Life Insurance Advice - Ireland's Life Insurance Experts

Life insurance advice to ensure that you obtain your most suited protection plan, at the best possible price.

Expert Guidance

Life Insurance Advice

Our life insurance advice extends to personal, family, and business.

(01) 845 0049

Protecting Family First

Life Insurance Advice

Mortgage Protection - Life & Optional Serious Illness

Designed to clear your mortgage on death, your cover decreases as your outstanding mortgage decreases. Including Serious Illness Coverage, or adding a Conversion Option are entirely optional, so you can tailor the policy to suit you.

Term Life Insurance - Life & Optional Serious Illness

Term Life Insurance covers you for a chosen, length of time and pays a lump sum, if you die during that term. Many people opt for a higher level of cover up to their expected retirement age, and then convert it to a lower level cover into to old age.

Specified Serious Illness - Standalone Protection

This hugely important protection will pay you a lump sum if you are diagnosed with one of up to 100 illnesses covered on your plan. These include cardiac, cancer, stroke and MS, where the majority of claims occur, with free claims assistance.

Income Protection Cover - Personal Insurance

Replaces up to 75% of your earned income if you are unable to work due to any illness or injury while employed. Cover can be set to your retirement age, with up to 40% premium tax-relief applying on personal income protection policies.

Life Cover Guidance

Key Person Insurance

Key Person Insurance sometimes called Key-man Insurance, can protect your business should a key employee die or become seriously ill. The company pays the premiums and it can be arranged to cover loss of profits or business loans.

Shareholder Protection

This cover exists specifically to protect business shareholders and their families. It is designed to allow the remaining shareholders or business partners buy back shares in the event of the premature death or serious illness of another shareholder.

Estate Planning Section 72

Estate planning involves passing on your estate in the most tax efficient manner, through the use of “Section 72 whole of life assurance”, to cover the inheritance tax liabilities of your beneficiaries. We provide free quotes, with full market comparison.

Executive Income Protection

Executive Income Protection allows for company paid premiums, meaning that not only payment through taxed income is avoided, but it can also be included as a business expense. Cover and go up as far as age 70, with up to 75% of your income covered.

Extensive Reach

testimonials

I was extremely impressed with the service that I received, they processed it very quickly, when we needed it urgently. Very easy to deal with and I would highly recommend them.

I applied online for mortgage protection. I would highly recommend One Quote for their very efficient and personal service level, as well as their exceptional value. Happy client.

Ken took a personal interest in tracking us down the best possible cover for our complicated policy, his knowledge and contacts helped us get a renewed policy with huge monthly savings.

Really appreciated their promptness, communication and professionalism! Would definitely recommend One Quote, they were super easy to work with, great service.

news & posts

Financial Protection

Guide to Life Insurance Deals 2023

With this ultimate guide to life insurance in Ireland, you can quickly discover the different types of life insurance, which insurance companies offer the best

21/09/2022

Financial Protection

Best Mortgage Protection Policy in 2023

Mortgage Protection Insurance policies differ in terms of free additional benefits, as well as in their flexibility level should you need to alter your mortgage

03/06/2022

Financial Protection

Guide to Life Insurance Deals 2023

With this ultimate guide to life insurance in Ireland, you can quickly discover the different types of life insurance, which insurance companies offer the best

21/09/2022

Financial Protection

Best Mortgage Protection Policy in 2023

Mortgage Protection Insurance policies differ in terms of free additional benefits, as well as in their flexibility level should you need to alter your mortgage

03/06/2022

Financial Protection

Future Proofed Mortgage Protection

Flexible, future-proofed Mortgage Protection insurance is important because as your future circumstances change so too will your Mortgage Loan requirements, meaning you will have to

02/05/2022

Questions & Answers

What are the different types of life insurance, for individuals and families?

The are main types of life insurance for individual and family protection purposes, paying a tax-free lump sum on death are:

Reducing Term – Used to protect certain standard Mortgages & Personal or Business Loans – see also mortgage protection..
Level Term – Used to protect a family, or business against loss of income, as well as to protect interest only mortgage loans.
Increasing Term – your cover level increases over the length of your policy term, to keep in line with inflation and cost of living.
Whole of Life – Used to fund for inheritance tax payment.

The form of life insurance that pays out an income, in the event of an accident, or illness is:

Personal Income Protection – Tax deductible insurance to replace your salary, as a result of accident or Illness.

What type of life insurance is best suited to family protection?

Term Life Insurance

Term Life Insurance is much cheaper than whole of life insurance and its important to understand that Life insurance is not just about covering funeral costs, but much more about protecting your dependants against financial stress caused by the loss of your income.

We recommend a higher level of cover up to retirement age and then reducing your cover down in old age, and to allow this level of flexibility to include a “conversion option” in your quote.

Is a family life insurance pay-out tax-free?

Life insurance benefit is paid out as a tax-free lump sum.

Joint and Dual life policies are paid directly to the second life assured and are always tax-free, as they don’t form part of your estate.

Your spouse will not have to pay tax on the life insurance pay-out, but if its a single life policy, it will go to your estate first, before being later paid out to your spouse.

All benefits passing between married couples and civil partners are exempt from Inheritance Tax.

However, anyone else who inherits the money after your death, depending on their relationship to you, may have to pay inheritance tax. How much tax they pay depends on how much they inherit and Revenue rules at the time of your death.

Will a life insurance claim pay-out, go directly to my wife/family?

If you arrange a policy on your own life only, the benefit is paid directly to your estate and distributed in accordance with your will. Alternatively, you can arrange the policy in trust for payment to whoever you have named as the beneficiary, once the insurer has received proof of your death.

If your spouse or partner takes out a policy on your life, the benefit could be paid to them without going to your estate. If you have a 2 person policy the benefit is usually paid directly to the surviving policyholder named on the policy.

How much life cover should I have?

For family protection purposes, the lump sum provided by your policy should be ideally invested to provide an income over a set time frame. For example, based on current interest rates €450,000 life cover would provide an income replacement of circa €30,000 for 20 years.

On average, your total amount of life cover should equate to 2/3rd of net annual income multiplied by your number of years to retirement. Include a continuation option to review and extend cover beyond this.

What's the difference between joint and dual cover?

Joint cover means the policy will only pay-out one time only on the first to claim of the 2-people covered.

Dual cover will pay out again if a subsequent claim occurs during the policy term.

Joint cover is more suited to mortgage loan cover and dual cover for family protection. Dual cover also allows for different levels of cover on each person as required, so in effect offers better and more flexible cover, at very little extra cost.

What is a life insurance Continuation Option?

For a small additional cost, a continuation option is a very valuable benefit that allows you to extend your cover under a new policy. You can use this option at any stage throughout your policy term, without having to provide any fresh evidence of health.

How does adding Serious Illness Cover work?

Should you choose to add serious illness cover to your life insurance policy you will also be covered for a tax-free lump sum payment in the event of a serious illness claim on one of up to 91 specified serious illnesses. Your policy quote will be on a “life & accelerated serious illness cover” basis meaning that a serious illness claim payout acts as an advance payment of your chosen life cover amount.

Is the life insurance premium fixed?

Yes, we quote only guaranteed premiums without reviews. If you choose to inflation protect your cover (3% per annum) by including indexation, the cost will also increase at an average rate of 4% per annum dependent on the insurer.

Will I have to do a medical?

Typically there is no need to do a medical. However, if you are seeking a very high level of cover for your age, or for applicants with a serious ongoing medical condition, a medical exam may be needed. If this is a concern, it’s best to be upfront and give us a call and we will quickly be able to tell you, what extra medical information will be sought.

If I have a health issue, how will this effect my quoted premium?

It depends on the condition, how serious it is, and how progressive it is! The underwriters will seek specific information from you and sometimes your GP or consultant, before confirming its effect if any!

How long will my life insurance quote remain valid?

Your life insurance quote will remain fixed until your next birthday occurs. Once your life insurance policy starts your premium remains fixed unless you increase your cover level.

What is the difference between life insurance and life assurance?

Life insurance is mainly used to describe policies that specify a set term. If you don’t die within the specified time period, then a claim can’t be made.

Life assurance is ‘whole of life cover’, which means that a payout is guaranteed after your death at any stage in your life.

Who is the best overall life insurance provider in Ireland and why?

This may change in the future, but in 2023, if you’re seeking a combination of the best policy and price, then its undoubtably Royal London Ireland.

Included as standard for are: Guaranteed Insurability, Advance Life Cover, Children’s Cover and Terminal Illness, but also:

The first month free;
Express funeral payout;
The longest allowable policy term;
Up to 100-day miss payment reinstatement.

Their health and counselling service is called “Helping Hand”. It’s available to use from the day your policy starts – not just when making a claim. It doesn’t cost anything extra to use and your partner and children can use it too.

Some of the ways in which Helping Hand could benefit you:

the provision of bereavement counsellors
speech and language therapists
oncology nurses
physiotherapy
face-to-face second medical opinion
cardiac rehabilitation support
complementary therapies
massage and reflexology

Royal London Ireland is owned by The Royal London Mutual Insurance Society Limited – the largest mutual life insurer in the UK and in Ireland in 2021 they paid put over 43 million in Claims.

However, if you’re prepared to pay 20% more, especially for a free digital GP service for you and your family, then Aviva is the choice. Their health and counselling services include:

Digital GP Visits, Mental Health Support, Best Doctors – Second Medical Opinion and Bereavement counselling as standard.

Is it easy to pause or cancel my life cover policy, once up and running?

If all unpaid premiums due on your policy are paid by you or by a third party on your behalf, within 100 days of the date your first unpaid premium was due, your policy will be reinstated without a requirement to submit a Declaration of Health.

You cannot however just pause and take back up life insurance when you like because your health may change and your own a fixed price related to you health at policy inception.

If you no longer need life cover or cannot afford to pay the premiums, you can reduce down your cover to make it more affordable or you can cancel your policy at any time without penalty payment.

What are the different types of life insurance for business protection?

There are 4 main types of life insurance for business protection purposes:

Key-Person Insurance – Used to protect against the loss of key-people, as well as against loss of profits.
Shareholder Protection – Used to protect against loss of shareholder control, resulting form the death or serious illness of a shareholder.
Executive Term Insurance – Tax-deductible, company paid life insurance, to a maximum cover level of 4 times salary, with a policy term to retirement age.
Executive Income Protection – Tax-deductible, company paid insurance, to protect against loss of salaried income, resulting from an accident or illness.

Get in touch