For most people under 40 in good health, life insurance is surprisingly good value. There are many reasons why renters and house hunters should protect themselves against the unexpected!
Whether you’re saving for your first home, planning to buy together, or simply sharing financial responsibilities, life insurance can provide valuable peace of mind. Even before you have a mortgage, having the right protection in place ensures that your partner or loved ones are financially supported if the unexpected happens.
Why consider life insurance before buying a home?
Many couples wait until they receive mortgage approval before thinking about life insurance. However, arranging cover early can offer several advantages:
- Premiums are generally lower when you’re younger and in good health.
- Your financial responsibilities already exist, even if you are renting.
- It helps protect your partner from future financial hardship.
- You can often transfer or adjust your policy when you purchase your home.
Starting your cover early means you’re protected throughout your journey—not just after you collect the keys to your new home.
€500,000 cover from around €50 per month
For many healthy applicants under 40, it may be possible to secure up to €500,000 of life insurance cover from approximately €50 per month, depending on factors including:
- Age
- Health and medical history
- Smoking status
- Occupation
- Policy term
- Level of cover required
Premiums are individually assessed, so obtaining a personalised quote is the best way to understand your options.
Why life insurance matters for couples
Even if you don’t yet have children or a mortgage, life insurance can help your partner by providing financial support for:
- Monthly rent and household bills
- Personal loans or shared debts
- Funeral expenses
- Future housing costs
- Maintaining financial stability during a difficult time
Having protection in place allows your partner to focus on their future without the added pressure of immediate financial concerns.
Preparing for your first mortgage
If you’re planning to buy a property in the near future, life insurance can form part of your wider financial planning. Once you receive mortgage approval, you may also need Mortgage Protection Insurance, which is a separate policy specifically designed to repay the outstanding mortgage balance if one borrower dies during the mortgage term.
Speaking with an experienced mortgage and protection adviser can help you understand which policies best suit your current circumstances and future plans.
How to choose the right policy
Before taking out life insurance, consider:
- How much cover your family would need.
- How long you require protection.
- Whether you need single or joint life cover.
- If you would benefit from additional benefits such as specified illness cover or income protection.
A professional adviser can compare policies from multiple insurers and explain the differences in cover, pricing and policy features.
Get expert advice
Every couple’s circumstances are different. Whether you’re renting, saving for a deposit or actively searching for your first home, arranging life insurance early can provide valuable financial security for the future.
If you’re unsure which level of cover is right for you, speak to an experienced adviser who can compare available options and recommend a solution based on your needs and budget.
Premiums and eligibility are subject to underwriting and insurer acceptance. The example of €500,000 cover from €50 per month is illustrative and will vary depending on individual circumstances.