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Editor’s note: First published 2019 | Updated May 2026 with revised protection guidance for new parents in Ireland.
Do you remember the first time you drove in the dark?
I was terrified because I was lost and couldn’t figure out how the headlights worked properly.
Not ideal.
At the time, Hannah was in labour with our first child, Chloe.
The hospital had told me to get some sleep nearby because things were moving slowly, so off I went to a hotel a few minutes away and somehow ended up lost on dark back roads outside Mullingar.
Also not ideal.
Eventually, I found my way back and was there the next morning when Chloe arrived safely.
Holding her for the first time completely changed how I thought about money and protection.
Up until then, I thought life insurance was something older people with mortgages worried about.
Suddenly I realised something very simple:
if something happened to me last night, it wasn’t just my problem anymore.
Someone else depended on my income.
Maybe that’s why you’re here too.
Before kids, losing your income mainly affects you.
After kids, it affects the whole household.
Suddenly, your wages are paying for childcare (2nd mortgage), nappies, food, school costs, toys, parties and all the other random expenses nobody warns you about beforehand.
That’s why becoming a parent is usually when people start taking protection seriously.
In reality, most of us are just walking, talking paycheques to our tiny, drunk humans falling about the place.
And life insurance exists to replace that paycheque if you die unexpectedly.
If you’re trying to prioritise things financially after having kids, this is usually the order I’d tackle them in:
A lot of people focus on life insurance first because it’s the product everybody has heard of.
But statistically, you’re far more likely to be off work through illness or injury during your working life than to die young.
Your income funds everything else.
Without it, mortgage repayments become stressful very quickly, savings disappear faster than expected and the bills keep arriving regardless.
That’s why income protection is usually the foundation.
It can replace up to 75% of your income if illness or injury stops you working.
If you’re trying to decide between income protection and serious illness cover, read this guide:
Income Protection vs Serious Illness Cover.
Usually yes.
And that includes stay-at-home parents.
Even if one parent isn’t earning directly, replacing childcare, school runs, cooking, planning, cleaning and general household survival would cost a fortune.
People massively underestimate the financial value of the parent keeping the household functioning (it’s estimated at €60,000 per year).
There’s no perfect formula.
The right amount depends on:
A sensible starting point is usually:
Most parents keep life insurance in place until their youngest child finishes full-time education.
This catches loads of people out.
Mortgage protection protects the bank.
Life insurance protects the people living in the house.
We regularly speak to people who assumed mortgage protection would leave money to their partner and kids, only to realise later the payout only clears the mortgage. Helpful, yes — but it doesn’t replace an income.
If you’ve both a mortgage and children, you’ll often need both types of cover.
Usually far less than people expect.
Price depends on:
You can compare live quotes from Aviva, Irish Life, New Ireland, Royal London and Zurich here:
Compare life insurance quotes.
Yes.
A normal pregnancy usually isn’t a problem for life insurance or mortgage protection.
Some pregnancy-related conditions may cause temporary premium loadings until things return to normal.
We’ve covered that properly here:
Usually not.
Most straightforward applications are accepted using the information on the application form alone.
If there are medical conditions involved, insurers may request:
Full medicals are relatively uncommon nowadays.
If either parent has health conditions, the insurer you approach first matters more than most people realise.
Different insurers assess medical history very differently, so getting advice before applying can save a lot of hassle later.
Most life insurance policies in Ireland include Children’s Life Cover automatically.
Typically this provides up to around €7,000 cover from 3 months old up to age 18 or 25 if in full-time education.
There’s no perfect setup that suits every family.
Some people prioritise mortgage protection.
Others focus heavily on income protection.
Others want maximum life cover while the kids are young.
The important thing is understanding what each policy actually does before you apply.
Thanks for reading,
Nick
Usually yes. Once you have children, your income supports more than just you, so life insurance becomes far more important.
For most working parents, income protection is usually the priority because you’re statistically far more likely to be unable to work through illness or injury than to die early.
No. Mortgage protection clears the loan but doesn’t leave ongoing income for your partner or children.
Yes. A normal pregnancy usually isn’t an issue, although some pregnancy-related conditions may temporarily affect pricing.
Usually yes. Replacing childcare and household support would cost far more than most people realise.
Written by Nick McGowan, QFA RPA APA
Nick is a qualified financial advisor and founder of Lion.ie, a multi-agency Irish life insurance and income protection brokerage based in Tullamore.
He’s been helping people secure fair, transparent cover for over 15 years and was named Protection Broker of the Year 2022.
If you’d like straight answers without the sales pitch, learn more about Nick here.
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