Speak to a Life Insurance Advisor
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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 if you were to pass away?
Fill in some quick details for your free online quote comparison, or speak to one of our Qualified Financial Advisors for more information.
Level Term Life Insurance provides a tax free 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 during the chosen term (Max age 91).
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 tax free 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 from your GP.
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.
Life insurance doesn’t pay out when you’ve been diagnosed with a Serious Illness, unless you add a specified additional cover amount for Serious Illness Cover. This will result in a higher monthly premium.
This can be done by choosing from one of two options:
Both your benefit and premium will increase at a set percentage annually, to help protect against the negative impact of inflation on your selected cover amount. Call us if you wish to have indexation on your policy.
Only one person is covered under the policy. If this person dies within the term of the policy – The cover amount will be paid to the policy holders estate or lender (Whichever chosen).
Both people are covered equally under this policy and is a popular choice as it comes at no extra cost compared to Joint Cover. It pays out on the first death and second death. Essentially doubling the cover amount selected.
Two people are covered under the one policy. But only pays out on one death. For example “Joint Life, First death” will pay out when the first person dies, and nothing when the second person dies. If you currently have a joint cover policy, it is advised to review your insurance.
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.
Call us for free. We’re always available to help.
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