Moneyworks

Life Insurance


We are finding that a lot of our customers are repricing their existing cover in order to reduce their monthly outgoings. Life & critical illness premiums have become more competitive over the past few years and as a multi agency intermediary we can research the market for the best quote for our customers.
What is life insurance cover?
Providing financial security for you and your family’s future
Life insurance cover is an insurance policy that pays out a tax-free lump sum to your estate in the event of your death.
The need to protect you and your family has never been more important. With falling markets and the value of your traditional safety nets – savings and investments - greatly reduced, you need to consider now more than ever how you would cope financially should the worst happen. Not all policies are the same and we can explain in detail any differences in the products and recommend a product that suits your individual needs.
How does life insurance cover work?
There are 3 main types of life insurance cover available from life insurance providers in Ireland.
• Level term life insurance cover
• Whole of life insurance cover
• Mortgage protection life insurance
Level term life insurance cover
Level term life insurance cover provides a lump sum payment to your estate if you die during the term of your policy. On application for level term life insurance cover, you select your amount of cover and the period of time you want to be covered for (term). This ‘term’ can be any length of time from 2 – 50 years. If you do not die during this term, no benefits are paid out and the plan ends.
You can arrange level term life insurance cover as a single life policy, or on a dual or joint life basis.
• Single Life Policy: Taken out by one person and is payable on their death during the term of the policy
• Dual Life Policy: Taken out by two people and is payable on each death during the term of the policy
• Joint Life Policy: Taken out by two people, and is payable on the first death during the term of the policy
When applying for your level term life insurance cover policy, you also have the option to include a convertible option with your cover. This allows you to convert your level term life insurance cover to another life insurance plan without providing additional medical evidence. Generally, you can choose to convert your policy at any time during the term up to age 65.

Last Updated ( Tuesday, 17 May 2011 10:56 )  
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