Life Insurance

Life insurance is an insurance policy that pays out as a lump sum in the event of the death or if you are diagnosed with a terminal illness. The policy can cover one or two people and can also include optional serious illness cover. Our instant life insurance quotes calculator, compares the entire market for the best value life insurance quotes in Ireland.

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Life Insurance FAQ's
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Life Insurance Quotes

Get best value life insurance quotes and buy online or by phone on 01 845 0049

Instant Comparison

Instantly compare life insurance quotes from all of Ireland’s leading life insurance brands, with up to 20% discount to grant you the lowest fixed price for your full policy term + the first month free + added complimentary policy benefits.

In addition, to ensure that you get the best-suited policy, along with the best price, we include all possible quote options, encompassing joint and dual cover options, optional serious illness cover and the choice of including a conversion option to allow maximum policy flexibility in the future.

Compare Life Insurance Policy Benefits

Easily compare the policy benefits from all of Ireland’s leading insurers including including; AvivaFriends FirstIrish LifeNew IrelandRoyal London and Zurich Life.

Term Life Insurance Quotes – Straightforward Life Insurance

Term Life Insurance

Term life insurance is the most straightforward and most popular form of life insurance. The price is fixed for your chosen policy term (max to age 91 next birthday) and the cover pays out a tax-free lump sum to your family on death.

You can also choose to have two people on the same policy and include Serious Illness cover in addition to the life cover if you so wish – Get Quote!

Below we explain everything you need to know about “term life insurance” including the added and optional policy features and benefits.

The Policy Term

With term life insurance 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 coverage amount when it’s needed most, the general recommendation is to take out your term life insurance cover up to your normal retirement age but to also include a continuation option to allow the choice to extend cover later.

The Cover Level

As a general rule of thumb, you should consider a multiple of 10 times your annual income and then deduct any life cover (death in service benefit) already provided by your employer (if any). You should also factor in any debts outside your mortgage not already protected. Please keep in mind that up to retirement age, your life insurance should be set up to replace the loss of income. Once you get to retirement age life insurance is typically more about having adequate funeral insurance.

The Cover Basis

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 on the same policy, but provides pay-outs on both people, under separate claims.

The Price

The price is based on your age, smoker status, and your health. So, you will need to answer some medical questions when making an application. Once your policy commences, the price is fixed.

Term Life Insurance Quotes – Complimentary & Optional Policy Extras

Complimentary Benefits

  • Accidental Death Benefit – A lump sum paid in the event of death caused by an accident. when the insurer is processing your application form.
  • Terminal Illness Benefit – If you are diagnosed with a terminal illness your full life cover sum will be paid out.
  • Automatic Children’s Cover – A lump sum benefit is paid out if a child of the insured were to die or suffer a specified serious illness.

Complimentary Features

  • Guaranteed Insurability – This allows you to increase your Life and or Serious Illness benefits by the lesser of 50% of the original benefit at the start date of the policy and €100,000, without underwriting following certain life events, that may justify a need for increased cover, such as getting married or having a baby.
  • Advance Funeral Expense Payment – This allows for an early payout of an amount of life insurance cover at claim stage to cover the cost of a funeral, within certain limits.

Optional Benefit Extras

  • Serious Illness Benefit – A tax-free lump sum benefit paid in the event of a covered serious illness. Examples of serious illnesses that may be covered include Heart Attack, Malignant Cancer, Stroke and Coronary Artery Bypass Surgery.
  • Waiver of Premium Benefit – If you are unable to work due to illness or disability, the insurer will pay your premiums after a period of 13 weeks has passed.
  • Personal Accident Benefit – A weekly benefit paid in the event of an accident.
  • Hospital Cash Benefit – A daily benefit payment, paying due to an extended stay in a hospital.
  • Surgical Cash Benefit – Pays a cash lump sum in the event of having to undergo certain surgeries, however, you must have included optional Serious Illness cover for this benefit to apply as an optionally added cover on your policy.

Term Life Insurance – Optional Features

Optional Features

Continuation Option

Including a continuation option when originally taking out your policy, allows you the option to later extend your cover term right into old age. How it works, is that when your initial policy term is coming to an end, you can then choose to extend your cover term with the advantage of not having to answer any fresh medical questions at the time. You can opt to extend just part of your original cover amount or extend the full cover amount, up as far as age 90 dependent on the insurer.

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. The annual benefit always increases at 3% pa, while the premium may increase at circa 4% pa, dependent on the insurer.

Other Life Insurance Policy Types

Other Kinds of Life Insurance

Apart from the most popular form of family life cover “Term Life Insurance”, there are also other specialist life insurance policies where One Quote offer quotes and advice, as follows:

Term Life Cover, with a partial whole of life cover

With this type of policy, you stop paying the premium after your chosen cover term, but a proportionate lump sum of up to €50,000 will still be paid out, no matter when the life insurance claim occurs. Although with standard term life insurance, you can maintain the full cover up to age 90, this can be a preferred option for some people, as for an extra cost you are guaranteed a pay-out – Get Quote!

Whole of Life Assurance

Whole of Life Assurance is expensive in comparison with term life insurance and is best suited for the purposes of paying inheritance tax, should this be of relevance to the beneficiaries of your estate after their tax-free thresholds are applied.

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 the payment of this tax – Get Quote!

Mortgage Protection

Mortgage Protection is a form of life insurance used to protect your lender should a death claim occur during the mortgage loan term. Your lenders minimum requirement will be for life insurance, but you can also choose to include serious illness cover. It typically makes the most sense to have this policy separate from your family protection policy – Get Quote!

Serious Illness Insurance
Serious Illness Insurance covers you for a range of specified serious illnesses, with claims payable as a tax-free lump directly to you should a valid claim occur – Get Quote!

Income Protection
Income protection insurance provides a replacement income if you cannot work due to illness or injury after a certain period of time. Obtain your Quote Online Today – Get Quote!

Personal Life Insurance Needs

Reasons for needing life insurance

There are many reasons for needing life insurance depending on your financial commitments, as well as your stage in life.

Here you can find useful life insurance articles, covering different life stages, including:

Young Couples, Young Families, Maturing Families, and Empty Nesters.

Life Insurance Policy Examples

Life Insurance Types by Policy Example

Example 1: Term life insurance cover
James & Claire are in their mid-thirties and require life cover up to age 65, during the period when they are both bringing in an income to their household. They opt for term life insurance cover on a dual life basis, meaning if either were to pass away during the policy term, a tax-free lump sum would be paid out, with life cover remaining in place on the other person.

They also choose to include a Continuation Option to allow them the option to extend their cover as they approach retirement. If they decide to do so, the new policy would be based on their ages at the time, but they will only need a portion of the original cover amount and they are protected against any health decline, as the same health rates originally granted will apply.

Example 2: Term Life Insurance with a partial whole of life cover
Ken & Deirdre are in their early forties, they want single life insurance that will last no matter how long they live but realize that once they retire their need for high levels of life insurance diminishes. Although this is a good bit more expensive than regular term life insurance, they feel happier knowing their long-term cost is fixed from the get go and they are guaranteed an eventual payout.

Example 3: Section 72 – Guaranteed whole of life cover
Denis & Mary are in their fifties, they have substantial assets including a few investment properties and are concerned about the tax man taxing a large chunk in inheritance taxes from their kids, once they both pass away. Their best option is “whole of life assurance” as they can afford the higher premiums, knowing that the proceeds of the policy can be used to pay the taxman.

Business Life Insurance Needs

Business Protection

Key-Person Insurance

Keyman Insurance is a form of business insurance which protects your business (limited companies) should you lose a key employee, as a result of serious illness or premature death. In deciding on the cover amount, you can protect the loss of profits attributable to the key person, as well as any loans to the business guaranteed by the key person – Get Quote!

Shareholder Protection
Another form of business protection suited to small limited companies is known as shareholder protection or Co-directors Insurance. By putting adequate shareholder protection insurance in place, you can make sure the business gets the funds to buy back the shares from a seriously ill shareholder, or in the unfortunate event of their premature death, from the deceased’s estate – Get Quote!

Partnership Insurance
Similar to shareholder protection but suited to GP practices, legal firms, and other business partnerships. This is a specific kind of life insurance that can provide compensation to a business partnership. If one of the partners dies a lump sum will be released, allowing the deceased person’s share of the partnership to be bought from their next-of-kin. Get Quote.

Most Common Life Insurance Questions Answered

What is Life Insurance?

Life Insurance pays a lump sum in the event that a person insured dies during the course of the policy term. It is possible to choose a Single Life, Joint or Dual Life Cover policy. It is also possible to use life insurance to protect a mortgage loan, your family, or even your business.

Where there are 2 people on the policy, a joint policy will only pay-out on the first claim and the policy ceases. On dual life policies, the policy continues to allow a second claim pay-out.

What are the different types of life insurance?

The are 3 main forms of life insurance: 1. Reducing Term, 2. Level Term and 3. Whole of Life, as well as 2 forms of illness protection insurance products, which include Serious Illness Cover and Income Protection Insurance. Finally, there is 2 whole of life variations known as Late Life Cover and Level Term with a partial whole of life cover.

            1. Reducing Term – Used to protect Mortgages & Loans.
            2. Level Term – Used to protect a family or business against loss of income.
            3. Level Term with a partial whole of life – Used to protect a family.
            4. Whole of Life – Used to fund for inheritance tax.
            5. Late Life Cover – for fixed price coverage to age 90.
            6. Serious Illness Cover – Used to protect an individual & their dependants.
            7. Income Protection – Used to protect an individual & their dependants.
Is the Life Cover 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. Typically, unless you leave a very large estate on your death, your spouse will not have to pay tax on the life insurance pay-out.

However, anyone 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. If you have a large estate, you can buy a specific type of life insurance policy, to provide a tax-free lump sum to cover any inheritance tax liabilities that your beneficiaries may have when you die.

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 do I need?

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 €25,000 for 20 years.

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

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