A Life Insurance policy is a very simple protection policy which provides an agreed level of life cover which would be payable as a tax free lump sum benefit in the event of your death. The basic insurance policy will provide you with an agreed level of cover for an agreed term at which point the cover will cease.
If you wish, you can opt to have your life insurance increase each year (in most cases by approx 6% p.a.) so that the effects of inflation don’t erode the real value of your life cover.
With this option, your premium would also increase at an agreed rate.
You can also add further flexibility to your policy by including a Conversion Option. This allows you to continue your life insurance beyond the original term without any need for further medical questions or examinations.
Life Assurance is used to provide cover for many different situations:
- Debt repayments like- mortgages – term loans – car loans
- Family welfare – day to day living expenses
- Education for children – primary/secondary fees as well as College provision
Life insurance isn’t all about death.
A stay in hospital or a broken bone is not only painful but can also impact your short term finances. To protect yourself you can buy additional protection benefits such as hospital and accident cover to offset any financial impact so you can simply concentrate on getting better.
- Hospital payment
- Broken bones cover / sports injury cover
- Accident payment
- Surgery payment (applies if you have serious illness cover)
These are the living benefits that are so important but usually overlooked when arranging life insurance – and it’s not expensive to add them.
Please feel free to explore the interactive features of this Life Assurance Calculator*
While this is an excellent interactive tool it should not act as a substitute for 1 to 1 advice. Therefore, we would be more than happy to meet with you to discuss your individual requirements.
If you already have life assurance but feel you may be paying too much for your policy you should also contact us. We may be able to make you some good savings while also matching or improving your existing benefits.
*Calculator provided by Irish Life.