Life insurance is a legal contract between an insurance company and a policy holder, where the insurance company promises to pay a specific amount of money upon the death of the insured person.
Depending on the contract, other events such as terminal illness or an acquired disability may also trigger payment. The policy holder typically pays a premium, either regularly or as a lump sum.
Specified illness cover is a benefit which pays you a lump sum if you are diagnosed with one of 44 conditions we cover. Specified illness cover will also provide you with a partial payment for a further 21 conditions.
The major advantage of life insurance is peace of mind, knowing that if you die, your family will not have to struggle financially.
For a no obligation, free quotation for Irish Life Insurance, fill out the short form below and we’ll get back to you within 24 hours to discuss your options, advise you on the best way forward and recommend which Irish Life Insurance policy is best suited to your needs.
Life Protection Insurance (LPI) is not required by law, but often means the difference between financial security and distress following the death of a family’s chief earner or sole provider. It is wise to take out LPI if:
- You have dependants who rely on you for income
- You have debts and loans your family or dependants could not repay if you die
- You act as guarantor on a mortgage for someone
There are other factors to consider when choosing the scale of the Life Insurance Ireland policy you wish to take out. For example, if you have young children they would be better covered if there was provision within the policy for the amount to last over a longer term. You should consider extra benefit if:
- You have loans
- You want to cover the cost of college education for your children
The length of time you want the cover to last is known as the ‘term.’ With a young family to provide for, it is often desirable to have the insurance designed to last until the youngest child has left school or college. It may last as long as 25 years in the case of a young family, or ten years if your family is older. If you require cover that pays out regardless of when you die, you will need whole of life insurance. This is a fixed policy, with a pre-agreed term and cover amount. You pay the same premium for the life of this sort of policy, unless you buy index-linked insurance. Indexed linked insurance increases cover in line with inflation each year. This takes into account the increased costs of living over a given period of time, allowing for a more meaningful pay-out to your dependants in the event of your death. Typically, your cover rises by between 3 per cent and 5 per cent to keep up with inflation. Many policies are index-linked automatically. If you do not want to take this optional extra, tell your insurance provider.