A life cover policy helps provide peace of mind for you – and security for your family. It works for a defined time frame. If you die during that term, it pays a lump sum to your estate (the people you leave behind).

Without a life cover policy, your loved ones may face financial problems if you were no longer there to provide financially. For example mortgage payments, day-to-day living expenses, credit card bills, etc. may still have to be paid by your loved ones.

So a life cover policy ensures that your loved ones are protected. It is usually taken out for a period of 20-25 years, until your dependents have completed full-time education.

The type of life cover that you need depends on your personal circumstances and what you want from your cover. Here are some of the key types you should consider:

• Life cover - if you want to ensure your family or dependents are financially taken care of if you die
• Mortgage Protection – if you are buying a home
• Specified Illness Cover – if you want to protect your finances if you are diagnosed with a serious illness
• Section 72 Insurance – if you want to ensure that your children don’t have to pay an inheritance tax bill.

With a life insurance policy, the level of cover that you take out is up to you and is determined by your intended purpose for the policy. For example, it depends on whether you would like your cover to simply repay any outstanding debts or loans that you have; or if you would like to provide your loved ones with a regular income to cover their everyday financial needs for a specific amount of time in the future.

The cost of your life insurance will be based on the ‘level of risk’ that you pose for the insurer. This will be determined by several factors such as your medical status and history, your age or your smoking status (if you are a smoker, then your policy cost will be automatically higher than that of a non-smoker).

If you haven’t reviewed your existing cover since you first took it out, then there is no better time than now to review your life insurance needs.

There are significant, big life events that require a life cover change, such as getting married, buying a new home or having a child. Other variations in your personal circumstances, or even your lifestyle, can also mean that you should review your life insurance needs, for instance if:

• your health status has changed (e.g. you’ve given up smoking)
• your financial status has changed (e.g. your income has changed)
• your marital status has changed (e.g. you’ve got married, separated or divorced)
• you’ve taken out other policies (if they include an element of life insurance, then you should review your overall cover).

People are living longer and have more demands in their retirement than ever before. For this reason, they need a level of life cover to make sure their loved ones are financially secure if they die and are no longer there to take care of them. The Cornmarket Retired Members’ Life Cover Plan provides up to 180% of pensionable salary* in the event of your death.

For more information on the Cornmarket Retired Members’ Life Cover Plan, please see cornmarket.ie/retired-members-life-cover

*The amount of cover is dependent on member’s age at date of death.

The Cornmarket Retired Members’ Life Cover Plan is underwritten by Irish Life Assurance plc.

Irish Life Assurance plc, trading as Irish Life, is regulated by the Central Bank of Ireland.

Reviewing your cover is easy with Cornmarket. We compare all of the main insurers to get you the best cover for your needs, for the best price available. We offer a unique Price match Guarantee*, which ensures that you enjoy the lowest possible price on the policies that we quote.

*Offer is subject to a minimum premium of €15.15 per month. Available to new Irish Life Assurance plc, Life Insurance customers only. Maximum sum assured €1.5 million (inclusive of government levy).

Section 72 Insurance is a Revenue-approved, life cover policy to cover inheritance tax. As the proceeds of this policy are tax-free, it is commonly used by parents to avoid an inheritance tax bill for their children. This policy must be taken out by the person leaving the inheritance behind and premiums must also be paid by that person.