Life Insurance Ireland

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 your policy.

1. The younger you are, the cheaper the cover. Life insurance rates increase with age and there are no exceptions to this rule. Life insurance rates also increase as the term of your cover increases.
2. Do the sums yourself. What cover level would your dependents need if you passed away? If you look ahead you might be surprised at how much your total earnings to retirement will be even without inflation, but at least you have a feel for the potential loss.You may well not want to cover this full amount but work backwards to what level of cover is comfortable and affordable. 
3. If you can afford it, stretch yourself a little. This advice may be pointed at the younger generation as us oldies are restricted in what we can afford, as age catches up on us. The reality is that if you are in the mood for arranging cover now, despite best intentions, you may not look at it again for a number of years. So no harm in getting it right from the outset.
4. We believe that it makes good sense to avail of the services of a well established independent adviser (like Lifeinsurance.ie established in 1994 and managed by Shane Lavin, a highly experienced Chartered Accountant). We have seen so may advisers come and go over the years. We have appointments with all the leading Life insurance Companies and are here to assist you in establishing an appropriate insurance level, in comparing products and prices from and in recommending suitable solutions.
5. 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.
6. 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.
7. If you have life insurance cover through your employer treat this as a bonus and don't rely fully on this cover. Check the cover level and review the terms of the arrangement and see what else you may be covered for.
8. Whole of life cover can be useful when planning to cover inheritance tax positions. Be careful with whole of life policies unless you feel they are absolutely necessary. In most instances the premium continues to rise as you get older and for this reason you should consider guaranteed premium whole of life cover where the premium is fixed for life. Keep savings and investment decision separate from life insurance.
9. 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. Always be truthful when providing information to Life Companies.

If you've decided on the type of insurance cover which is right for you, you can use our online calculators to find the best quotes for Life Insurance, Mortgage Protection or Standalone Serious Illness Cover. If you are interested in Income Protection products you should call us, or use our contact form so that we can arrange to discuss your requirements.