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.