What is life insurance?
by Admin
Posted on 29-09-2022 09:07 AM
If you earn an income, own a home, have a family, a
business
or an investment property, then protecting you and your family against the financial impact of ill-health, terminal illness or death is one of the most important decisions you can make.
You can’t predict what is going to happen from one day to the next but you can prepare for it. Having the facts to hand means you can make an informed decision on what life insurance you and your family need.
Oneplan protection for your family, get peace of mind to enjoy the important things. You work hard to look after your family’s needs but it’s worth every minute. And you want to be able to continue looking after them even if something unexpected were to happen. That’s why it’s important to plan for the future and ensure you have the right cover in place for you and your family. An innovative new approach to family protection oneplan protection from irish life is one of the biggest innovations in life insurance in ireland. It combines different types of cover in the one plan, including life insurance cover, bill cover, and specified illness cover.
Convertible term life insurance is similar to level term life insurance but with an added benefit. This type of cover gives you what is called a ‘conversion option’. This allows you to extend the cover beyond the term at any time before the expiry of your existing policy without medical underwriting. In effect, you are setting up a new life insurance policy without having to supply any medical information. It is slightly more expensive than level term assurance as you are paying a higher premium for the option of extending your cover in the future regardless of your state of health.
Here are some tips on how to go about applying for life insurance: discuss your situation with your hospital consultant. You will then have some idea of the medical opinion that they will give the insurer. For your own information first, think about making some informal enquiries from various insurance companies. Contact both large and smaller companies. Use a financial adviser or insurance broker (someone who can try to arrange insurance for you). Brokers can be very useful as they can contact a large number of insurers, have a good sense of the whole market and may get the best policy for you.
Dummies Guide To Life Insurance
Life insurance is a type of insurance that pays money to your family if you die or become terminally ill while covered by the policy. Your family or dependants can use the money to help them manage their financial future. It could go towards:
providing financial security in the future
paying off a repayment mortgage
funeral costs
day to day living costs. It's important to remember that a life insurance policy isn't a savings or investment product and has no cash-in value. It's only paid out if you die or are diagnosed with a terminal illness, depending on the terms of your cover.
Have a nose through our free life insurance guides view our guides.