Life Insurance and mortgage protection

1.The biggest decision in the life insurance process is deciding that you actually need life insurance cover.

Now that you have made the decision, it is time to go ahead and arrange you policy.

Use your adviser to clearly establish what type of policy meets your specific needs.

Remember-the younger you are, the cheaper the cover.

2.Use a well establsihed Independent adviser ( like Lifeinsurance.ie) who have appointments with a wide range of Insurance Companies to assist you in establishing an appropriate insurance level, in comparing products and prices from all the major Life Insurance Companies, advising you and recommending suitable solutions.

3. Remember you are under absolutely no obligation to take out a policy through your mortgage provider.Many mortgage holders went down this route and ended up buying expensive policies that may not be appropriate to their current needs.

4. Some existing policies are simply too expensive. If you are an existing policy holder, check what you are covered for, whether it meets your needs and check with us if a cheaper policy is available.

5. If you have life insurance cover through your employer, check the cover level and review the terms of the arrangement to see what happens if you leave

6. Be careful with serious illness policies. When attached to a mortgage protection policy, it is the Bank who gets the payout if you are struck down with a serious illness. Instead look for stand alone serious illness cover.

7. Avoid whole of life policies unless you feel they are absolutely necessary. In most instances the premium continues to rise as you get older. Keep savings and investment decision separate from life insurance.

8 Take the time to write down what will happen if you or your partner dies. Work out what the financial implications will be. Try and estimate how much income will be lost or additional costs will be incurred, how the gap will be filled and for how long will you need to bridge this gap.

9. Always be truthful when providing information to Life Companies

10. Look after your health .both for your own sake and to ensure your application is approved without loadings

· Get a health check and give yourself time to relax

· Quit smoking and only drink moderately

· Keep an eye on your weight and exercise regularly

· Get your blood pressure and cholesterol levels checked