Ultimate Guide to Life Insurance in Ireland

Ultimate Guide to Life Insurance in Ireland

Ultimate guide to life insurance in Ireland. Here you can discover all the different types of life insurance policies that exist, which life insurance companies offer the best policy benefits and how to ensure that you always get the lowest fixed price on the best and most suited policy for you!

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 article, we have also included independent Serious Illness Cover as well as Income Protection policies.

Ultimate Guide to Life Insurance – Best Benefits at the Lowest Fixed Price!

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 considering 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 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 even more discount!
3. Whilst any financial broker can compare the market on your behalf – only online financial brokers like OneQuote.ie can offer the maximum discount on the best market policies!

So in sort and without doubt, 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 fixed price discounts on the most comprehensive and most suited 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 age 90, you can include yourself and your partner on the one policy.

2.Term Life Insurance with Serious Illness Cover – Life insurance designed to protect your family with fixed price cover available up to age 75, you can include yourself and your partner on the one policy.

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 when the life insurance claim occurs. You can choose to include yourself and your partner on the one policy.

4. Over 50’s – Funeral Cover – A one person life insurance policy where the cover level is restricted to around €25,000. There are no medical questions asked on an application and there is a 2-year waiting period before a full claim payment can occur.

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 and the cover reduces in line with your reducing loan balance.

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.

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.

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.

11. Key Person Insurance – Life insurance is taken out to protect loans and replace key people within a business.

12. Shareholder Protection – Life insurance used by a business to buy back shares from a deceased shareholder’s personal representatives.

Now that you have got a good understanding for all the different kinds of life insurance policies that are available in Ireland, let’s learn about the different life insurance companies and whose products are superior, knowing now that OneQuote.ie will sort out the right price!

Ultimate Guide to Life Insurance Companies in Ireland

In all, there are 7 life insurance providers currently operating in Ireland; Acorn Life, a small Irish insurer and then the big household names that include: Aviva, Friends First, Irish Life, New Ireland, Royal London, and Zurich Life. Standard Life offers investments products here, but not life insurance.

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 with the best and most suited complimentary features, at the cheapest fixed price!

Now we are nearly ready to examine each life insurance companies’ 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 4 factors that govern the best value, as follows:

1. Benefits – core cover and free added benefits.
2. Price – the cheapest fixed price.
3. Flexibility – the ability to adapt your cover to your changing needs.
4. Service – efficiency in the policy set up and at claim stage.

Ultimate Guide to Life Insurance Best Insurers by Policy Type

1.TERM LIFE INSURANCE

For straight forward term life insurance, the best value life insurance policies are offered by ZURICH LIFE or ROYAL LONDON so depending on your needs one or other insurer, will offer the best solution:

Why Zurich Life, for best value term life insurance?

  • They offer better complimentary featured benefits than any other insurer.
  • Uniquely, you can convert up to €150,000 of your life cover into monthly payments, towards long-term care between age 60 & 65.
  • They uniquely offer an optional waiver of premium, where they cover your premium payments after 13 weeks if you are unable to work due to illness, or disability.
  • If you miss payments, they uniquely allow up to 90 days reinstatement.
  • 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.
  • Advance payment funeral expense benefit is included.

Why you might also consider 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, subject to a maximum policy term of 50 years.
  • They allow later policy conversion than any other insurer.
  • They include a small amount of free children’s life cover.
  • The policy includes Terminal Illness life cover pay-out.
  • Advance payment funeral expense benefit is included.

2. TERM LIFE INSURANCE WITH SERIOUS ILLNESS COVER

For term life insurance with serious illness cover, the best value life insurance company is: ZURICH LIFE

Why Zurich Life?

  • Zurich Life leads the market in providing the most comprehensive serious illness cover.
  • Zurich Life leads the market in providing the most comprehensive life insurance cover as detailed above.
  • They are the only insurer to cover type 1 diabetes, under specified serious illness.
  • They are the only insurer to include an optional waiver of premium benefit.
  • Standard featured benefits include a reinstatement clause of up to 90 days if you happen to miss payments, this is not found with any competitors policies.

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. OVER 50’s FUNERAL COVER

If you have a serious medical condition and are seeking whole of life insurance of up to €25,000 for funeral expenses, then we recommend: IRISH LIFE

Why Irish Life?

  • Cheaper premiums than Post Insurance’s over 50’s Funeral Plan provided by New Ireland.
  • You can affect cover once under age 80
  • Guaranteed Acceptance.

Side Note:
If you’re between 50 and 75 and despite some medical conditions are happy to provide detail and if required undergo a free nurse medical, then you should compare the cost of Royal London’s term life assurance policy to age 90.

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 joint life mortgage protection, to satisfy your bank, opt for AVIVA

Why Aviva?

  • They typically offer the cheapest fixed premiums.
  • The first month is free even if health issues affect your premium.
  • They try their best to avoid GP reports/nurse medicals, so offer the cover with less hassle.
  • They are the fastest to produce policy documents, with easy online delivery.
  • Uniquely as standard, they allow an increase in your policy term and an increase in your original loan of up to 40K without fresh underwriting. So, if adding an extension, converting the attic, or extending your loan term down the road, this is a big plus!
  • They offer accidental death benefit prior to policy start date when your application is still being processed.
  • They offer “Best Doctors”, a free second medical opinion service to policyholders and their families.

Any exceptions?

  • Aviva currently has a minimum premium of €15.00 per month, so if your policy cover level, age, and term mean your premium comes in below €15.00, the next best policy is with Zurich Life, if you don’t have young children or Royal London if you do!
  • If you’re a couple looking for the possibility of two life cover pay-outs, as opposed to joint cover, where the policy ends after the first claim, then for the best deal it’s: Royal London
  • If you’re happy to pay a little more to protect yourself against a change in your future financial circumstances, where you may need to restructure your mortgage, then choose: Royal London

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: ZURICH LIFE  or ROYAL LONDON.

Why Zurich Life, or Royal London?

  • Both Zurich Life and Royal London lead the market in providing the most comprehensive serious illness cover.
  • Dependent on the cover details either Zurich Life or Royal London will provide the cheapest premium.
  • Zurich Life requires that the serious illness and life cover amount match.
  • 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 complimentary 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 insurance company is: ZURICH LIFE

Why Zurich Life?

  • Zurich Life provides comprehensive serious illness cover at the cheapest market price.
  • They are the only insurer to include Type 1 Diabetes as a condition.
  • They are the only insurer to include an optional waiver of premium benefit.
  • Includes guaranteed cover increases, free of fresh underwriting.
  • Includes a reinstatement clause of up to 90 days, if you miss payments, this is not found on competitors policies.

10. INCOME PROTECTION INSURANCE

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

Why Friends First?

  • They offer the cheapest market premiums.
  • They paid out 39 million in claims in 2016 to 1,450 claimants.
  • Friends First 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.

11. KEY-PERSON INSURANCE

Life insurance is taken out to protect loans and replace key people within a business. This is still a term life insurance contract, even though the term is usually just 5-10 years, so the same recommendations apply i.e. ZURICH LIFE offers the best value with or without the inclusion of serious illness cover.

12. SHAREHOLDER PROTECTION

Life insurance used by a business to buy back shares from a deceased shareholder’s personal representatives. This is still a term life insurance contract, even though the policy term is restricted to retirement age, so the same recommendations apply i.e. ZURICH LIFE offers the best value, with or without the inclusion of serious illness cover.

RECOMMENDED BEST VALUE LIFE COMPANIES BY POLICY TYPE

REMEMBER:

GOING DIRECT DOES NOT ALLOW AS HIGH A DISCOUNT ON OFFER FROM ONEQUOTE.IE

If you have a chronic health condition, that you feel may impact your premium, please feel free to contact us for an indicative quote on 01 845 0049

We are proud to say also, that OneQuote.ie offer the lowest price on all these best market life insurer policies and cannot be beaten on price, benefits, or convenience!

Smart Financial Protection

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!

Ken O’Gorman – QFA

OneQuote.ie | Smart Financial Protection

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