higher than in SA which translates into much lower premiums. So, if you still have life cover back in SA, the chances are you paying so much more, in some cases more than twice the cost than what’s on the market in Ireland.

In SA, you’re often paying higher premiums because the local risks are priced in, but once you’re here in Ireland, you benefit from a whole different risk profile.

We’ve all heard horror stories of claims gone wrong, but here’s the thing. In Ireland, all of the main insurance companies are right here, on your doorstep.

That means if something happens, you’re dealing with an Irish-based claims team, not an overseas office or a remote branch.

The process is typically straightforward, well-regulated, and consumer focused.

In South Africa, you might be used to ongoing medical checks, blood tests, or health updates tied to your life insurance. But in Ireland, the underwriting (that’s the process where they assess your health and risk) happens once — right at the start.

Once your policy is in place, you don’t get called back for additional medicals or tests. It’s a once-off process, giving you long-term peace of mind. So basically if your health changes

throughout the duration of your policy, it will not have any impact on your premium whatsoever.

This is a big one. In Ireland, when you take out a life insurance policy, you pay the same premium for the entire duration of your policy — whether it’s 20, 30, or even 40 years.

There’s no “bait and switch” where it starts cheap and then suddenly spikes. What you sign up for is what you pay, making it much easier to plan your finances over the long term.

In South Africa, male lives are often priced higher because statistically, they’re seen as a bigger insurance risk (us men have a shorter shelf life basically).

But in Ireland, insurance companies assess male and female lives the same way — there’s no price bump just because you’re a man.

It’s all part of European regulations on gender equality in financial products, and it’s a big plus for fairness.

Many Irish protection insurance policies come with built-in benefits that you don’t have to pay extra for (Free benefits). We’re talking about:

· Child cover for life or serious illness €25,000 per child up to the age of 25 years old (All Free).

· Spouse supports like access to (second medical opinions, bereavement and counselling supports and even Digital GP services (All Free).

These extras give your whole family added protection — and they’re included free with many standard policies.