What’s the Best Age to Buy Life Insurance

I used to think life insurance, mortgages, and pensions were just for old people.

Now, I have the full three-piece suite.

But if you’re still young and sprightly, you might be wondering: when’s the best time to buy life insurance? Should you wait until you have a mortgage and a mini-me running around?

By the way, if you want the lowdown on life insurance without falling asleep, I’ve got you covered with our Beginners Guide to Life Insurance

What is the Best age to buy Life Insurance?

tl;dr

You’re never going to be younger.

FACT.

So it’s never going to be cheaper.

And let’s face it – death is a buzzkill, you don’t want to contemplate it for longer than you need to so just do yourself a favour and get your life insurance boxed off…before, you’re well, ehm, boxed off.

Nobody wants to think about leaving their loved ones high and dry.

But hey, it’s a fact of life (or death, rather).

That’s why we buy life insurance – to give ourselves peace of mind and our families a financial safety net when we shuffle off this mortal coil.

Yeah, talking about death is grim but it’s better to be prepared than caught with your pants down (figuratively speaking, of course).

And let’s be real, none of us is getting any younger – unless you’re a vampire or Tom Cruise, in which case, can we be friends?

But for the rest of us mortals, we’ve got to face the music eventually. And the truth is, life is unpredictable. You never know what’s around the corner – a sudden illness, a financial crisis, or a new season of Dancing With the Stars. That’s why life insurance is for the big brains, the clever clogs. It’s your family’s safety net that will protect them when you’re no longer here.

So, don’t wait until you’re on death’s doorstep to consider life insurance.

Take it from me, a person who’s one foot in the grave (figuratively, again).

Get yourself covered and live life with a little less worry.

Irish Life Insurance Claims Paid

Irish Life recently published its Big Book of Claims,, and it’s given us a really good view into who is claiming on their insurance, their age, and even how much Irish life has paid out.

Obviously, this is all based on averages.

We’re not about to break GDPR.

No names, no faces, just some pretty interesting albeit terrifying numbers.

Over 50% of all death claims were for people under the age of 70

Your 60s might feel a long way off, but I can promise you it’ll rattle around faster than you think.

Many of us have visions of ourselves kicking back at 80+, after a lifetime of grilled fish and olive oil, surrounded by children, grandchildren, and maybe even great-grandchildren.

Life is like a rebellious teenager – it does what it wants when it wants, and it doesn’t give a damn about anyone else’s plans. Whether you’re a CEO or a potato farmer, life will come to an end when it decides to.

So we might as well prepare ourselves as best we can, even though we have no idea when it will be our time.

So, what was the most common cause of payout for life insurance?

No surprises here.

Bear attacks

Cancer accounted for 35% of life insurance claims

Closely followed by 20% for respiratory issues and 11% for heart conditions.

But you don’t have to die to enjoy your life insurance.

No siree bob, you can have gas craic when you’re alive.

Come with me…

Living Insurance Benefits

Specified Illness Cover and Income Protection are two legends.

These bad boys are known as the ‘Living Benefits’ because they help keep you afloat while your old ticker is still ticking. And let’s face it, nobody wants to be drowning in medical bills or living on super noodles (this had autocorrected to supermodels lol) when they’re sick and out of work.

But don’t think that Living Benefits are just for the middle-aged and the married-with-kids crowd. Even if you’re young, single, and living your best life, you need to protect yourself from the shit life will throw at you.

Now, if you’re still wondering when the best time to buy life insurance is, let me break it down for you.

The earlier, the better!

Think of it like a good cheese – it only gets better with age. If you sign up at 30, you’ll lock in the price for 30-year-old, healthy you. And when you’re 65 and still kicking butt, you’ll still pay the same premium. But if you wait until you’re 45 to jump on the insurance train, you’ll end up paying more.

So, take it from me, an insurance guru (or at least a self-proclaimed one). Protect yourself and your wallet with Living Benefits and buy insurance now.

Serious Illness Claims

Back to the Big Book of Claims:

The average age of a specified illness claimant was only 52 years young.

Let that sink in.

Fifty. Two.

Average age.

If you were on the doss the day you did averages in school, this means a lot of claimants were much younger than 52.

And, yet again, the number one cause for specified illness claims was cancer (up 6% year on year).

We have gotten cover for many clients who are cancer survivors in their 30s and 40s. Unfortunately, most of them thought themselves “too young” to take out illness cover so they were left exposed when that bastard cancer hit.

Okay, let’s shake off the sadness, doom, and gloom because people who have beaten cancer are the most upbeat, positive folks you’ll meet.

They don’t take life for granted anymore.

Moving on to THE MOST IMPORTANT INSURANCE YOU CAN BUY.

Income Protection Claims

Income protection does what it says on the tin. It’s there to support you financially if you cannot work due to ANY illness.

I’ll hit you with the average age of income protection claimants, but I’ll give you two seconds to lay your bets with your guess.

Ready.

Here goes.

50.

Yep, fifty years young was the average age of an income protection claimant in 2021.

With everything that has happened in our world recently, it’s unsurprising that the number one cause of income protection claims was mental health-related.

Anxiety, stress, and depression have become prevalent lately.

Is it because society (social media doom-scrolling) is causing more of us to experience mental health issues?

Or is it because we readily accept and understand mental health like never before?

I’m not sure. I’m an insurance advisor, not a psychiatrist but what I can tell you is having income protection is a no-brainer.

Name one thing more important than your income?

Family, of course, but how do you provide for your family?

With your income!

Imagine if it stopped suddenly.

As I said before, no one likes to talk about death and illness but I can guarantee one if not both will visit future you.

Now’s your chance to get ahead of them.

Over to you

Is today the day you grab that bull by the horns, take the plunge, bite the bullet, seize the day (ok, I’m done) and sort out your life insurance stuff.

If it is – fair play!

Complete this questionnaire, and I’ll be right back with some options.

Thanks for reading

Nick

lion.ie | Protection Broker of The Year 🏆