Blog Homepage > Has your Life Insurance policy got you and your family covered?
For most of us it’s not a case of if we need Life Insurance, but rather how much Life Insurance we really need. But before taking out a policy or renewing an existing one, it’s vital to know what type of policy makes the most sense for you and will best protect your loved ones.
It’s a topic that can be difficult to delve into, but the fact is that the practical protection and the peace of mind that this cover provides are too important to ignore. Life Insurance and Mortgage Protection are two options, but how do you know exactly what type is right for you?
Answering just two very straight forward questions can be a great way to establish where your needs lie:
If you have answered yes to either of these questions, then you need some form of protection.
Life Insurance is designed to provide you with the assurance that your dependents will be looked after financially if you’re no longer there to provide for them. Without a Life Insurance policy, your loved ones may face great financial difficulty if something should happen to you. It provides a lump sum, which can ensure that your debts are taken care of. The amount of money your policy will pay out depends on the level of cover you take out.
Mortgage Protection is designed to pay the outstanding balance of your mortgage in the event of your untimely death. If you have a mortgage, chances are that you will already have one of these policies because your lender would have insisted upon it when taking out your mortgage.
However, the likelihood is that you are paying more than you should be, as most banks and brokers only deal with one insurance company which offers neither the best rates, nor the best terms. You are entitled to review this policy at any stage to see if there is a better deal available. If you are in the process of taking out a mortgage, you are free to shop around for your own Mortgage Protection policy. You are not obliged to take out the mortgage protection policy your mortgage provider offers you.
Life Insurance covers the worst-case scenario, but it’s also important to consider the financial impact that suffering a serious illness could have on you and your family. Should you suffer a serious illness, regardless of whether or not this illness keeps you out of work sufficiently long enough to involve a loss of salary, the reality is that you may face significant extra expenses.
Serious Illness Cover pays you a lump sum if you are diagnosed with a specified illness that is covered on the policy (e.g. heart attack, cancer). The lump sum this benefit provides can be vital as extra cash is often needed to pay for medical bills, travel to and from hospital, pay for extra childcare, etc.
Once you know what type of cover you require, the next step is to shop around for the best policy at the best price. Cornmarket’s Free Life Insurance Comparison Service service compares 6 insurers to bring you the cheapest price on the market, plus an additional 5% discount!
Thanks to Cornmarket’s unique Pricematch Guarantee this service ensures that you enjoy the lowest possible price on the policies that are quoted. The lowest Pricematch offered is €13.13 for Mortgage Protection Plans and €15.15 on Term Level Plans per month. The 5% discount on the lowest price quoted is subject to a minimum premium of €20 per month.
Aviva Life & Pensions U.K. Limited, trading as Aviva Life & Pensions Ireland, is authorised by the Prudential Regulation Authority in the U.K. and is regulated by the Central Bank of Ireland for conduct of business rules. Friends First Life Assurance Company Limited is regulated by the Central Bank of Ireland. New Ireland Assurance Company plc is regulated by the Central Bank of Ireland. A member of Bank of Ireland Group. The Royal London Mutual Insurance Society Limited is authorised by the Prudential Regulation Authority in the United Kingdom and is regulated by the Central Bank of Ireland for conduct of business rules. Zurich Life Assurance plc is regulated by the Central Bank of Ireland. Telephone calls may be recorded for quality control and training purposes.