Which Life Insurance is Best? Compare all Irish Insurers

Which Life Insurance is Best? Compare all Irish Insurers

Which life insurance is best? There are 7 life insurance companies offering life insurance policies in Ireland. They offer their policies either directly through tied agents, through a bank, financial broker, or through other well-known insurance brands, such as the VHI and the AA, but which the best life insurer for you?

Which Life Insurance is Best?

The best life insurance is always going to the policy that best suits your own specific needs, offering the best added features, with the most flexibility, at the cheapest fixed price!

But before we can move on, to confirming which life insurance is best, there are 3 core questions to firstly ask yourself:

1. Why do I need life insurance, is it to protect a mortgage, my family, my business or my estate?
2. What do I understand by life insurance, do I want life cover only, or life cover and illness cover?
3. How is my health and that of my partner, if opting for a dual cover, do we have any serious issues?

How, before going any further, I want to point out that the recommended life insurance policies below consider all 6 factors that govern best value under your chosen life insurance policy type, which are:

1. Benefits – core cover and free added benefits.
2. Price – as a broker we can match best benefits with the cheapest fixed price.
3. Flexibility – the ability to adapt your cover to your changing needs.
4. Service – this really comes down to us as your broker and we assure efficiency – customer testimonials.
5. Underwriting – Our recommendations below, consider both good and poor health, if in doubt get in touch.
6. Claims – Once you’re honest on your application your claim will be paid, on average all insurers pay-out on 99% of life insurance claims.

Which Life Insurance is Best for me?

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

How as before, to decide on the best policy type for you, firstly review these 3 core questions again:

(1) What’s your main reason for wanting cover?

  • If it’s mortgage protection life insurance your after? you discover more below, but you should also have life cover to protect your family.
  • If you are seeking to protect your family with life cover and or serious illness cover, then focus on Term Life Insurance below.
  • If you want to combine family working life cover with a whole of life element, then see Partial Whole of Life.
  • If wanting to protect your dependents against inheritance tax, then opt for Whole of Life cover.
  • If seeking to protect your business then Term Life Insurance as Key man or Shareholder Insurance.

(2)  Do I want life cover only, or life cover and illness cover?

  • If you want to include serious illness cover you can do so under Mortgage Protection or Term Life Insurance.
  • If you are wanting protect our income up to retirement against illness or disability then consider Income Protection.
  • It’s worth noting that if you are turned down or cant afford serious illness cover, Cancer Cover may be an alternative.

(3) How is my health? 

  • Even if you have a serious long term heath condition, in most causes you can still get cover although you will pay a bit more. but that aside the best value providers for your chosen policy type as outlined below remain the same.
  • If a serious enough health condition that is likely to cause the insurance company to decline your cover and you are aged over 50, then and only then opt for Over 50’s life insurance, over Term Insurance.

 

TERM LIFE INSURANCE

For straight forward term life insurance, the best value life insurance policies are offered by: Zurich Life and 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 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.
  • Advance 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, for best value term life insurance?

    • They offer Helping Hand – (counselling, 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 have a good underwriting team and can be a good choice for people with long term health conditions.
    • They include a small amount of free children’s life cover.
  • Policy includes Terminal Illness life cover pay-out.
  • Advance payment funeral expense benefit is included.

 

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 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.

TERM LIFE INSURANCE WITH PARTIAL WHOLE OF LIFE

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 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.

 

OVER 50’s LIFE 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.
  • 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

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.

 

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 try their best to avoid GP reports / nurse medicals, so offer 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 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.

 

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

However, we don’t recommend dual cover over joint cover unless you include a policy continuation option, as they changes of both dying your mortgage policy term is extremely 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.

 

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.

 

MORTGAGE PROTECTION – LIFE & 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.
Summary of Best Life Insurance by Insurer & Policy Type in Ireland

 

  • Mortgage Protection: Royal London – Single & joint cover!
  • Convertible Mortgage Protection: Royal London – Single & dual cover!
  • Term Life Insurance: Zurich Life – Single cover!
  • Term Life Insurance: Royal London – Joint or dual cover!
  • Term – Partial Whole of Life: New Ireland
  • Over 50’s Life Insurance: Irish Life – Single cover only!
  • Term Life & Serious Illness Cover: Zurich Life – Single, joint & dual cover!
  • Standalone Serious Illness Cover: Zurich Life – Single, joint & dual cover!
  • Income Protection: Friends First – Single cover only!

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!

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

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