The big benefit of life insurance is the peace of mind that it can give to you. It allows you to know that if something happens to you, your family will be looked after financially. This is a big worry for many people, so life insurance is definitely a very good thing to have in place.
Life insurance is a type of life cover that hands out money when you die.
If you are the main breadwinner, you are usually the one to take out the policy. When you die or get a serious illness, your named beneficiaries (spouses, children, or partners) get cash.
This type of cover provides for them financially after you are gone. It gives them financial security and lets them continue paying the mortgage.
There are two main types of cover:
- Term life insurance is where your beneficiaries get paid only if you die within the term
- Whole life insurance (sometimes called life assurance) is where your beneficiaries no matter when you die
Cover works in the same way as anywhere else. You pay a premium every month. Then, in return, the insurance firm promises to provide cash to your beneficiaries when you are gone. To qualify for the cash, you must die within the policy term specified on the insurance.
Death benefit is the amount of money your beneficiaries get when you die. You set the insurance amount then your insurer tells you if it can underwrite you. You choose whether you want the life cover to pay beneficiaries in a lump sum or installments.
Providers determine your financial premium based on life tables. They look at how many people in your age group die and then price their insurance accordingly. Factors that influence your quote include your age, income, medical history, and work.
The real value of insurance payouts goes down over time because of central bank inflation. You may, therefore, want to consider indexation to reduce the financial impact of price rises.
Some insurance products protect against terminal illness too by providing income protection. Serious illness cover provides you with money when you can’t work. Dual life cover is a type of insurance where the surviving partner in a couple gets paid.
Getting the cheapest life insurance policy is easy. To get a great quote, follow these tips:
- Check deals at a range of companies. Just log on to InsuranceDeals.ie and get a quote from any provider.
- Buy insurance young. Risks are lowest when you are in your twenties. After that, they begin to rise. Illness cover goes up in cost after forty.
- Pay annually. Life insurance companies treat monthly financial payments like repayments of a loan. Thus, you have to pay both the regular fee, plus interest. Paying annually is, therefore, more cost-effective.
- Avoid unnecessary riders. Extra features aren’t always necessary. A stand-alone policy might be all you need to benefit. You may not need mortgage protection.
- Stop smoking. All insurance firms and brokers ask whether you smoke. If you do, your insurability goes down and you’ll owe more. If you are a non-smoker, fees are less.
- Stay healthy. Keep your body in good condition. Take regular exercise. Eat healthy food. Avoid junk. This reduces fees for illness cover and mortgage protection.
Yes. It is useful for parents of young children or those who support a spouse. Many policies provide immediate cash at death to cover funeral costs and the mortgage. You also get a pay-out for qualifying illness,
Mortgage protection and life insurance policy providers include:
- Royal London
- Friends First
- Irish Life
- Zurich Life
There are a lot of good firms in the country. None of them, however, is an outright winner. The best company for you might not be the same as the best for somebody else. That will depend on your individual needs.
Good services usually offer insurance add-ons and other perks. These could include basic guarantees on your mortgage and additional services like inheritance tax life assurance. Quality providers will also provide comprehensive assistance when making a claim.
There's no universally best package. However, you can search our website and check out the one that might be good for you. You may want extras like mortgage protection insurance. There’s no need to go to a broker for a quote to get insured.
To start searching for life insurance quotes, just log on to InsuranceDeals.ie. We gather information on all insurance products on the market. Our partnership with leading insurance providers means you always see the latest plans. We also give you access to detailed terms of the policy.
Yes, life insurance quotes go up every year. The older you are, the more risk you pose. So if you’re thinking about buying protection, the best time to do it is right now. People who have medical conditions may struggle to qualify but will still benefit if they do.
Here’s how to claim:
- Step 1: Get the policy details. Ideally, discuss the location of policy documents when you take out a plan.
- Step 2: Check for other policies. The deceased may have a life insurance plan they never mentioned while alive. Look for mortgage and mortgage protection documents too.
- Step 3: Contact the agent. Tell the insurance agent what has happened. (Either illness or death).
- Step 4: Get copies of the death certificate. Use this to prove to the insurance company the holder of the policy is dead and when they died. The date of death is important if you have term life insurance. Funeral directors can help you source these documents.
- Step 5: Get a claims form. Complete this to access the money the insurer owes you.
- Step 6: Choose your payment method. Some firms give you a choice of how they give out money. Choose either a tax-free lump sum or a monthly income. If you don't know which is best, speak with your financial advisor.
- Step 7: Submit the completed forms.
It ensures that your dependants (like your family) can continue the same quality of life when you are gone. It provides an income to pay the mortgage. If you are self-employed, it is essential.
Because life insurance protects your family and other people who may depend on you for financial support - pays a death benefit to the beneficiary of the life insurance policy. There are instances where life insurance can be beneficial even if you have no dependents, the most basic of which would be covering your own funeral expenses. There may be many other reasons too. This is because over the years, this insurance product has also evolved to provide options for building wealth or tax-free investments.
You can’t get insured for free in Ireland. If you want life cover, you must pay for it. Some pensions offer insurance to your family when you die, but not always.
Get a quote for any provider with us today.