Nowadays we insure everything from our cars to our houses and even gadgets such as mobile phones. But sometimes we don’t protect what is most important to us: our family and loved ones. It is impossible for us to predict what may happen from one day to the next, but a Term Life Insurance policy can help you plan for certain eventualities.
How it works
Term Life Insurance is designed to offer this protection by paying out a tax-free lump sum in the event of your premature death or diagnoses of a serious illness. A Life Cover policy pays your loved ones a lump sum to give them an income to use for everyday living, to clear a mortgage/loans or to use as they see fit.
A Life Insurance plan gives you the peace of mind that your family and loved ones will be financially stable in the event of your passing. This is particularly important during those key years when you might have children dependent on your income.
A Life Insurance plan can be taken out for a certain period of time, such as until your children are raised or for as long as they are financially dependent on you. A Life Cover plan can also be index linked to make it inflation proof. In another words, your level of Life Cover increases every year, as does your premium to keep pace with inflation.
You can choose to have either a single, joint or dual Life Insurance plan.
Life Cover can be taken out as a stand-alone policy or with Serious Illness cover attached. Serious Illness cover typically covers over forty serious illnesses including cancer, heart attack and strokes.
Serious Illness cover can be taken out as either a stand alone or accelerated benefit on your Life Cover policy. Typically, accelerated illness cover would be less expensive.
Stand Alone Serious Illness Cover is an independent benefit on any Life Cover plan. Any pay out on the diagnoses of a serious illness will not affect the level of Life Cover remaining.
Accelerated Illness Cover when paid out will reduce the level of the Life Cover sum assured. Here is an example: John has €200,000 Life Cover and €100,000 Accelerated Illness Cover on his policy. If John were to contract a specified serious illness he would receive a pay out of €100,000 and the remaining Life Cover would be €100,000.
The cost of your life insurance will depend on your age, health, smoker status, how much cover you might need and for what period of time you need the cover. At YourBroker we will search the leading insurers to provide you with the best possible level of cover at the most affordable premium.