Editor’s note: First published May 2022 | Refreshed August 2025 with updated stats, 5 warning signs, and links to our cover calculator.

5 Warning Signs You’re Underinsured for Life Insurance in Ireland

Think you’re sorted because you’ve got a mortgage protection policy? Hate to break it to you, but that only clears the bank’s debt. Your family could still be left short. Here are five big red flags you might be underinsured:

1. You only have mortgage protection

Mortgage protection is there to pay off your home loan if you die — it benefits the bank, not your loved ones. Once the mortgage is cleared, there’s no payout left for day-to-day living costs. That’s where life insurance comes in.

2. Your partner couldn’t manage on their income alone

Sure, the mortgage might be gone, but what about school fees, food, holidays, or even keeping the heating on? If your partner’s income wouldn’t maintain your lifestyle, your family could struggle without extra cover.

3. You don’t have cover for illness

Optimism is great, but the stats are grim: around 1 in 4 people in Ireland will get cancer in their lifetime. Serious illness cover pays a tax-free lump sum if you’re diagnosed with cancer, heart attack, stroke, or any of 50+ other conditions. It gives you breathing room to focus on recovery instead of bills. Learn more about serious illness cover.

4. You don’t have income protection

Injury, stress, anxiety, burnout — these are the main reasons people can’t work. And if you can’t work, you can’t earn. If your employer doesn’t offer long-term sick pay, you need to protect your income. Here’s how income protection works in Ireland.

5. You haven’t reviewed your cover in years

Life changes fast. New baby? Bigger mortgage? Pay rise? If your life insurance hasn’t been updated in 5+ years, chances are it no longer reflects your actual needs. Out-of-date cover = underinsured.

Over to You

If one or more of these apply to you, you’re probably underinsured. The good news? Fixing it isn’t hard.

👉 Next step: Work out exactly how much life insurance you actually need. Use our simple calculator here.

Or if you’d prefer me to do the maths for you, complete this quick questionnaire and I’ll recommend the right type and amount of cover based on your situation.

Thanks for reading,
Nick