Deciding which is the best one for you and your family ultimately depends on what your specific needs are and how much you can afford to pay.
Remember, the best way to shop for the right life insurance for your needs is to research what each package offers, compare rates and plan with a realistic budget.
Life is about moment’s, do not wait for them, create them!
Here are some insurance packages that you might be interested in learning a little more about:
1. Mortgage Protection Insurance
One of the least expensive forms of life insurance you can have and is sometimes required by the bank if you have a mortgage with them. The idea of this type of insurance is to simply pay off your mortgage should you die before the mortgage has been paid in full.
2.Level Term Insurance
As its name implies, level term insurance remains the same throughout the entire life of the policy, however, you can add additional inflation coverage protection to your policy and the premium will increase without a medical. This is the best option for those who are on a strict budget and want assurance that rates will only fluctuate if they decide to increase it themselves.
3. Convertible Term Coverage
One of the best choices for the younger generation, this policy is similar to level insurance except that you can convert it to another form of insurance at the age of 65 with a medical exam for a small increase in the premium.
4. Income Protection
Your income is your most important asset and this policy is extremely beneficial for self employed individuals who are not entitled to state disability.
An employed person can also claim a tax relief on the premiums (at their marginal rate of course). Should you become ill and no longer capable of working, the cover itself becomes a monthly income covering up to 75% of your gross salary.
5. Serious Illness Cover – Stand alone policy
This type of insurance can be taken out on its own with no life insurance benefit. This coverage pays a lump sum amount in the event of an individual being diagnosed with a specified serious illness covered by the policy. Each individual insurance company has its own list and the policy cover things like cancer and heart and stroke disease.
6. Over 50’s Cover
Relatively new to the Irish Market, this coverage is for individuals over 50 years of age who do not have any insurance or want to add an additional policy. This coverage has absolutely no medical exam or requirements at all. The premiums are relatively low but you are not fully covered until the policy is active for a full 2 year period. In other words, you have to live at least two years for the insurance to mature. However, if a claim should be presented before the 2 years, premiums paid up to date are guaranteed.
7. Whole of Life Assurance
Guaranteed once the policy premium is paid throughout the life of the policy it can be quite expensive but can also be more cost effective for an older client who is in good health and wants to purchase a policy. There is a medical requirement when applying but there is no two year waiting period.
8. Term Insurance With A Partial Whole Of Life Payment
Slightly more expensive than a normal policy of this type, it does have a guaranteed death benefit. The policy covers the amount your require for the term you need and then keeps you on a smaller amount of life coverage without payments for up to a maximum of €50,000.
For more information on all of these insurance stay tuned to our blog and engage with us on our social media.
Everyone has reasons to get life insurance, what are yours?