Navigating Life Assurance in Ireland: What You Need to Know

When it comes to life assurance, navigating through the many options can be a difficult task. Whether it's mortgage protection, term cover, convertible term, whole of life insurance or the other types of policies available in Ireland today, understanding each policy's specifics is crucial. Here's a straightforward guide to help you make sense of these options and understand why expert advice is essential.

Mortgage Protection
Think of mortgage protection like a safety net specifically designed for your mortgage. If you or your spouse pass away, this policy pays off your remaining mortgage, so your family won’t have to worry about monthly payments during a difficult time. The amount of cover decreases over time, tracking closely with the decreasing balance of your mortgage. This type of insurance is usually the minimum cover required by banks when you take out a mortgage.

Term Cover
Term cover is cover for a fixed period, say 10, 20, or 30 years. If you pass away during this period, the policy pays out the cover amount to your beneficiaries. After that, the cover ceases. It’s straightforward and generally less expensive than other options, as it’s for a fixed period and doesn’t accumulate any cash value. Term cover is a good fit if you’re looking for a simple, budget-friendly way to protect your family during your working years.

Convertible Term
Convertible term insurance starts out like regular term cover, but it comes with an added benefit — you can convert it into another policy at the end of the term, without having to undergo another medical exam. This is especially valuable if your health changes, and obtaining new life insurance might either be prohibitively expensive or impossible. While only slightly more expensive than basic term cover, it gives you flexibility and peace of mind, knowing that you can opt for extended cover at the end of the term, without any hassle.

Whole of Life
Whole of life insurance is intended to last for your entire life, providing a guaranteed pay-out when you pass away, not just if you die during a specified term. This cover doesn’t expire as long as you pay the premiums, and in some cases it may also accumulate a cash value over time. Some Whole of Life policies have premiums that are guaranteed never to change, while the premium is reviewable on other polices. Expert advice is crucial. Whole of Life cover is more expensive than term cover, but it can be a powerful tool for long-term financial planning.

The key is getting good advice
As you can see, life assurance isn’t a one-size-fits-all product. Choosing the right type depends on a myriad of factors including your financial goals, your family’s needs, your health, and your future plans. This is where professional financial advice becomes invaluable. We take the time to understand your unique situation and guide you through choosing a policy that aligns with your life goals, whether that's providing for your family, securing your home, or planning for your estate. Our expertise helps ensure that you don’t just have any policy, but the right policy.

Contact us and let’s make sure your life assurance strategy supports your overall financial well-being, giving you peace of mind that your loved ones are protected.