Life insurance ensures the future financial security of your family or your business in the event of your death. It will pay out a pre-determined sum of money if you die within a certain period of time. This money can be used to protect the financial security of your family or secure the continuation of your business in the event of the death of a key person or director.
When buying life insurance you have many options:
- Mortgage Protection Insurance
- Level Term Life Insurance
- Serious Illness Insurance
- Whole of life Insurance
- Key Person Insurance
1. Mortgage Protection Insurance
This cover is the basic level of cover you can purchase on your life. Simply put it clears the outstanding balance of your mortgage. The level of cover reduces in line with your mortgage and you only pay for the cover you need.
2. Level Term Life Insurance
The amount of cover with this type of policy, remains the same throughout the whole term of the policy. For instance if you buy €100,000 of cover for 20 years, your life is covered for €100,000 in year 1, year 2, year 3 and so on until year 20.
3. Life & Serious Illness
This type of policy provides a pre-determined lump sum in the event that you are diagnosed with a serious illness, within a certain time period. This can be taken as a stand-alone cover or combined with your life cover.
4. Whole of Life Cover
Whole life is the oldest, and most traditional, type of life insurance. It provides cover for life and guarantees a lump sum payment, once you continue to pay the premiums. Premiums are reviewable in certain time increments, ie every 10 years.
4. Key Person Insurance
This type of life cover is taken out by a company on the life of one of its key employees, i.e. a director. with a view to compensating the company for an anticipated financial loss of profits that would be suffered on the death of the individual.
Depending on the choice of product and your age & other underwriting circumstances, policies can be take out for as little as €11 per month.
To discuss the most appropriate options for you or your business, call our team today for a personalised quote on 0719620193 or email email@example.com