Compare Life Insurance Policies
03rd May 2018 |
Compare life insurance policies, with the table below comparing the 3 main life insurance policy types and showing what each has to offer. Remember, One Quote compare all the major life insurance brands in Ireland, so you get the best price along with the best policy benefits.
| Compare Life Insurance Policies | Term Life Insurance: | Mortgage Protection: | Whole of Life Insurance: |
| Can you choose the amount of life insurance you take? | Yes, subject to the maximum limits applicable to the plan | Yes, subject to the maximum limits applicable to the plan | Yes, subject to the maximum limits applicable to the plan |
| Is the insurance for a fixed term? | Yes, but adding a continuation option from the start allows the option to extend the term. | Yes, but adding continuation option from the start allows the option to extend the term. | No, this policy provides whole of life insurance. |
| Is it designed to provide a lump sum for my family? | Yes* | No. It’s designed to clear a Mortgage Loan. | Yes, but it’s a lot more expensive than Term Life Insurance, which is available to age 90. |
| Does the amount of cover stay the same during the plan? | Yes, unless you choose indexation, in which case cover will increase in line with inflation each year | No, cover decreases over time, in line with your diminishing mortgage loan | Yes, unless you choose indexation, in which case cover will increase in line with inflation each year |
| Is there flexibility to increase the cover, or policy term as I may require? | Yes, on certain life events, such as a Mortgage increase, or birth of a child. | Yes, on certain life events, such as a Mortgage increase, or birth of a child. | No. Outside of indexation against inflation you cannot amend the cover level. |
| Does this plan have a cash in value? | No, this plan does not have a cash in value at any time. | No, this plan does not have a cash in value at any time. | No, this plan does not have a cash in value at any time. |
| Is terminal illness benefit included? | Yes, there is a limited terminal illness benefit. | Yes, there is a limited terminal illness benefit | Yes, there is a limited terminal illness benefit |
| Can I add Serious Illness Cover? | Yes | Yes | Yes |
| Can you get single, joint or dual life insurance? | Yes | Yes | Yes |
| Is this suitable to help cover my mortgage? | Yes, especially if it’s an interest only mortgage, or if you want both a family and bank pay-out. | Yes, Repayment of mortgage or other term loan. not suitable for an interest only mortgage. | This is not the most cost-effective way of covering your mortgage |
| How much does cover cost? | Premiums start from €15 per month | Premiums start from €10 per month | Premiums start from €15 per month |
| Is there a free cover period? | Yes, the first month is free | Yes, the first month is free | No, a free month does not apply. |
* Provided the plan has not been assigned or placed in trust for the benefit of an organization or an individual.