No frills life Insurance – Why to avoid it

No frills life Insurance – Why to avoid it

No frills life insurance is often seen advertised on TV and made available online. While these policies may seem attractive based on their simplicity, but they offer no flexibility and you actually pay more for less.

Traditional term insurance on the other hand is cheaper, offers greater greater flexibility and provides important added features, at no extra cost.

Examples of no frills life insurance offerings
  • VHI offer life cover up to €1,000,000 for a maximum of 40 years, or to age 70.
  • Laya offer up to €400,000 life cover for a maximum of 40 years, or to age 70.
  • Irish Life offer life cover to 150,000 for a maximum of 20 years, or to age 70.
Let’s compare maximum cover quotes

Example: Male aged 36, non-smoker

VHI – €1,000,000 cover for 33 years: €110.21 pm  – No added features!

Term cover market comparison – Royal London – quote: € 91.16 pm                                                                         Helping hand, Children’s life cover, special events increase benefit and terminal illness benefit.

Example: Male aged 36 non-smoker

Laya –  €400,000 cover for 33 years: €67.88 pm

Term cover market comparison – Royal London – quote: € 38.67 pm                                                                       Helping hand, children’s life cover, special events increase benefit and terminal illness benefit.

Irish Life – €150,000 cover for 20 years: €16.58 pm – No added features.

Term cover market comparison Zurich Life – quote: € 14.17 pm                                                                                   Waiver of premium benefit, terminal illness benefit, children’s life cover and guaranteed insurability.
See also: How much life cover do I need?

 

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