The Importance of Insurance
Why Protecting What Matters Isn’t Just Smart — It’s Essential
In a world filled with uncertainties, having insurance is more than just a financial product — it’s peace of mind. Whether it’s your health, car, home, or income, insurance helps you protect what matters most when the unexpected happens.
For people living in Ireland, insurance is an important part of financial planning. And yet, many still view it as a grudge purchase — something they don’t fully understand, or worse, something they only consider after something goes wrong.
In this blog, we explore why insurance is important in Ireland, the types you should consider, and how it fits into a secure and smart financial life.
Why Insurance Matters in Ireland
Life in Ireland, like anywhere else, comes with financial risks. From unpredictable weather (think flooding or storms), to rising healthcare costs, to road accidents — having insurance means you’re prepared, not panicked, when things go wrong.
Here are just a few real-world examples:
A burst pipe damages your home — home insurance covers repairs
You fall seriously ill — health insurance helps with treatment costs
Your car is stolen or involved in a crash — car insurance cushions the financial blow
You pass away unexpectedly — life insurance supports your family
Without insurance, you may have to pay for such events out of pocket, putting your savings — and your future — at serious risk.
What Does Insurance Actually Do?
In simple terms, insurance is a safety net.
You pay a monthly or yearly premium
In return, the insurance provider agrees to cover certain financial losses if specific events happen
Instead of wiping out your savings in a crisis, insurance steps in to absorb the cost
Key Types of Insurance in Ireland
1. 🚗 Car Insurance (Motor Insurance)
If you own a property, this protects your home and belongings from:
Fire
Flood
Theft
Structural damage
Most mortgage lenders in Ireland will require home insurance before finalising a home loan.
2. 🏠 Home Insurance
Here’s what you’ll typically need to apply:
Valid ID (passport or Irish driver’s licence)
Proof of address (utility bill or bank statement)
Proof of income (payslips or bank statements)
Quote or invoice from the seller/dealer
Car details (registration number, mileage, etc.)
Lenders like Salvo Fin Connect allow you to upload these documents online, saving time and avoiding paperwork.
3. 🏥 Health Insurance
If you’re unable to work due to illness or injury, this insurance provides a monthly income until you recover or retire. Especially useful for:
Self-employed people
Workers without sick pay benefits
Anyone with ongoing financial commitments
4. 💼 Income Protection Insurance
If you’re unable to work due to illness or injury, this insurance provides a monthly income until you recover or retire. Especially useful for:
Self-employed people
Workers without sick pay benefits
Anyone with ongoing financial commitments
5. 🧾 Life Insurance
A key part of long-term planning, life insurance ensures your family is financially protected if you pass away. It can help with:
Mortgage repayments
Children’s education
Funeral costs
It’s often bundled with mortgage protection policies for homeowners.