Life Insurance

Cover you, your spouse or your family.

Mortgage Life Insurance

Cover your mortgage only.

*Your cheapest option

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Life Insurance

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

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.

Convertible Term

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.

Whole of Life

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.

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Free Additional Extras

Features

  • Advance Funeral Payment – For claims that are accepted but delayed due to probate, Royal London and Zurich will pay up to €10,000 to cover funeral expenses.
  • Guaranteed Insurability – You may wish to increase your cover, this can be up to 50% of the original benefit or €100,000 without underwriting after certain life events such as getting married or having a baby.
  • Helping Hand Service – A Royal London specific service that supports families through serious illness, cronic health conditions, disabilities and grievance by providing bereavement counsellors, speech and language therapists, second medical opinions, therapy, massage and physiotherapy for serious health issues.
  • Aviva Family Care – Short term counselling and carer support covering any family member over the age of 18. It helps with mental wellness issues, relationsip breakdowns, work related stress or the challenges of becoming a carer.
  • Aviva Best Doctors – A worldwide network of over 50,000 medical specalists available if you ever require a second medical opinion to help verify your diagnosis and treatment options. This can reduce the risk of any complications that arise from a misdiagnosis. This isn’t just for life threatening illnesses, you can get advice for any chronic or troubling ailments that directly affect your quality of life. Even if the condition was diagnosed before you took out your Aviva policy.

Extra Cover Options

  • Childrens life insurance – A lump sum benefit is paid out on the passing of a child.
  • Accidental Death – This extra will pay out even if your selected insurer is processing your application, where death was caused by accident.
  • Terminal Illness Cover – If you are diagnosed with a terminal illness, your cover amount will be paid out immediately.

Optional Extras

Serious Illness Cover

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:

  • Accelerated Serious Illness Cover – On diagnosis of a specified serious illness, the selected serious illness cover amount is paid out. If you subsequently pass away during the term of the policy, the remainder is paid out.

    Example: If you selected €150,000 Life Cover, €100,000 Serious Illness Cover.. On diagnosis of a Specified Serious Illness – €100,000 is paid out. On death – €50,000 would be paid out. 

  • Standalone Serious Illness Cover – Like accelerated, you choose a Life Cover amount and a Serious Illness Cover amount, on diagnosis of a Specified Serious Illness the selected Illness cover amount would be paid out. If you pass away during the term of the policy – your full Life Cover amount selected would also be paid out.

Indexation

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.

Who can be covered with Life Insurance?

Single Life Cover

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).

Dual Life Cover

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.

Joint Life Cover

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.

Frequently Asked Questions

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:

  • Benefit (amount payable on death).
  • Term (the number of years the policy covers).
  • Age.
  • Gender.
  • Smoker or Non Smoker.
  • Current State of Health.
Accelerated Serious Illness Cover

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.

Standalone

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.

  1. Marriage
  2. Inheritance tax for your loved ones increases (Except if this is due to the removal of a tax exemption)
  3. Birth or legal adoption of a child.

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.

Speak to a Life Insurance Advisor

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We are removing face-to-face interactions to keep in line with social distancing guidelines.

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Coronavirus Covid 19 Information

We would like to assure our customers that although this Worldwide Pandemic has struck our Nation hard, we are still here for our new and existing customers. All phone calls and emails will be dealt with accordingly.

In the unfortunate circumstance that a customer contracts COVID-19 and dies, our life policies would pay out in line with our usual claims philosophy.

All Consultations will be held by Phone or Online via Computer/Smart Device to remove face-to-face interactions and keeping in line with social distancing guidelines recommended by the Government.

We at Lowquotes.ie hope you, your family and your loved ones stay safe & healthy in this time.