Life Insurance Cover

Life Insurance Cover

  • Providing financial security for you and your family’s future

The need to protect you and your family is, and always will be, your most important concern. You need to consider how you would cope financially should the worst happen. Not all life policies are the same and abm financial advisers are here to examine the small print. We will, for example, explain to you what a convertible option is and how it specifically differs depending on each life company’s quoted definition.

>> What is Life Insurance Cover?
>> How does Life Insurance Cover work?
>> Do I need Life Insurance Cover?
>> How much does Life Insurance Cover cost?

 

What Is Life Insurance cover?

Life Insurance cover is an insurance policy that pays out a lump sum in the event of your death. 

 

How Does Life Insurance Cover Work?

There are 3 main types of Life Insurance Cover available from life insurance providers in Ireland:

>> Level term life insurance cover
>> Whole of life insurance cover
>> Mortgage protection life insurance

Level Term Life Insurance Cover

Level Term Life Insurance cover provides a lump sum payment if you die during the term of your policy. On application for Level Term Life Insurance Cover, you select your amount of cover and the period of time you want to be covered for (term). This ‘term’ can be any length of time from 2 – 50 years. If you do not die during this term, no benefits are paid out and the plan ends.

You can arrange Level Term Life Insurance Cover as a single life policy, or on a dual or joint life basis.

  • Single Life Policy: Taken out by one person and is payable on their death during the term of the policy.
  • Dual Life Policy: Taken out by two people and is payable on each death during the term of the policy.
  • Joint Life Policy: Taken out by two people, and is normally payable on the first death during the term of the policy.

When applying for your Level Term Life Insurance Cover policy, you also have the option to include a Convertible Option with your cover.  This allows you to convert your Level Term Life Insurance Cover to another life insurance plan without providing additional medical evidence.  Generally, you can choose to convert your policy at any time during the term up to age 65.

For more information on Level Term Insurance Cover and the most competitive quotes from the leading life insurance providers in Ireland please call 021 427 7000 or email us today.

 

Whole of Life Insurance Cover

Whole of Life Insurance Cover insures you for the whole of your life or for as long as you keep paying the premiums.  This type of policy is designed to provide your family or business with a predetermined guaranteed lump sum on your death.

As there is no set policy term, your premiums are payable for life. Unlike a Level Term Life Insurance Cover Policy, Whole of Life Insurance is guaranteed to pay-out, therefore every monthly premium may be viewed as an investment in itself.

For more information on Whole of Life Insurance Cover and the most competitive quotes from the leading life insurance providers in Ireland please call 021 427 7000 or email us today.

Mortgage Protection Life Insurance

 

Mortgage Protection is a life insurance policy that all banks in Ireland require you to have when taking out a mortgage on your family home.  The purpose of a Mortgage Protection policy is to provide a lump sum of money to repay the outstanding balance on your Mortgage, should you die within the specified policy term.

You can arrange Mortgage Protection as a single life policy, or on a joint life basis.

  • Single Life Policy: Taken out by one person and is payable on their death during the term of the policy.
  • Joint Life Policy: Taken out by two people and is payable on the first death during the term of the policy.

For more information on Mortgage Protection Life Insurance and for the most competitive quotes from the leading life insurance providers in Ireland please call 021 427 7000 or email us today.

WHAT’S NOT COVERED? WHAT’S COVERED?
X    Loss of salary due to redundancy, illness or any other reason. ✓ Death of the life insured, within the policy term.
X     Lump sum payment on diagnosis of specified illness if not included in your policy.
X     Suicide, if it occurs within the first 12 months of the policy start date.
X     Death due to a pre- existing medical condition which was not disclosed on the application form.

 

Do I Need Life Insurance Cover?

If you are asking yourself  ‘Do I need life insurance cover’, consider the following:

  • Do you have children and/or other dependents: a life insurance cover policy will pay out a lump sum to your family in the event that you are no longer around to look after them, thereby safeguarding them against financial hardship. This cover gives you piece of mind that your family’s needs – which may include household bills, school fees, motor expenses and other ongoing living costs – will be taken care of, in the event of your death.
  • Do you have outstanding loans or debts: a life insurance cover policy will ensure your loans (e.g. your mortgage) will be paid off in the event of your death.  Remember: a Mortgage Protection policy is compulsory for anyone taking out a home mortgage in Ireland.

 

How Much Does Life Insurance Cover Cost?

The cost of a Life Insurance Cover policy varies from person to person and depends on a number of factors. The factors affecting the cost of life insurance premiums in include:

  • Your age
  • Your smoking status
  • The amount of cover you require
  • The term of the policy
  • Your health and medical history

 

How Can I Get Further Information on Life Insurance?

For further information on taking out a Life Insurance Cover Policy and for the most competitive quotes from the leading life insurance providers, call our team today on 021 427 7000 or email us .