A life insurance policy provides payment in the event of death. There are various types of cover available mainly focused on:

  • Decreasing / reducing term

As title suggests, the sum assured is reduced annually in line with your loan, such a plan is usually issued to pay off your mortgage in case of death. This is the cheapest option whereby the premium is at a fixed rate taking into consideration only the outstanding amount with the bank. For example: A loan of €100,000 is granted. Five years into repayments, the policyholder would have paid off €20,000 but passes away in the same year. The policy will pay off the remaining €80,000 due to the bank only.

  • Level Term

This is a relatively low cost life assurance policy issued for a predetermined period of time to protect your family from an early or ultimately death of a key person, say in the case of existence of long term financial commitments e.g. bank overdraft. This is more expensive than a decreasing term policy as the amount payable upon death remains the same, irrelevant of the amount outstanding with the bank. For example: A loan of €100,000 is granted. Five years into repayments, the policyholder would have paid off €20,000 but passes away in the same year. The policy will pay off the remaining €80,000 due to the bank and the €20,000 (already paid off) to the heirs.

  • Savings / Endowment

This policy provides the best of both worlds: a decreasing / level term policy with a savings term element to it or else purely savings. Other examples of pure savings include:

  • Child Savings Plan
  • Retirement Policy

Quotes are initially an indication only and may vary.  Applications are subject to medical underwriting where the application would be reviewed prior to final acceptance / declinature.

Documents required from you when applying for a life insurance policy:

  • ID Card;
  • Bank Sanction letter;
  • Utility bill / government correspondence as proof of residency;
  • Medical certificates (if applicable);

When applying for a life insurance policy, one must keep in mind that a standard life insurance policy may an average of 5 working days (10 working days should medicals be required) from when all documentation is in hand.

 

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