Life Insurance

Life insurance is essential to many people in Ireland. It may not be a topic that is nice to dwell on, but death can have a major impact on your family's finances. Without your financial input, your loved ones could be left with unmanageable costs, starting with your funeral and leading into everyday household expenses. A life insurance policy means that if the worst happens, your family are taken care of financially, for a set period of time, until they are able to manage on their own again. There are many life insurance policies and providers in Ireland, from life term insurance to cover for certain medical conditions or long-term illnesses. You may even need special cover if you are a smoker. Use the chart below to compare the main differences between each product.

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Compare life insurance policies to make sure that you and your loved ones are fully covered

What is Life Insurance?

Life insurance is a way of providing financial security for dependents in the event of your death. There are different types, but the policy usually pays out a lump sum or an income when the insured dies. Anyone between the age of 18 and 64 who is a permanent resident within the UK can apply for life insurance. Life insurance can be provided as either a single policy or a joint policy for you and your partner. There are two main types of life insurance available – term assurance and whole-of-life insurance. Whole of life insurance is slightly more expensive and provides cover until the policy holder’s death. Term assurance is the simplest form of life insurance and is widely available – you simply pay your premiums for a set term, at the end of which the policy is over. If you die within this term your dependants receive a cash lump sum. The cost of your life insurance will depend on the type and amount of cover you require. Your monthly premium will also depend on other factors including your health, age, sex and lifestyle choices such as smoking. In general the younger and healthier you are the cheaper your premiums will be, however this is not to say it is expensive for everyone else.

Consider your life insurance policy carefully

There are a variety of life insurance policies available in Ireland. One policy that is different from all other types of life insurance policies is decreasing term life insurance. As the name implies the face amount of the policy gradually decreases over the years. The most common area where your need for life insurance decreases is when a policy is used to erase a mortgage debt when the homeowner dies. This policy perfectly fits that type of situation. The premium remains level for the duration. All other life insurance policies are level death benefit policies but each of them have unique twists that policy buyers may find useful.

A yearly renewable term policy has a level death benefit as mentioned before, however, the premium increases every year if you choose to keep the policy. Here you have a one year term policy with the option of renewing it every year. Because you are older you pay the premium for the older age. You would use this to pay off outstanding debt in the event of your death. There are also other levels of cover available which can cover you for five years to 30 years.

Life Insurance really can help you and your family

Life Insurance can be an integral part of a good solid financial plan. What is great about life insurance is that it can be an effective tool for both protection and savings. Some people think all Life Insurance companies are the same, but, if you were to get life insurance quotations from the top life insurance companies and look at their best life insurance quote you will actually notice a vast difference. Insurance can be incredibly helpful to your family should the worst happen. It provides protection that will preserve your financial well being. It is important that you find the best life insurance quote for yourself and your family.

Life Insurance - Latest News News and Charts

Should You Take Out Life Insurance?

18 May 2012 17:00
Florence Fullalove

You should consider taking out a life insurance policy if you have anyone who is financially dependent on you. It is important that you choose the right level of cover because too much insurance may not be worth it and too little could not be sufficient for your family.


Tell me about... Health Insurance

07 September 2011
Which Way to Pay

Private health insurance may seem unnecessary given the fact we are fortunate enough to live in a country with a state-funded healthcare system, however in the eventually of illness many find that the investment in a health cover plan proves invaluable.


Get Insured, Be Smart!

18 August 2011
Which Way to Pay

Life is unpredictable. You never know what is going to happen, so it’s worth getting insurance to protect you, your family and your possessions. You can get insurance for a whole host of things, from home insurance to pet insurance there is something for everyone.


Zurich Insurance Sales Fall

18 August 2011
Which Way to Pay

Zurich have reported the dramatic reversal of their Irish market share growth is a result of “aggressive pricing” by Irish Life Assurance and New Ireland. The life insurance giant seems unable to match up to the duo’s sales as shown by the 10% fall in new business sales for the first half of this year.