LIFE INSURANCE

Do I need Life Cover?

There are many people in Ireland with either insufficient life cover, or none at all and there are many reasons why people don’t protect themselves.

Below are some of the most Frequently Asked Questions people ask with regard to life cover.

With no children, life assurance might not seem all that relevant to you, but it’s not the only type of cover to consider.
Most of us rely on our income to cover our mortgage or rent and other bills and to maintain our lifestyle, so what would happen if you were unable to work due to illness or injury?
These are also things that you can protect against – perhaps with a policy that pays out a cash lump sum or one that replaces your income.
Policies like this are designed to give you financial peace of mind when you need it most.

Cover through work can be a great benefit, but it can be limited and it may not always be enough to protect what is important to you. And remember, it will only be in place whilst you are working for that employer.
With the average person changing employer every 5 to 7 years, can you be sure that you will definitely have this cover when you need it most?
It is important to know exactly what cover you have from your employer; how much they would pay in the event of sickness and for how long, how much death cover your family would be entitled to – unfortunately it is usually a lot less than we think.
Our Advisers will always take into account any existing cover you may have when assessing your requirements.

It is always a good idea to regularly review the cover you have and make sure that it adapts to your changing circumstances and needs.
In terms of mortgage protection for example, a lot of things can change over a 25-year term and the cover you have may need to change too – whether it’s the amount of cover or how long the cover is for.
There are also things such as a growing family to think about.
The other thing to consider is that the cost of life assurance has come down over recent years, so while you might have the right level of cover, you could be paying too much for it.

Of course your family will help if they are able to, but would they be able to provide all the financial support you’d need?
Would this help definitely be available throughout the whole term of your mortgage?
The right protection will give you and your family the certainty that financial support will be there when you need it.

You may have savings put aside, but if your income stopped tomorrow, how long would that money last if it had to cover all your bills, mortgage, food, transport & lifestyle costs.
If you are saving for something like retirement or your children’s education, you’ll also need to think how you would replace these savings if you had to call on them to replace your income.
A suitable protection policy will allow you to safeguard your savings for the important things.

Unfortunately there is no simple rule that tells you when you’re the right age to take out life insurance, but if you have a need for cover, you should have it.
The good news is that the best time to buy protection is when you are young, fit and healthy, as the premiums are cheaper – and with guaranteed premiums you can fix the cost for the whole term of the policy.

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How Does Life Insurance Work?

When you decide to take out a life insurance policy, you, the policyholder, determine the value of a cash payout, also known as the lump sum. This amount must be approved by the insurance provider and is intended to be paid out upon your passing. The specifics of the policy, including the lump sum amount, are established based on your personal needs and financial goals.

Another important decision involves setting the duration or term of the coverage. This could be up until a certain age or could extend for the entirety of your life. The length of the term you choose will directly influence the premium costs and the scope of the coverage.

Throughout the life of the policy, you will make regular payments, generally on a monthly basis. These payments are essential in keeping the policy active and ensuring that the coverage continues uninterrupted.

In your policy, you will also designate a beneficiary or multiple beneficiaries. These are the individuals or entities that will receive the lump sum upon your death, provided it occurs within the policy’s term. Nominating a beneficiary is a critical step as it directs where the policy’s financial benefits will go.

The Importance of Having Life Insurance

The fundamental purpose of life insurance is protection. While it might be uncomfortable to predict, death can occur unexpectedly. Life insurance isn’t about focusing on the negative but rather about preparing for the unpredictable to protect and provide for those you care about most.

There are numerous benefits to having a life insurance policy. In the event of your untimely death, the policy’s lump sum can:

Cover any outstanding debts or bills, ensuring your family’s financial obligations are met.
Replace lost income, helping your family maintain their standard of living.
Contribute towards saving goals for your family’s future, such as education or home ownership.
Cover the costs of funeral expenses, alleviating financial stress during a difficult emotional time.
To secure their future, provide a financial nest egg for your children or dependents.

Life is fraught with uncertainties, but a well-chosen life insurance policy provides a reliable safety net, helping your loved ones to stand on solid ground even in your absence. This is where our advisers can help you to select the best life insurance policy.

How Can We Help You Choose a Different Life Insurance Plan?

MortgageLine specialises in providing insights and guidance on securing various types of insurance through our partnership with Aviva, Irish Life, Royal London, New Ireland, Zurich Our expertise allows us to assist clients in making informed decisions about their insurance needs, aligning them with the right policies offered by our reliable insurance partners.

Term Life Insurance

Term Life Insurance, or Term Protection plan, is essential for securing your family’s financial future during your key working years, especially when you have dependents. When anything happens to you, such as death or severe illness, during the term, your family will be financially supported. MortgageLine advises effectively integrating this insurance into your financial needs, ensuring you choose the correct term and coverage amount that aligns with your needs and responsibilities.

Serious Illness Cover

As life expectancy increases, so does the likelihood of serious illness. Modern medicine has made it possible to treat many once-fatal diseases, but recovery often involves significant expenses. MortgageLine provides guidance on serious illness coverage which would pay out a lump sum to help manage these costs, ensuring you can focus on recovery without financial stress.

Pension Term Insurance

Pension Term Insurance is designed to protect you up until retirement. If you pass away within the term, this insurance ensures that your family’s financial needs are met, preventing any economic hardship. MortgageLine specialises in advising on the incorporation of tax relief benefits available on premiums, making this an efficient part of your retirement planning.

Whole Life Insurance

Unlike term insurance, Whole Life Insurance provides coverage throughout your lifetime. This ensures that upon your passing, your family receives a lump sum, alleviating potential financial burdens, including inheritance taxes. MortgageLine assists clients in understanding the long-term benefits and implications of Whole Life Coverage, facilitating estate planning and inheritance tax considerations.

Cancer Cover

Cancer presents a devastating challenge in front of an individual, both emotionally and financially. Cancer Cover from Zurich, our reliable insurance partner, provides financial support, easing the burden so you can concentrate on recovery. We guide you through choosing coverage options that address medical expenses and any associated financial needs during this challenging time.

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