Life Assurance Ireland – The Real Deal
th Oct 2017 |
It’s easy to get sucked in by TV adverts for life insurance, after all it’s huge advertising firms who carefully design these ads, so any big brand name looks like the right choice. But wait a minute, as a wise man once said “don’t rush in” …
Sure, we all want simplicity and best value for money but, before you go buying life cover to protect your loved one’s, it’s hugely important take a moment to understand more about the Irish life assurance market, if you really want the best life insurance policy at the best price!
Life Assurance Ireland – Insurers
No matter how or where you buy your life insurance, the policy will always be underwritten by one or other life insurance company registered to trade in the Republic of Ireland.
So, it’s important to understand the life insurance policy contract is with the life company, not the broker, or company brand that sells you the policy, unless you go direct.
At present, there are 8 Life Insurance companies in operation in Ireland.
- Acorn Life
- Irish Life
- New Ireland
- Zurich Life
- Friends First
- Royal London
The direct sellers are Acorn Life, Aviva, Irish Life, New Ireland and Zurich Life.
Royal London and Friends First only us brokers to sell their policies, but Friends First has recently been sold to Aviva.
While Laya, VHI Life and AA Life are all tied to a single life company provider, as shown below:
- Laya = AIG
- VHI Life = Zurich Life
- AA Life = Aviva
Life Assurance Ireland – Providers
So, as we said when you go to buy life insurance, you can go direct to certain insurers through their own tied agents, or their own websites, buy online through another insurance firm, tied to the actual life insurer, but there’s yet another and much better choice and that’s to choose a Financial Broker that will compare the market for you.
Life Assurance Ireland – Brokers
If you want a quick, no nonsense quote and application process, then online brokers provide this. But moreover for the best value, some online brokers who discount their own commission to reduce prices, always offer the best deals!
We recommend searching something like “best life insurance deals” or “best life insurance cover and price” and then running the same quotes from the top 3 organic results (not Google ads – where the highest payer appears first).
Life Assurance Ireland – Policies
Term life insurance is the simplest and most popular type of life assurance to protect your dependents. It pays out a set tax free lump sum on death, for a fixed price and covers you for a set time.
It’s important to note that you can take out a fixed price term life policy right to age 90 if required, by using a broker. In fact, some of the best Term Life policies on the market are only available through brokers and they offer lower prices, despite offering superior cover.
Life Assurance Ireland – Online Quotes
The quickest and easiest way to get a no obligation term life insurance quote, is to use an online broker. But we careful although all brokers compare the market, not all allow discount.
A bit about us
Onequote.ie is an online discount broker that saves you time and money and that provides all customers with a letter of product suitability to confirm both market comparison for best cover recommendation, but we also guarantee the lowest fixed price!
If you have a medical condition you should call us to discuss it before making your application, while it often won’t affect your quoted discounted premium, it’s best to be upfront to know exactly what to expect.
We hope that this short blog has given you a better understanding of how life insurance works in Ireland and has shown you how to avoid the pitfalls of big brand, heavily advertised no frills policies, as well as gain an understanding of the advantages of using an online life insurance broker like OneQuote.ie
However, if you have any questions, regarding life insurance and arranging your life cover, please email: [email protected] or call us on: 01 845 0049.
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