We once received a thought-provoking question from someone who had been faithfully paying life insurance premiums for years. Their query was straightforward: “If I don’t pass away during the term, do I receive a payout at the end?” If this is a term insurance policy then the answer is no, but you can be covered up to the age of 90 which is a ripe old age, there is whole of life policy available that can cover you until you pass away, the payout is guaranteed.
On a term life insurance policy when your life insurance policy term ends, you stop making payments, and your coverage ends. Life insurance primarily serves the purpose of ensuring that your family will be financially secure in the event of your premature death.
However, it’s entirely reasonable to ponder the idea of receiving benefits while you are still alive, considering the years of premiums you’ve diligently paid. Fortunately, there are various benefits associated with life insurance that can indeed benefit you while you’re alive.
In essence, life insurance is not just about providing financial support for your loved ones after your passing; it can also serve as a valuable asset for your well-being during your lifetime.
It’s important to note that the specific benefits of life insurance that you can enjoy while alive can vary significantly from one insurance provider to another. Therefore, when considering life insurance, it’s essential to carefully review the terms and conditions of the policy to ensure that they align with your unique financial goals and needs. Alternatively, you can speak to one of our financial advisors at LowQuotes.
Additional Benefits Life Insurance
Terminal Illness Benefit
If you receive a severe illness diagnosis with a life expectancy of 12 months or less, you may be able to access a portion of your policy’s death benefit before you pass away.
This early payout can help cover medical expenses and improve the quality of life during your remaining time. Additionally, you can actively participate in financial planning for the future well-being of your family.
Usually, there are specific criteria you need to meet to qualify for this benefit. For instance, your policy should have 12 months or more remaining until its scheduled end date. It’s worth noting that these criteria may vary depending on the life insurance provider you’ve chosen.
While a terminal illness benefit is included in many life insurance policies, it is important to carefully review the specific terms and conditions listed in each policy to understand the extent of coverage offered.
Hospital Cash Benefit
It offers a daily cash benefit for each day you spend in the hospital. Its primary objective is to assist in covering out-of-pocket expenses, including meals, transportation, and parking fees, which may not be included in your private health insurance coverage.
Guaranteed Insurability Option
A policyholder has the option to increase their coverage without providing evidence of their current health conditions.
This option can only be utilised in specific situations and typically needs to be exercised promptly following the occurrence of the event. Some providers may require you to do so no later than 60 days after the event, while others may set a deadline within six months of the relevant event.
– Birth or adoption of a child
– New mortgage or remortgage
– Increase in salary
Meeting specific criteria is essential to qualify for the guaranteed insurability option. While the rules may differ, typically the age limit is up to 55 years old.
The provider’s terms and conditions vary, so contact LowQuotes to get a better grasp on the benefits.
The conversion option allows you to transition your expiring term life insurance policy into a new one, extending the coverage for another term. The key advantage is that you can make this change without the need for a medical exam or showing proof of good health at the time of conversion.
This flexibility proves particularly valuable if you wish to prolong your life insurance coverage for an extended period, even if you have medical problems.
Learn more by reading our article, Is Convertible Term Life Insurance Worth It?
Medical Second Opinion
Best Doctors Second Medical Opinion is offered by Aviva for free. This service provides Aviva policyholders access to expert medical advice and second opinions from a network of world-class medical professionals and specialists.
Helping Hand offered by Royal London for free, gives one-to-one personal support from your own dedicated nurse from RedArc who can help you and your family cope with the devastating effects that illness or bereavement can have.
To help speed up recovery, specialist therapy may also be provided through Helping Hand, such as:
– Bereavement Counsellors or
– Speech and Language Therapists or
– Face-to-face second medical opinion or
– Complementary therapies or
– Physiotherapy for specific serious health conditions or
– Many others, according to nurse assessment.
Aviva Care is a health and well-being service provided by Aviva. Aviva Care comes with all-new protection policies, and it’s free of charge.
When you take out Life Insurance, Serious Illness cover, Mortgage protection, or Income Protection with Aviva, you become eligible to access four great benefits for no extra cost: Digital GP, Best Doctors Second Medical Opinion, Family Care Mental Health Support and Bereavement Support.
Read our article, The Revolutionary Approach Of Aviva Care: Free Health & Wellbeing Support, for more information.
Children’s Life Cover and Specified Illness cover
Payments are made out of up to €7,00 in the event of the insured child’s death. The maximum age at which a claim can be made is up to 18 years old, or 25 if they are in full-time education.
Your children up to age 25 are covered for up to €25,000 or half your specified illness
benefit amount, whichever is lower, for as long as you are covered.
It’s crucial to understand that the availability and terms of this benefit can vary significantly among different insurance providers.
Get an Insurance Quote in 60 seconds
If you’re uncertain about the amount of coverage you need, read our informative article can assist you in making well-informed decisions.
For a life insurance quote, simply provide some quick details such as desired coverage and policy term. You’ll promptly receive a quote comparing rates from Ireland’s top life insurance providers.
Using our user-friendly life insurance calculator is straightforward; just input your personal information, and within 60 seconds, you’ll receive a quote.
If you wish to add Serious Illness coverage to your life insurance, the most effective approach to determine the cost is by speaking with us. We can help you explore your options and identify a policy that aligns with both your needs and your budget.
Life Insurance with the Best Broker in Ireland
LowQuotes is a market-leading online insurance broker in Ireland, with a 5-star Google rating and over 800 Google reviews.
Utilising a broker like ourselves allows you to navigate the intricate terminology often used in the life insurance industry. Additionally, it saves you valuable time and effort, as we conduct research among different insurance providers to identify the most cost-effective options tailored to your unique needs.
When you choose LowQuotes for your life insurance, you gain access to the best online prices, including discounts that may not be accessible through other brokers. We extend discounts of up to 30%, and as a bonus, policies exceeding €30 per month come with a complimentary ‘Will Kit’ valued at €120 and €50 in cashback.
For a deeper understanding of the advantages of procuring life insurance through a broker, we invite you to peruse our informative article.
For more information, read our article, The benefits of using a broker to get life insurance quotes.