Which Life Insurance is Best? All 7 of Ireland’s Insurers Compared

Which Life Insurance is Best? All 7 of Ireland’s Insurers Compared

Which life insurance is best? There are 7 life insurance companies offering life insurance policies in Ireland. They offer life insurance, either directly, through a bank, financial broker, or through other well-known insurance brands, such as the VHI and the AA, who both promote just a single insurers products. 

 

Which Life Insurance is Best?

Acorn Life, a small Irish insurer and then the big boys: Aviva, Friends First, Irish Life, New Ireland, Royal London and Zurich Life. Standard Life offers investments products here, but not life insurance.

But which Life Insurance Company should you choose for the best Cover and Price?

Well, firstly only financial brokers, can offer and compare all insurance companies for you and after that, online financial broker quotes are always cheapest!

Below we have put together a definite guide to all the best life insurance companies in Ireland, based on their term insurance protection policy offerings in January 2018, so can immediately see which life insurance company, is the best choice to financially protect you!

 

MORTGAGE PROTECTION – WHICH COMPANY?

1. MORTGAGE PROTECTION – LIFE COVER – SINGLE/ JOINT COVER

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 offer the cheapest fixed premiums.
  • They consider e-cig user’s non-smokers, once off tobacco for 12 months.
  • They try their best to avoid GP reports / nurse medicals, so offer cover with less hassle.
  • They are the fastest to produce policy documents, which 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 policy holders and their families.

Any exceptions?

  • Aviva currently have a minimum premium of €15.00 per month, so if your policy cover level, age and term means your premium comes in below 15.00, the next best policy is with Zurich Life.

 

2. MORTGAGE PROTECTION – LIFE COVER – DUAL COVER BENEFITS

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

We do not recommend dual cover over joint cover unless you include a policy continuation option, as they changes of both dying your mortgage policy term is extermely low.

Why Royal London?

  • Of the 2 life insurance companies, offering mortgage protection with dual life cover benefits, they provide the lowest premium.

Important Note:

  • If opting for standard reducing cover mortgage protection, then joint life cover represents better value (with Aviva), however if including a conversion option, then dual life benefits with Royal London is the way to go.

 

3. MORTGAGE – LIFE COVER – WITH LOAN RESTRUCTURE FLEXIBILITY

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

Why Royal London?

  • Of the 3 life insurers, offering a conversion option, they are the cheapest on the market!
  • The Royal London conversion options allows conversion to another reducing cover policy, or to a level cover policy, the Irish Life and New Ireland version only allows reducing cover conversion, this means if you needed to convert to interest only, you can only do so with Royal London.

How does a Royal London Convertible Option work?

Example 1:

Stephen and Lisa, both non‑smokers aged 29, take out mortgage protection for a sum assured of €300,000 for a period of 30 years. They choose to add a Conversion Option for an increase in premiums of 5%.

Five years later, their financial circumstances change. The Conversion Option on their policy gives them the flexibility to do one of the following:

  • extend the term of the cover on their current policy in line with an extended mortgage term

or

  • convert from a decreasing term, to a level term policy to match an interest only mortgage.

Example 2:

John and Anna, both non‑smokers aged 29, take out mortgage protection for a sum assured of €300,000 for a period of 30 years. They choose to add a Conversion Option for an increase in premiums of 5%.

Five years later their first child is born, and they decide to purchase a larger house. Their policy with Royal London comes with a Guaranteed Insurability Option along with the Conversion Option they selected. This means their policy gives them the flexibility to do one of the following, without having to undergo medical underwriting again so they avoid potentially paying significantly higher premiums or having their cover declined.

  • extend the term of cover to match the extended mortgage term and increase their mortgage cover by €100,000.

or

  • convert from a decreasing term to a level term policy and increase their mortgage cover by €100,000 thereby increasing their level of personal cover.

 

4. MORTGAGE PROTECTION – LIFE INSURANCE & SERIOUS ILLNESS COVER

If you wish to protect your mortgage against the treat of a serious illness occurring, then you want the best Serious Illness coverage, as well as the best price, in which case the best insurers are: Zurich Life and Royal London.

Why Zurich Life, or Royal London?

  • Zurich Life, lead the market in providing the most comprehensive serious illness cover, along with Royal London.
  • Dependent on the cover details either Zurich Life, or Royal London will provide the cheapest premium.
  • For standard reducing cover mortgage protection, Zurich Life require that the serious illness and life cover amount match. Royal London allow lower level serious illness cover, subject to a minimum of 10% of the life cover amount.

 

TERM LIFE INSURANCE – WHICH COMPANY?

1.TERM LIFE INSURANCE

For straight forward term life insurance, no matter whether single, joint or dual life cover, nor whether you have included a conversion option, the best life insurance policy is offered by: Zurich Life, although for a slightly cheaper premium, Royal London is also well worth considering.

Why Zurich Life, for best value term life insurance?

  • We discount their standard premiums by 15%,
  • They offer better additional 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.
  • Only with Zurich Life is advanace payment funeral expense benefit included.
  • They uniquely offer optional waiver of premium, where they cover your premium payments after 13 weeks, if you are unable to work due to illness, or disability.
  • Policy includes Terminal Illness life cover pay-out.
  • A free cover period applies, even to poor health medically rated policies.

Why consider Royal London?

  • They often offer the cheapest market premiums.
  • They offer Helping Hand – (counselling, support and rehabilitation benefits following an illness, or death).
  • They have a good underwriting team and can be a good choice for people with long term health conditions.
  • Policy includes Terminal Illness life cover pay-out.

 

2.TERM LIFE INSURANCE WITH SERIOUS ILLNESS COVER

For term life insurance with serious illness cover, the best insurance company is: Zurich Life

Why Zurich Life?

  • Zurich Life offers the cheapest price.
  • Zurich Life, lead the market in providing the most comprehensive serious illness cover.
  • They are the only insurer to cover type 1 diabetes, under specified serious illness.
  • Standard featured benefits include a reinstatement clause of up to 90 days, if you miss payments, this is not found with any competitors polices.

 

OVER 50’s FUNERAL COVER – WHICH COMPANY?

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.
  • You can affect cover once under age 80
  • Guaranteed Acceptance.
  • Whole of life cover.

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.

 

STANDALONE SERIOUS ILLNESS COVER – WHICH COMPANY?

No matter whether 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 provide 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 optional waiver of premium benefit.
  • Includes guaranteed insurability, allowing 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 polices.

 

INCOME PROTECTION

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 maintain your policy benefits.

 

Who’s lagging, behind?

New Ireland and Acorn Life, while both companies offer good life insurance products with optional add on’s, they are simply too expensive.

Also, the likes of New Ireland and Irish Life, can play on the fact that they are wholly owned Irish companies and can also rely on the banks to sell their more expensive product options. New Ireland is wholly owned by Bank of Ireland.

Whereas, just in case you were wondering, Post Insurance policies are provided through New Ireland.

 

Why Choose OneQuote.ie?
  • Best cover with full market comparison.
  • Lowest prices, with full term fixed discounts.
  • Discounts for those with chronic health conditions.
  • First month free, on all standard health life insurance plans.
  • Online convenience with expert advice.

 

Note:

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!

 

BEST LIFE INSURANCE COMPANIES 2018
  • Regular Mortgage Protection: Aviva
  • Convertible Mortgage Protection: Royal London
  • Term Life Insurance: Zurich Life & Royal London
  • Over 50’s Life Cover: Irish Life
  • Term Life & Serious Illness Cover: Zurich Life
  • Standalone Serious Illness Cover: Zurich Life
  • Income Protection: Friends First

 

Smart Financial Protection

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

Ken O’Gorman – QFA

OneQuote.ie | Smart Financial Protection

Enquire online and give us a quick outline of how we can help, and we’ll be right back to you.

 

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