Life Insurance Ireland

There are a range of options open to you when taking out Life insurance. It is important to take advice in this area so that the proceeds follow your wishes and intentions..

(It is also extremely important that that you make a will and you keep your will up to date as circumstances change)

Single Life. The policy holder and the assured are the same person. This is also called own Life policy. If the policy is not assigned to a lender or written under trust, the life insurance cover is payable to the deceased's estate on death .

The proceeds of the life policy will be added to other assets and used in the first instance to cover any liabilities or debts that the deceased may have, with the remainder being distributed in accordance with the instructions in a valid will or in the absence of a will, in accordance with rules under the Succession Act.

Life of another In this type of policy the policyholder and the life assured are different persons. The life insurance s payable directly to the surviving policy holder on the death of the assured.

Joint Life first death In this situation the life insurance cover is payable to the surviving policyholder on the death of the first to die.

Dual Life cover .The life assurance cover on the first to die is payable to the surviving policyholder .If the policy is continued by the survivor , the life assurance on their life is payable on their later death to his or her estate.

Policies assigned or written under trust

If a policy has been assigned, the life insurance proceeds are paid directly to the assignee. For example in a mortgage protection policy the lender is given an assignment of the policy at the outset and in the event of death the proceeds are payable directly to the lender, who will apply the proceeds against the mortgage.

If a policy is written in trust the proceeds are payable directly to the appointed trustees who will distribute the funds in accordance with the original trust deed.