Life Insurance

Life Insurance pays out a tax-free lump on death, within the term of your policy and can include optional serious illness cover. Our online life cover quote calculator, provides the cheapest instant life insurance comparison quotes in Ireland, comparing all Irish life insurers in seconds.

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life insurance top-tips
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life insurance top-tips

  1. Life insurance should be used to protect income up to retirement age and then extended into old age, using a Continuation Option.
  2. If over 50, you can get term life cover, right up your 90th birthday, but if in you’re in serious ill health, best opt for over 50’s medical free cover.
  3. If covering 2 people, always opt for Dual Cover, over Joint Cover for best value double cover benefits.
  4. Always include a Continuation Option, as it allows cover extension at the same health rates, regardless of any decline in future health.

Compare Life Insurance Quotes

We Make it Simple

At OneQuote.ie we make sorting out your life insurance easier and much more affordable, we call it smart financial protection.

We instantly compare life insurance policies from all of Ireland’s leading life insurers, including; AvivaFriends FirstIrish LifeNew IrelandRoyal London and Zurich Life and then apply our discount, to guarantee you the lowest fixed price on the best market policy.

Whether you need a single, joint, or dual cover policy, or life insurance with added serious illness cover, OneQuote.ie make it easy to find the right policy to suit your personal, or business protection needs.

 

Personal Life Insurance Policies

Personal / Family Protection

If you have dependents, you need to protect them against the loss of your regular income and following your retirement, you will still need cover for funeral expenses and may wish to also leave a nest egg behind.

Term Life Insurance can provide your family with a tax-free cash lump sum, to use to help maintain their normal lifestyle if you were no longer there to support them. Below we outline what you need to consider, when deciding to apply for life insurance:

The Cover Level

You should consider a multiple of 5 to 10 times your annual income and deduct any life cover (death in service benefit) already provided by your employer (if any).

The Policy Term

With guaranteed term life  policies, the term can run from 10 years, to a maximum of 50 years, but not go beyond age 90. If you decide to include serious illness cover, the maximum cover term is to age 75.

To keep the cost down and to provide the right cover amount when it’s needed most, the general recommendation is to take out your initial cover to your normal retirement age, but to include a continuation option, to allow the option to extend cover as needed later.

Single, Joint, or Dual Cover 

Single cover – covers one person under the policy.

Joint cover – allows you to have 2 people on the one policy, but it only has 1 cover pay-out, on the first claim.

Dual cover – allows for 2 people people on the same policy, but allows pay-outs on both people.

For these reasons, Joint Cover is normally best only suited to Mortgage Protection and Dual Cover to Family Protection, life insurance policies.

Continuation Option

Including a continuation option on your policy, allows you to extend the original cover term right into old age. When your initial policy term is coming to an end, you can then choose to extend your cover with the advantage of not having to answer any fresh medical questions at the time.

Inflation Protection Option

Including inflation protection means that both the benefits and premiums, will increase at a set percentage on your policies annual anniversary. This allows for the real value of your benefits to be protected into the future.

 

Specialist Life Insurance Policies

Specialist Life Insurance Policies

If self-employed, aged over 50 and in ill health, about to get, or got a mortgage, want incoming paying life insurance, or need whole of life assurance, then you should consider a specialist life insurance policy option.

As discount life insurance brokers, OneQuote.ie, bring you a full range of life insurance policy options, to suit your own unique requirements, as outlined below:

Tax Deductible Life Cover – Self-employed

Pension Term Assurance is a type of life cover plan designed to provide life cover to people in non-pensionable employment. This includes for example, a self-employed person, or someone who is not a member of an employer-sponsored pension plan. Covering yourself up to reirement age, allows you to claim full tax relief on all policy premiums, up to a cover level of 4 times your annual salary.

Over 50’s Life Cover – Ill Health

Over 50’s life cover provides you with up to €25,000 of life cover and the cost of your regular payments, depends on your age and the amount of cover you choose. This choice of policy is best suited to individuals with medical conditions, who do not wish to provide medical information to the insurer.

Whole of Life Assurance – Estate Planning

Estate Planning requires adequate life insurance. If you die leaving assets behind, your spouse will not be subject to inheritance taxes, but  your children may well be. Inheritance tax is charged at 33% on all inherited assets above their tax-free threshold and a special type of life insurance policy, known as a Guaranteed Whole of Life – Section 72 Policy, is designed to provide for payment of this tax.

Income Paying Life Cover

Life Income Cover, is form of life cover that pays out a monthly income for the remaining term of the policy, should a claim occur. Some people believe that this option would be better suited to their dependents money management, should the worst happen. You can also combine a lump sum and income payment under this life cover policy option.

Mortgage Protection

Mortgage Protection is life insurance used to protect a lender, so that if one, or other of the borrowers die during the mortgage loan term, there is a life insurance policy in place to clear off the mortgage debt.

 

Business Life Insurance Policies

Business Life Insurance Policies

There are also many reasons why a business may need to take out life insurance cover. The types of life policies that exist to protect a business, include key-person insurance, shareholder protection and corporate mortgage protection.

  1. Key Person Insurance
    Key Person Insurance, is a form of life cover, designed to protect a company against loss of profits and personal guarantees.
  2. Shareholders Protection
    Co-Directors insurance, designed to protect the business owners, as well as their families, should a death, or serious illness occur.
  3. Business Borrowings
    Corporate Mortgage Protection, or loan protection, this life cover is designed to protect the lender, when a business takes out a bank loan.

 

Life Insurance – Frequently Asked Questions

What is Life Cover?

Life Cover pays a lump sum, which is norally tax-free, in the event that a person insured dies during the course of your policy. It is possible to have Single Life Cover, Joint Life Cover and Dual Life Cover. It is also possible to use life insurance to protect a mortgage loan, your family and your business.

Are Life Insurance and Life Assurance the same thing?

The short answer is yes, the terms are interchangeable. But strictly speaking life assurance should refer to whole of life cover and life insurance to term cover.

How much life cover do I need to protect my family?

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 or years to retirement. Include a continuation option to review and extend cover beyond this.

For how long can I be covered?

You can choose the length of time for which you want life cover up to a maximum age of 90 next birthday. If you choose a shorter term, to say retirement age, you can include a continuation option to extend your cover later.

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 to 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 continuation option?

For a small additional cost, a continuation option is a very valuable benefit which 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 long does my quote remain valid?

All quoted premiums assume standard medical acceptance and remain valid for 7 days, based on age each quarter.

Is the 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.

How does including Serious Illness cover work?

We automatically quote “Accelerated” cover, where a serious illness claim reduces the life cover by the serious illness cover amount. Should you require independent life and serious illness cover levels, please contact us.

How do I ensure best value for money?

We compare all leading life insurance providers in Ireland, to ensure the best cover at the best market price. All life polices offered are free from premium reviews, and our “lowest price guarantee” means we refuse to be beaten.

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How do I apply for my life insurance policy?

Once you run your quote, we will email you full cover details along with your online application form. Simply follow the instructions in this email, on how to complete and return your application form.

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, its 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.

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