The Irish Financial Services Regulatory Authority's (IFSRA) first survey of the costs of life insurance has found that consumers can save as much as €2,500 over the life of a policy by shopping around.
The Life Insurance Cost Survey also found that smokers typically pay double that of non-smokers while that men on average pay more for life insurance than women.
The survey looks at the monthly cost of €200,000 cover over 20 years for consumers aged 26, 36 and 46. A 36 year-old male smoker would be charged €38.61 by the cheapest insurer, Eagle Star and €49.32 by the most expensive, Irish Life, a difference which equates to over €2,500 over the term of the policy.
"The older you are the more expensive cover is, so you should try to think about what your family's needs are now and into the future," said IFSRA's Consumer Director, Ms Mary O'Dea.
"The survey details that the monthly cost of life insurance cover for a 46-year old is typically twice that of a 36-year old so topping-up your cover later on could be expensive."
The survey also looks at the costs of mortgage protection cover, which is legally required for all mortgage holders except those over 50 or who can't get mortgage protection for medical reasons.
The monthly costs can vary as much as €3 per month for a 43-year old or just under €9 per month for a 23-year old, depending on which company provides the cover.
No single insurance company came out most or least expensive in all categories, so IFSRA's advise to consumers is to shop around.
Copies of the survey, which also examines the costs of serious illness cover and the benefits offered by different insurers can be downloaded from IFSRA's website.