The Lion Life Insurance Blog

Is it ee-git or ee-jit?

Here in the midlands, it's commonly pronounced with a hard g like in g-obshite.

So how do you avoid looking like an eegit (or a gobshite) when it comes to protecting you and your family?

You can start by avoiding these daft errors when you're taking out life insurance, mortgage protection, income protection or serious illness cover.

Construction workers in Ireland face unique challenges, and their income can be vulnerable.

Here's why income protection is essential for you.

On June 7th, 2023, Insurance Ireland announced the complete details of their new Code of Practice for Underwriting Mortgage Insurance for Cancer Survivors.

Under this Code, insurance companies will not consider a cancer diagnosis if the person is in complete remission and active treatment ended more than 7 years before the application (or more than 5 years if the individual was under 18 at the time of diagnosis)

Cancer survivors can get mortgage protection (reducing life insurance) of up to €500,000 for a mortgage on their primary residence.

Let me share a real-life story with you.

John, a retiree, thought he had his financial future secured with his whole of life insurance policy.

But when he received that dreaded review letter, everything changed.

Today, we'll explore how you can avoid John's predicament and ensure your coverage truly fits your needs

Although life insurance providers will decline some claims (usually because of lying on the application form), if you have a genuine claim that meets the definition of the illness , they will happily pay out.

If the insurers don't pay claims, then what's the point of serious illness cover?

This why they welcome claims so they can prove how important serious illness cover is.

So, let's examine why an insurer may refuse to pay a claim

Picture it: a moonlit night, two lovebirds staring deeply into each other's eyes, whispering sweet nothings, and then suddenly, one of them asks,

Honey, do we have to pay taxes on our life insurance policy if one of us snuffs it?

Nothing like tax to ruin the moment, eh?

Money management is stressful. It’s even more stressful if you’re living with a chronic illness. The truth is that everything is a bit more difficult with a chronic illness: all the doctor’s appointments and treatments; flare-ups; time off work; and stress.

So today I’m skipping all the ‘ditch takeaways’ budgeting advice and filling you in on what you need to know about managing your money if you’ve got a long-term illness.

It’s highly likely that when you were a smallie, your ma or your da told you that to be successful in life, you need to do well in school, get a good job, and work hard.

It’s not bad life advice, though it’s probably a little different now given that every eight-year-old wants to be a YouTuber.

Instead of working hard, all you gotta do to be a millionaire is make videos of you playing video games while screaming at your computer.

Keep it up, son, and someday you might be PewDiePie.

Hey, you!

Yes, you, the sales professional dripping in designer clobber with a taste for the finer things in life.

I know you're addicted to the thrill of the sale but have you considered what would happen if you were suddenly struck down by an illness or injury?

No more fancy dinners, no more jet-setting to exotic locations, no more skinny single-origin mocha latte wakka doo-dahs from that overpriced coffee shop on the corner.

Scary thought, yeah?

Well, fear not my friend, because I'm here to tell you about a little thing called income protection.

It's an insurance policy for your wallet, ready to swoop in and provide replacement readies if you're unable to work.

So, go on, uncork that €80 bottle of wine and let's talk about securing your financial future

You already know this if your other half has a chronic illness.

You’re not really supposed to admit it but it can be hard being with someone who is chronically ill. The flare-ups and the symptoms and the missed-things. Cancelling plans and going to doctor’s appointments and having to take time off work.

Sure, you’re not the one with the chronic illness, but it can feel like a third presence in any relationship.

Ultimately, all you want to do is help, but ‘chronic’ usually means ‘not curable’, so your partner’s illness becomes the new normal.

If the diagnosis is new, it can feel like a lot – and all you want to do is help out, but where do you start?