Life/Mortgage/Business Protection
Questions and Answers
Compare Life Insurance
Confused about the different Life Insurance policies we offer? Here is a simple guide to our three main policies and what they cover.
| Term Life Insurance | Mortgage Protection | Whole of Life Insurance | |
|---|---|---|---|
| Can you choose the amount of life insurance you take? | Yes, subject to the maximum limits applicable to the plan. | Yes, subject to the maximum limits applicable to the plan. | Yes, subject to the maximum limits applicable to the plan. |
| Is the insurance for a fixed term? | Yes. * | Yes. * | No, this policy provides whole of life insurance. |
| Is it designed to provide a lump sum for my family? | Yes. ** | Yes. ** | Yes. ** |
| Is Specified illness cover an option? | Yes | Yes | No |
| Does the amount of cover stay the same during the plan? | Yes, unless you choose indexation, in which case cover will increase in line with inflation each year. * | No, cover decreases over time. * | Yes, unless you choose indexation, in which case cover will increase in line with inflation each year. * |
| Does this plan have a cash in value? | No, this plan does not have a cash in value at any time. | No, this plan does not have a cash in value at any time. | No, this plan does not have a cash in value at any time. |
| Is there a terminal illness benefit? | Yes, there is a limited terminal illness benefit. | Yes, there is a limited terminal illness benefit. | Yes, there is a limited terminal illness benefit. |
| Can you get joint/dual life insurance? | It is single or dual life. | It is single or joint life. | It is single or joint life. |
| Is this suitable to help cover my mortgage? | Interest only mortgage. | Repayment of mortgage or other term loan. *** | This is not the most cost-effective way of covering your mortgage. |
| Is this suitable for inheritance tax planning? | No. | No. | Yes, this is suitable for section 72 Inheritance Tax planning. |
| How much does cover cost? | Premiums start from €15 per month **** | Premiums start from €13 per month **** | Premiums start from €15 per month **** |
* Product flexibility may allow for changes to the term of your policy, subject to certain conditions, during the term of your plan.
** Provided the plan has not been assigned or placed in trust for the benefit of an organization or an individual.
*** May not be suitable for interest only mortgages.
**** A government levy of 1% applies to all life assurance premiums.
They can use this lump sum to pay off bills or the mortgage, and it could give them an income when they need it most. You can choose to take out life cover by itself, or as part of a broader life policy, providing other benefits such as specified illness cover.
Have you reviewed your mortgage protection?
For the reasons outlined above, mortgage protection is usually a requirement of getting a mortgage. However, because mortgages tend to be very long term arrangements, it can often get overlooked or forgotten about. Therefore it’s a good idea to periodically review your mortgage protection arrangements. You may even save some money!
Talk to one of our financial advisors to find out the best way to protect your mortgage.
Life Insurance is an insurance product where you agree to make a monthly payment to the insurance company in return for a lump sum payment to your family should you die. In most cases, you pay a monthly amount over a set time-frame (20-30 years typically) and the life company agrees to pay your family an agreed amount should you die during this time-frame. This is known as term insurance.
They can use this lump sum to pay off bills or the mortgage, and it could give them an income when they need it most. You can choose to take out life cover by itself, or as part of a broader life policy, providing other benefits such as specified illness cover.
