None of us can tell what is around the next corner, but we can certainly prepare for the unexpected. Jameson Financial will assist you so that you can make an informed decision regarding the amount of Life Insurance cover you need and the type of cover best suited to your needs and circumstances.
Protect yourself and/or your partner or spouse
Most people don’t give a second thought to insuring their cars, houses, holidays, iPhones and family pets, yet many overlook to insure themselves. While a premature death can have a devastating impact on loved ones, the financial impact can also be very significant and long lasting.
Having a Life Insurance policy in place will not replace a loved one, but it will ensure some degree of financial security after a bereavement.
You can set up your cover to pay a lump sum amount, a monthly income amount or both. When you opt for the lump sum amount this can remain fixed for the term of the policy, can be index linked in line with inflation, or can decrease in line with a loan when used for mortgage protection purposes.
Lump Sum on Death: This pays out a lump sum in the event of death, or on diagnosis of a terminal illness during the term of the policy.
Income on Death Benefit: This type of cover pays out a monthly income on death or, or on diagnosis of a terminal illness, during the term of the policy.
Whole of Life Death Benefit: Unlike conventional term insurance policies, this type of cover continues for the duration of your life. Whole of Life policies are often designated ‘Section 72’ and are used to provide a cash lump sum to cover the cost of an inheritance tax bill.
The good news is that Life Insurance in Ireland is very competitively priced with many companies offering generous discounts to secure new customers. However, there are important factors that have a bearing on cost:
Amount of Cover
Term of Cover
Age of applicant
Take out your Life Insurance policy when you are in good health. Don’t wait until your doctor tells you that you have high cholesterol or elevated blood pressure. These, often routine, conditions will not necessarily mean that you will be declined for cover, but you may face higher premiums.