Term Insurance Policies
Term insurance is a life insurance policy for a specified amount and term that pays out a lump sum of the amount insured if the policy holder dies during the specified term.
Lifeinsurance.ie provides you with independent advice and the best life insurance deals in Ireland .Our Life Insurance partners have a comprehensive range of Term life insurance policies with a range of optional benefits.
Term Life Insurance is the most widely used form of life insurance
This is the simplest and one of the cheapest forms of life insurance. A term life insurance policy gives you a lump sum if you die during the term of the policy.
A term life insurance policy has the following features
- It pays out a predetermined lump sum on death
- Premiums can be fixed or index linked to ensure that your lump sum is inflation proof
- It is calculated by reference to amount, term, age and in certain circumstances your medical history
- The younger you are -the cheaper the cover. Term insurance rates rise by approx 75% between the age of 30 and 40 but rise by 300% from 40 to 50.This may not be surprising but reinforces the argument for a proper financial plan at a young age. Follow this link to view age comparison table
- The policy is paid out to a deceased person's beneficiary or in the case of an assignment ( e.g. mortgage company) it will be paid to the mortgage company with any surplus remaining after the mortgage is cleared being paid to the beneficiary.
- It is suitable as protection for a mortgage
- Policies generally have a convertible option enabling a customer to renew the policy without further medical evidence.This costs extra but can be very useful as the years go by.
- Smokers pay higher premiums.
All our insurers provide term life insurance policies.
For example a large percentage of our population smoke. Smoking results in a loading of an insurance premium because it increases the chances of cancer and other diseases.Life insurance Companies apply different increases depending on their calculations of the risks.
Please use our life insurance calculator to calculate the cost under various assumptions.
A very important part of the life insurance process is honest disclosure of medical circumstances when completing an application. The question on smoking usually asks you if you have smoked during the past year.You must answer this and all other questions honestly.
Choosing the right product
Choosing the right insurance policy is important. It is more important to your dependants, Whether you choose a mortgage protection policy, a term policy or a policy with serious illness cover ,it is important that you choose one that meet your needs.
To often there is a rush to the cheapest product ,when for a small increase in premium a far superior product may be available.Our strategy is to identify your needs,select a product type that matches your needs and then select a reputable insurer that can deliver this product at a competitive price.
Term life insurance and mortgages
As we have a large mortgage business we constantly meet customers who require a life insurance policy as a condition of their loan approval. A mortgage protection policy will meet this requirement but in general we have a strong preference for a term policies for the following reasons:
- The difference in price may often not be significant
- Unlike a mortgage protection policy the capital assured sum stays the same
- It facilitates convertibility
- It allows for a lump sum being available after a mortgage is cleared.
- It can often be used if you remortgage.
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