If you think about it, you insure all the important things in your life. Such as your home, your car and your business, so why not insure your life and protect your family financially?
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This provides a lump sum payment to your family in the event of your death. This is the most popular form of life cover.
Level Term Cover provides a fixed benefit & premium over a specified term. The cost and sum remain the same for the term of the policy.
If there is no pay out during the term, the policy ceases. Although there is no cash-in value and only pays out on death of the individual during the term, it provides peace of mind to you and your family that you are financially protected.
With this policy in place, you can guarantee that your loved ones will be paid the selected sum and maintain their standard of living, should the worst ever happen.
Like Level Term, this provides a lump sum payment to your family in the event of your death. The benefit and premium will still remain the same throughout the chosen term of cover.
A convertible option allows you to continue your policy after the initial policy term for another specific term or to change it to a whole of life policy, both without having to provide further medical evidence.
This is very advantageous, if your health deteriorated over the initial term, then the availability of continued cover is still guaranteed. The extra cost for convertible term compared with level term is very minimal for what it provides (typically about 5-10%) depending on age and smoking status.
An insurance plan that lasts for the policy holders lifetime, and is not limited to a specific term. If you pass away the policy will provide a lump sum payment to your family or dependents or to cover your funeral expenses. Your policy will also pay out immediately if you are diagnosed with a Terminal Illness.
This policy costs more than Term Life Insurance, even with convertible option applied to the policy.
Your life insurance cover is estimated on 10x your salary. A full review of your circumstances, requirements and disposable income will establish what is realistically required.
You may have savings already put aside and the age of your family will be an important aspect of your requirements.
Do you have very young children, or a dependent with special needs to provide for or do you need to provide funding for school or college fees? Have you covered the cost of an outstanding mortgage or long-term loans? What about the provision of funeral expenses? The average funeral ranges from €3,000-€9,000. Would you have that at your disposal now and if not, how would your family have it at their disposal, if this was not already in place in the form of Life Insurance?
You need to take all of these factors into account when deciding on the amount of Life Insurance Cover you wish to have on your policy.
Your Life Insurance policy cost is on an individual basis and is based on the following:
With this option, The Serious Illness benefit is taken from the benefit of life cover. So that the death benefit is reduced by the amount of any Serious Illness claim.
With this option, The Serious Illness benefit is a separate benefit alongside the life cover. So that a claim for Serious Illness benefit will not affect the benefit of Life Insurance, which will still remain in place once the serious illness is paid out.
This is an optional facility designed to increase your benefits & premiums on an annual basis to protect against inflation – in keeping in line with the cost of living. The increase is normally at 3% or 5% pa, depending on the company, with the option to stop the facility during the term of the policy.
As you carry on living your life, Certain events may occur (Listed below) which mean you want to increase your life cover amount. But depending on health, another policy could be too expensive for you.
This option allows you to increase your life cover amount without having to answer any medical questions.
Convertible term life insurance is an optional extra for term insurance. With convertible term life insurance, you have the option to convert the policy into a new policy for a longer term without the need for undergoing a medical examination.
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