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You will find everything you need to know about Life Insurance in Ireland below.
Lets start by taking a look at what Life Insurance is and what types are available.
Life insurance is a protection policy which pays out a fixed lump sum in the event of your death.
Life insurance policies enable you to provide financial protection for your loved ones if the worst happens.
There are two main types of life insurance policy which we will look at in more detail below.
A term life insurance policy is a policy that provides cover for a fixed time period known as the term.
You decide the term of the policy when you take it out. The longer the term, the higher your premiums as the risk of death increases with age.
With term life insurance there is never an encashment value. If you stop paying your premium the cover will cease on the policy.
If you come to the end of the fixed term your policy cover ceases and you do not receive any payment.
Exactly what it says on the tin, this cover is suitable for those taking out a policy to cover their own life only. This type of policy is often used for the main breadwinner of a household.
A joint cover life insurance policies has two people noted on the policy. For example a couple may take out joint life insurance.
With joint life insurance the insurer will pay out the sum insured on the death of the first person to die during the policy term.
It is important to note once the payment is made on the first death, the policy ceases to exist.
So this policy covers the first to die only, the person who remains living is no longer covered.
A dual cover policy allows you to insure two people on one policy but unlike joint cover a dual cover policy will pay out on both deaths if they occur within the policy term. It is like having two single policies rolled into one.
With Dual Cover, you can choose different cover amounts for each named person. For example, you might decide to cover the main breadwinner for a higher amount as if the worst did happen the loss to the household earnings would be greater.
The difference in cost between a joint and dual life protection policy can be minimal. This is despite the much greater cover available on a dual-life cover.
If you are considering joint cover it is always worthwhile to request a quote for dual cover too so you can make an informed decision on the policy type most suited to you.
Convertible term cover is a policy which allows you to extend your policy without having to provide details of your current health status.
This type of policy can come in useful where someone named on the policy has developed an illness which would normally result in a loaded (increased) premium or being declined cover.
Your insurer is obliged to extend the cover you request at the rates they would charge a healthy person in your position.
It is important to note that you are restricted to keeping the same level of cover or less that you have on your policy when you choose to extend the policy.
In many cases there is an upper age limit when the conversion option expires. This is usually around age 70.
Wondering if purchasing Life Insurance with a bank or broker is better?
The answer is clear.
The information on this website and the free resources provided are for educational purposes only. The information on this website is not intended as, and shall not be understood or construed as financial advice. Irish Pension Information Ltd. T/A Better Protection is a marketing company and does not provide financial advice. Irish Pension Information Ltd. is registered in the Republic of Ireland with Company Registration No. 745597