Why choose lifeinsurance.ie?

Lifeinsurance.ie is a trading division of Finance Company of Ireland Ltd.

Finance Company of Ireland is a multi product independent Financial adviser.
We are committed to advising you on the merits of competing mortgage protection and life insurance options, with a view to ensuring your dependants are adequately protected.
  • Premiums cost the same whether you deal directly with a Life company or through an intermediary.The difference is that by dealing through us, you receive independent advice on the best products available from the leading Life insurance Companies.
  • We are authorised by the Central Bank of Ireland .We have been in business since 1996 and provide a broad range of financial advice
  • Our consultants are experienced and absolutely committed to providing you with advice to meet your specific life insurance needs
  • We provide a friendly and highly professional service.

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Which life insurance Companies do you deal with?

We provide you with  suitable  life products by analysing  the best products available from the Companies below and selecting a solution to meet your needs:


Irish life
Canada Life
Caledonian Life
Eagle Star/Zurich
Hiberian/Aviva
Friends First
New Ireland

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Why do I need life insurance?

Q.

Why do I need life insurance?

A.

Life insurance provides a death benefit, money that your beneficiary or beneficiaries can use for whatever purposes they choose, helping to:

  • Pay your last expenses, which may include  taxes and burial costs
  • Replace your income and helping to maintain your family's standard of living
  • Protect your family's home by enabling them to pay off the mortgage and other debts
  • Pay others to do some of the tasks you do routinely, such as caring for an aging relative or a child, maintaining the garden or home, etc., or having the option to take time to do these things him- or herself
  • Ensure a child can go to college
  • Provide supplemental retirement income for your spouse or partner
  • Pay expenses incurred to keep your business in the family



 

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Matters to consider when buying/owning jointly

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Are there risks in switching life insurance companies?

As life insurance and mortgage protection premiums fall many policy holders are looking around for better value. There is absolutely no harm in arranging cheaper insurance,  as long as you are comparing like with like.
It is important to seek independent advice when considering a switch.Matters to consider are.

 

  • Do not cancel an existing policy until you have been approved for a replacement policyand are staisfied with the new cover? Do not  cancel your old policy until the new policy is in place.
  • Rushing in and cancelling could be disastarous if you find that   you cannot effect a policy with similar benefits.
  • You need to compare like with like and if you are prepared to drop some benefits you should fully understand the implications of this decision.
  • You need to be happy with the financial strength of the new Life Insurance Company
  • You need to satisfy yourself in regard to whether the premiums are fixed or variable.

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If i already have life insurance,do i need to have insurance for my spouse?

If I already have life insurance, should I purchase life insurance on my spouse?

If your spouse contributes to the family's annual income, then he or she should have adequate life insurance protection to replace that income in the event of his or her death. If your spouse does not earn an income, life insurance can still play an important role in helping to pay for valuable services he or she provides--for example, providing child care, elder care, or home maintenance.

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Do i need life insurance if I am already insured through my job?

Q.

Do I really need individual life insurance if I have group life insurance?

A.

Participating in your group life insurance is a good idea because you will often be able to receive life insurance at a lower, group price. When deciding whether to buy insurance beyond your group coverage, consider these questions:

  • Will you still have your group life insurance coverage if you leave your job?
  • Converting your group coverage to an individual life policy may be an option. But will it be more expensive to do that than to purchase a life insurance policy on your own?
  • Does your existing group coverage provide enough insurance?
  • If you need to apply for a new individual policy because you leave your job, are you prepared to pay higher premiums (premiums may be higher due to your age or due to health status)?

In general we see employment schemes as an added bonus, rather than a policy suitable for the long term benefit of you dependants.

 

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What factors influence my choice of life company.

What factors influence my choice of life company?
  • The benefits provided by the product
  • The cost of the life insurance product compared to similar products in the market
  • The Financial strength of the Company.
  • The reputation of the company in the market  in regard to customer service .The last thing you need is a provider who will make it difficult to process a valid claim
  • The price of the policy .In a competitive market most companies track each others prices quite closely.Life insurance companies tend to differ in regard to product extras or specific attitudes to risk factors.
  • The length of time the Company has been operating in the market .A well established company with a strong record of sound management is preferable to a newly formed organistaion.

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How do i deal with health questionaires.

We are often asked questions by clients in regard to the completion of health declarations.
There is only one answer and that is to be honest and to disclose the true facts in answer to all questions.
If you are in doubt about a particular question please record your concern and our underwriters will deal with it.
If you smoke say so and if you drink please record accurate drinking habits.

Failure to disclose facts or disclosing misleading facts could well invalidate your policy.

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How often should I review my policy?

How often should I review my policy?
You should review all of your insurance needs at least once a year. If you have a major life change, you should contact your adviser . Here at Finance Company of Ireland we secedule a meeting once a  year in advance with our clients. 

Life changes may have  a significant impact on your insurance needs. Life changes may include:

  • Marriage or divorce

     
  • A child or grandchild who is born or adopted

     
  • Significant changes in your health or that of your spouse/domestic partner

     
  • Taking on the financial responsibility of an aging parent

     
  • Purchasing a new home

     
  • A loved one who requires long-term care

     
  • Refinancing your home

     
  • Coming into an inheritance

We are here to assit you make the right decisions.
 

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How should I organize and store my life insurance records?

The last thing you want to happen after you die is for your beneficiaries to be unable to locate and submit a claim on your life insurance. To prevent this, you should have copies of your life insurance records in at least two places. This is to make it less likely that you'll lose them (to fire, flood, accidental discarding, etc.) and more likely that, after your death, your beneficiaries will find them.

What information should I keep?

For each individual life insurance policy on your life, you should record the following information:
  • The full name of the life insurance company that issued the policy
      
  • The name and  headquarters of the group, if the issuing company belongs to a group of companies
     
  • The policy number
     
  • The date the policy was issued
     
  • The amount of the death benefit
     
  • The name and address of the adviser  who sold you the policy
     
  • The type of policy (e.g., term, whole life, etc.)
     
  • The location of the original life insurance policy
  • The type of policy that has a death benefit as part of its features
     
     
Where should I keep the information?

Keep one set of these records in your home, in a place where others who need this information are likely to find it (and after you put the information there, tell the people who'll need it where it is). This might be with your other financial records (such as income tax,  investment records), with your other legal papers (such as a copy of your will, living will, health care proxy, etc.), or anywhere your survivors are likely to look for them.

Keep another set of these records "off site"--that is, outside of your home, perhaps in a safe deposit box, or with a professional or a relative who can be counted on to produce them when they're needed.Finance Company of Ireland are pleased to store your information on our secure server and to allow access to designated individuals appointed by you.

On each page, record the date on which the information was last updated. That way, if the copy in your home differs from the one in the safe deposit box, it's easy to tell which is the more current.

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Will I get approved for life insurance?

Some of us put off taking out life insurance because we feel we will not qualify .In some instance a person may have a medical condition which concers them,for others it might be because they are overweight or have high cholestoral etc.

Applying for life insurance is a realtively straight forward process.You can give us a call and we will go through an application over the phone,You are under absolutely no obligation to take out a policy whatsoever and even if you do there is both a cooling off period and if you so wish you can cancel a policy at alater stage 

If you're worried about losing out on the cheapest life insurance policy because of your weight, you are not alone.
According to recent reports a significant percentage of our population is overweight . Underwriters see overweight applicants as higher risk,

So how do you know if you're officially overweight? Most insurance companies judge you by how much body fat you're carrying, which is calculated using your height and weight to determine your Body Mass Index (BMI). You are considered overweight if your BMI is between 25 and 29.9. If your BMI is over 30, you are considered obese Your life insurance rates aren't the only things that are affected by obesity.

·             Hypertension, or high blood pressure

·             Osteoarthritis

·             High cholesterol

·             Type 2 diabetes

·             Coronary heart disease

·             Stroke

·             Gallbladder disease

·             Respiratory problems

Don't get discouraged if you are overweight and in need of cheap life insurance. Although it's easier said than done, maintaining a good diet and exercising regularly can drastically improve your BMI and help you obtain those inexpensive life insurance rates you've always wanted.

So life insurance is another good reason for you to get out and exercise.Why not start today?

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