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Frequently Asked Questions

Life cover pays out either a lump sum or an income in the event of your death.  Life Cover is purchased by individuals who want their family to receive a lump sum of money if they die prematurely. The money can be used to ease the financial burden on a family after bereavement.

The amount of Life insurance and serious illness that is required can differ from person to person. We have put together a guideline on our main website here.

The price of your Life insurance policy is based on your age, smoker status, and your health. The answers you give and the options you choose will have a direct impact on the premium quoted. Below are some of the variables that affect the price of your policy;

  • the more life cover you want, the more expensive it is
  • The longer the term of the policy, the more expensive it is
  • The older you are, the more expensive it is as the probability of you claiming is higher as you get older
  • If you add serious illness to your policy, it will significantly increase the price
  • Standalone Serious illness is more expensive than Accelerated
  • A Dual life policy is more expensive than a joint life or single life
  • If you choose to index your policy, it will be more expensive
  • Choosing a convertible option will slightly increase the premium
  • If you have any ongoing health issues, the premium may be increased
  • If smoke, your premium will increase by 33% on average
  • Additional benefits to the policy will increase the premium (broken bones, Hospital cash benefit etc)

There are a few ways you can save money on your insurance:

  1. Pay less for your insurance by switching to a cheaper provider.
  2. For life insurance, you could look at reducing your level of cover, if appropriate.
  3. If you’re a smoker who’s looking for life insurance, then look at quitting. Smokers pay higher life insurance premiums than non-smokers, so as well as being good for your health, it’ll be good for your pocket!

Another option is to reduce the term of your cover and apply the conversion option to the policy. This will decrease your monthly premiums and give you the option to convert the policy at any stage within this term. You will be able to convert the policy up to your 90th birthday with some insurance companies

The whole point of insurance is that it’s there to protect you financially in your hour of need. But if you’ve been paying for inadequate cover, or been mis-sold a policy, then it’s actually costing you financially instead.

Before buying insurance, you should always take the time to shop around for the best value and never feel pressured into signing up for something you don’t fully understand. If you’re taking out mortgage protection, remember that you don’t have to take it out with the bank that you gave you your mortgage.

Always read the policy terms and conditions carefully so that you know what you’re covered for. It might not be the most exciting thing you’ll ever read but it’ll save you a lot of hassle (and potential heartbreak) if you ever need to make a claim.

Finally, when looking at health insurance, be aware of what the excess on your policy is. A higher excess will reduce your premium but means you’ll have to pay more yourself in the event of any claim.

Joint life cover insures two people under the one policy but only one claim is paid out – usually on the death of the first person. The policy then ends when the first person dies.

Dual life cover also insures two people under the same policy but a claim can be paid out on both deaths. If one person dies, a claim is paid out and the policy continues in the name of the survivor. If the second person dies during the term of the policy, a second payout is made. For this reason dual life cover is more expensive than joint life cover.

With whole-of-life insurance you select the sum to be insured for a fixed monthly or annual premium. The sum insured is maintained throughout your life so long as you continue paying the premiums and will pay out upon your death. This type of insurance is often associated with estate planning, by providing a payment to meet inheritance costs and to ensure the well being of your family. This type of cover is not associated with mortgage lending.

The cost of your policy will depend on several things such as the amount of cover you choose, how long you want the policy to run for, your age, your health status, and whether you want single life cover or joint/dual life cover. Smokers will also pay more for cover than non-smokers. Use our life insurance comparison service to find out the price of cover for you.

Not everyone needs life insurance cover and whether you need it will depend on your personal circumstances. You may need cover if have a family or others who rely on you for financial support or if you have no life insurance benefits through your job or pension plan. If you have a young family, you will need more life cover than if your children are older, because the benefit will have to last longer.

On the other hand, you may not need any cover if you have no dependants or anyone who relies on your income or if you already have life insurance cover through your pension plan or through work.

Before taking out life insurance it’s always a good idea to speak with a qualified financial advisor who will conduct a full financial review with you.

Indexation allows your benefits to increase by a certain percentage every year to keep up with inflation. It’s an optional extra that comes at an additional cost.

For example, if you take out life insurance over 10 years for €100,000, you might choose an indexation option of 5%. This means that your level of cover (but also your premium) will increase by 5% each year to help keep up with inflation.

This means if you were to die in year five of your policy, almost €130,000 would be paid out, not the original €100,000.

It depends. If you’re in fairly good health then the answer is usually no.

However if you have a history of illness, are over a certain age, or are applying for a large amount of cover then you may need to undergo a medical examination or complete an over-the-phone medical questionnaire, which will be organised and paid for by the life insurance company.

Your life insurance company may also have a medical questionnaire sent to your doctor for him or her to complete.

Convertible term cover, also referred to as a conversion option, allows you to extend the term of your cover at any point over the course of your policy without having to take a medical examination or answer any questions about your health, regardless of your age or health status. Convertible premiums are slightly more expensive than non-convertible premiums.

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