Ultimate Guide To Life Insurance Deals

Ultimate Guide To Life Insurance Deals

With this ultimate guide to life insurance deals in Ireland you can discover the different types of life insurance, which providers offer the best coverage, and most importantly how to ensure that you always get the lowest fixed price!

Strictly speaking, a life insurance policy is an insurance policy that includes a pay-out on the death of a policyholder, but for the purposes of this blog, we have also included independent Serious Illness Cover, as well as Income Protection insurance and review all the options available form each life insurer.

Ultimate Guide to Life Insurance Deals

Life insurance policies can be bought directly from most life insurance companies, through a bank, a financial broker or even through well-known health and car insurance brands, such as the VHI and the AA.

So, instinct might say if I go direct I’ll get the best deal or perhaps given that I already have my car, health or home insurance with a particular company, I’m going to get the best deal by being loyal and going back to them for my life insurance too – well that’s simply not the case and here’ why:

1. Whilst core policy benefits may be the same – the best-added features and benefits can only be got by comparing the market!
2. Even with a discount on their own price, no individual provider will ever beat a financial broker because of their ability to add additional broker discount!
3. Whilst any financial broker can compare the market on your behalf – only online financial brokers like OneQuote.ie will offer the maximum discount on the best market policies!

The best way to buy life insurance is from a financial broker that will fully compare the market and in the case of online financial brokers offer full-term discounts on the most comprehensive policies!

Ultimate Guide to Life Insurance Policy Types in Ireland

There are many different types of life insurance, with each designed for its own specific purpose, so let’s begin by taking a look at which type of life insurance policy may best suit your needs:

1. Term Life Insurance – Life insurance designed to protect your family with fixed price. Cover available up to a maximum of age 91, you choose.

2.Term Life Insurance with Serious Illness Cover – Life insurance designed to protect your family with fixed price cover available up to age 75.

3. Term Life Insurance with Partial Whole of Life Cover – Life cover which allows you stop paying the premium after your chosen cover term, but with a proportionate lump sum still being paid out, no matter how long you might live.

4. Late Life Cover – an alternative to traditional Over 50’s life insurance, which can include 2 people. You can get this type of life cover in place from day one once you’re under 75, with a choice of policy term up to age 91. However, you must fully disclose all current health information, unlike traditional over 50’s plans.

5. Mortgage Protection Insurance – Life insurance that will pay off your mortgage loan, with the payout going directly to your mortgage lender. The policy can be a single or two-person policy where the cover level reduces in line with your reducing loan balance, to minimize its cost.

6. Mortgage Protection Insurance with Serious Illness Cover – Life insurance that will pay off your mortgage loan, with the pay-out going directly to your mortgage lender, but with an optional amount of serious illness cover also included. The Serious Illness Cover amount can be as little as 10% of the life cover amount or a maximum of 100%.

7. Section 72 Life Insurance – Life insurance designed specifically to be used to pay inheritance tax on the estate of the person insured.

8. Pension Term Assurance – Term Life insurance that gets full income tax relief on the premium. The cover amount is restricted to 4 times salary and the cover term to your normal retirement age. The self-employed and company owner directors should price this against standard term insurance cover, with an online discount!

9. Standalone Serious Illness Cover – A specified serious illness cover policy that does not have any life insurance benefit, otherwise known as a critical illness only policy. The maximum cover term is to age 75.

10. Income Protection Insurance – A policy designed to help replace your income due to an illness, accident, or injury preventing you from being able to work, for a prolonged period. It does not include any separate death benefits, but rather pays an income replacement up to retirement age.

Ultimate Guide to Life Insurance Companies in Ireland

In all, there are 6 life insurance providers currently operating in Ireland; Acorn Life, a small Irish insurer, and then the big household names that include: Aviva, Irish Life, New Ireland, Royal London, and Zurich Life. Standard Life offers investment products here, but not life insurance. Friends First a name some people will also be familiar with is now owned by Aviva and Great-West Lifeco of Canada completed its purchase of Irish Life in 2013.

Some people may think that a single Life Insurance company will always offer the best policy, but this again is simply not the case. The best life insurance company for you will always be dependent on your individual policy needs!

Or, to put it another way, the best life insurance is always going to the policy that offers the best core benefits to suit your needs, with the best and most suited complimentary features and all this at the cheapest fixed price!

Now we are nearly ready to examine each life insurance companies’ current 2020 offerings, based on the life insurance policy type, but before doing so, I want to point out that each of the recommendations below will consider all 5 factors that govern the best value, as follows:

1. Benefits – core cover and free added features.
2. Price – the cheapest fixed price.
3. Flexibility – the ability to adapt your cover to your changing needs.
4. Underwriting – there approach to health conditions, GP reports and medicals.
5. Service – efficiency in the policy set up and at claim stage.

Ultimate Guide to Life Insurance Deals

1.TERM LIFE INSURANCE

– Life insurance designed to protect your family with fixed price cover, available up to age 91!
TIPS
– For the best value choose dual cover over joint cover!
– Most people go for cover to age 65, with a conversion option!
– Most people opt for 5-10 times salary or a lower amount as affordable!
– Where a spouse is not earning a salary then half of their spouse’s cover is typical!

For straight forward term life insurance, the best value life insurance policies are offered by ROYAL LONDON and ZURICH LIFE, so depending on your needs one or other insurer, will offer the best value solution, although Royal London is usually cheaper, outside of Zurich’s occasional special offers!

Why choose Royal London, for best value term life insurance?

  • They offer Helping Hand – (counseling, support and rehabilitation benefits following an illness, or death)
  • They allow cover up to age 91 next birthday.
  • They allow later policy conversion than any other insurer.
  • They give you the first month free.
  • They include free Children’s Life Cover.
  • They include Terminal Illness life cover pay-out.
  • Advance payment funeral expense benefit is included.
  • Inflation protection or indexation is better value than Zurich.
  • If you miss payments, they allow up to 90 days reinstatement.

Why consider Zurich Life, for best value term life insurance?

  • Uniquely, you can convert up to €150,000 of your life cover into monthly payments, towards long-term care between age 60 & 65.
  • The policy includes Terminal Illness life cover pay-out.
  • A free cover period applies, even to poor health medically rated policies.
  • You can choose to add both personal accident and hospital cash benefits.
  • Their free children’s Life Cover is the highest on the market at €7,000.
  • Advance payment funeral expense benefit is included.
  • If you miss payments, they allow up to 90 days reinstatement.

2. TERM LIFE INSURANCE WITH SERIOUS ILLNESS COVER

For term life insurance with serious illness cover, the best value life insurance company is: New Ireland for a policy without inflation protection or Royal London if including inflation protection.

Why New Ireland?

  • New Ireland currently provides the most comprehensive serious illness cover at the cheapest fixed price.
  • They are the only insurer not to have exclusions on certain dangerous pursuits.
  • They enjoy a very strong record of claims payments.

3.TERM LIFE INSURANCE WITH PARTIAL WHOLE OF LIFE COVER

For term life insurance with a partial whole of life cover, the best value life insurance company in Ireland is NEW IRELAND as they are currently the only insurer to offer it!

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.

4. LATE LIFE COVER

If you’re between 50 and 75 and despite some medical conditions are happy to provide your health details and if required, undergo a free nurse medical, then you should opt for Royal London’s term life assurance policy available to age 91. Full-term premium discounts are available online.

5. MORTGAGE PROTECTION INSURANCE

This is standard reducing life cover, which your bank will insist on you having in place alongside your mortgage loan. For straight forward single, or dual-life mortgage protection, to satisfy your bank, opt for Royal London

Why Royal London?

  • They offer the cheapest fixed premiums.
  • They offer dual cover for the same price as joint.
  • The first month is free, even if health issues affect your premium.
  • Where medicals are required, they offer online nurse medicals, meaning less hassle.
  • They are the fastest to produce policy documents, with easy online delivery.
  • They offer “Helping Hand” (counseling, support and rehabilitation benefits following a claim situation.)

6. MORTGAGE PROTECTION WITH SERIOUS ILLNESS COVER

If you wish to protect your mortgage against the threat of serious illness occurring, then you want the best Serious Illness coverage, as well as the best price, in which case the best insurers dependent on the level of optional serious illness cover you want is:  ROYAL LONDON.

Why Royal London?

  • Royal London lead the market in providing the most comprehensive serious illness cover.
  • Royal London will provide the cheapest premium.
  • Royal London allows lower-level serious illness cover, subject to a minimum of 10% of the life cover amount.

7. SECTION 72 – LIFE INSURANCE

This is Life insurance designed specifically to be used to pay inheritance tax on the estate of the person insured, so is a whole of life insurance contract. For best value here the life insurer is: ROYAL LONDON

Why Royal London?

  • They offer the cheapest fixed premiums
  • They uniquely offer a life changes option meaning

8. PENSION TERM ASSURANCE

Term Life insurance that gets full income tax relief on the premium. The cover amount is restricted to 4 times salary and the cover term to your normal retirement age. This is just a simple single life term life insurance policy with no attaching features or benefits. For the best price, the life company to choose is: ZURICH LIFE

9. STANDALONE SERIOUS ILLNESS COVER

No matter whether a single, joint or dual life, or whether you have included a conversion option, the best value insurance company is: NEW IRELAND

Why New Ireland?

  • New Ireland provides comprehensive serious illness cover at the cheapest market price.

10. INCOME PROTECTION INSURANCE

When it comes to protecting your income, against a serious accident, illness or disability, our recommended insurer is: AVIVA

Why AVIVA?

  • They offer the cheapest market premiums.
  • They paid out 39 million in claims in 2016 to 1,450 claimants.
  • Aviva have won the Irish Brokers Association Award for Best Income Protection Product 7 years in a row.
  • They provide a wage protector version for higher-risk occupations.
  • If you move jobs anywhere in Europe, you can still maintain your policy benefits.
RECOMMENDED BEST VALUE LIFE COMPANIES BY POLICY TYPE

More Information

Here at OneQuote.ie, we provide “smart financial protection”, meaning fair and full benefits comparison, hassle-free application and the best value guarantee, when you run your online quotes!

If you have any questions, please feel free to contact us for an indicative quote on 01 845 0049

Ken O’Gorman – QFA

OneQuote.ie | Smart Financial Protection

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