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I’m a 30-year-old single mother with a 3-year-old toddler. I’m back at work full-time since June this year and I’m considering taking out life cover now I have full wages coming back in again, but am concerned about the cost. I only have around €20-25 max a month to put towards it at the moment – would I be better off waiting until my 40s?


Answer: Paul Walsh, CEO, Peopl Insurance

 Taking out life cover will help provide financial security for your family and offer peace of mind in case of the worst happening. How much life cover you want to buy depends on the level of benefit you want to receive come term end, and also how much you can afford to contribute right now.

Without knowing your full details, health situation and financial circumstances, it’s difficult to provide an accurate assessment of what you might need, but very generally speaking a person in your age range, who doesn’t smoke and has no significant medical issues could get €250,000 worth of Life cover on a standard Term life policy at this level of premium contributions. The cover would run until you were 65. Premiums would be slightly higher on a Convertible Policy, which is a policy that enables the holder to extend their policy beyond 65 with no underwriting required.

In our experience, there would be little to be gained financially by deferring taking out life cover for another 10 years. Because the monthly premiums would then be higher, you still pay the same amount in premiums, relatively speaking, but would be covered for 10 years less. Speak with your financial advisor for more information.