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FAQs

Life Insurance

Are life insurance policies worth it?

A life insurance policy is magical. It conjures up new money from nowhere at the exact time your family needs it. Without your life insurance, their future is bleak. Life insurance is the most important gift you can buy for them. Life insurance is worth it because your family are priceless.

Who needs life insurance?

If someone, young or old, depends on your income, then you need life insurance

How does life insurance work?

You pick an amount of money (the sum insured) that you want to be left behind when you die. You pay a monthly premium to the insurance company. On your death, the life insurance pays out the sum insured to your family.

Which life insurance company has the best price?

Our 6 insurers frequently offer our clients discounts. The best way to check who is offering the best price is to get a quick life insurance quote.

Which life insurance company has the best policy?

It depends on your own situation, each insurer has something different to offer – our most popular insurer?

How does life insurance payout?

The proceeds of a life insurance policy can be paid out as one single amount or can be staggered over time depending on the type of policy.

When does life insurance payout?

Life insurance pays out once the death certificate is available.

When will life insurance not pay out?

Life insurance companies won’t pay out if the person who died didn’t tell the insurer about certain facts (medical or other) when they applied.

How much life insurance cover do I need?

You need enough to make sure anyone who depends on you financially is taken care of should you die. Here’s a handy calculator.

Where to get life insurance?

You can buy life insurance through your broker, at the bank or direct from the insurer but only brokers offer discounts and independent advice from more than one insurer.

Are life insurance proceeds tax free?

Life insurance proceeds are paid out tax-free. But, anyone who inherits the money, depending on their relationship to the deceased, may have to pay inheritance tax.

Are life insurance premiums tax deductible?

Yes, if you buy is a special type of life insurance called pension term assurance

Who gets the life insurance money?

If the deceased didn’t leave a will or didn’t write the life insurance policy in trust then the money goes to their estate.

How does whole life insurance work?

Unlike term life insurance, whole life insurance doesn’t have an end date. It’s s guarantee to pay out on your death whenever that may occur. It’s the only way to “beat the house”.

Any confusing terms I should know about before I start?

Hell yeah! They make life insurance hard. But we make life insurance easier. We have put together a brief life insurance dictionary.

Anything else?

Nope, that’s enough for now, try our search bar above if you have more questions. If you can’t find the answer, call us on 05793 20836 and we’ll be glad to help.

JOIN OUR FREE 5 EMAIL LIFE INSURANCE CRASH COURSE.

Mortgage Protection

Why do I need mortgage protection insurance?

Because you can’t get a mortgage without it. It’s a legal requirement.

What is mortgage protection insurance in Ireland?

It’s the policy you need in order to take out a mortgage. Remember you don’t need life insurance, just mortgage protection, despite what your bank may try to sell you.

What is a mortgage protection premium?

That’s how much you pay for your cover each month.

How much is mortgage protection cover?

This depends on the size of the mortgage, how many years it’s over, your age, whether you smoke and your health. Click for an instant mortgage protection quote.

What does mortgage protection insurance do?

A mortgage is a loan from the bank. If you die during your mortgage, your mortgage protection policy pays off whatever is left on your loan. It protects the bank.

Where can I purchase mortgage protection insurance?

Through a broker, from your bank or direct from the insurance company. We discuss this important question in detail here.

Which mortgage protection insurance is best?

Each insurer has their own selling points, Zurich for example will pay your premiums if you can’t work for over 13 weeks, Friends First offer dual life mortgage protection. The best policy depends on what you want from your policy.

How do I change mortgage protection insurance?

You can switch your mortgage protection provider at anytime without penalty. Due to competition in the mortgage protection market, premiums have dropped over the last 3 years.

I’m getting a new mortgage, can I transfer my mortgage protection policy?

Yes if you bought from a broker, no if you bought a block policy from your bank.

If I add serious illness cover to my mortgage protection, who gets the payout?

Incredibly, the bank is entitled to any claim on a mortgage protection serious illness cover

I have health issues, will this affect my chances of getting mortgage protection?

It depends how serious your health issues are. But don’t worry, you’ve come to the right place. Get in touch and we’ll assess your chances of success before you apply.

Anything else?

Nope, that’s enough for now, try our search bar above if you have more questions. If you can’t find the answer, call us on 05793 20836 and we’ll be glad to help.

JOIN OUR FREE 5 EMAIL MORTGAGE PROTECTION CRASH COURSE

Income Protection

What does income protection insurance do?

It pays you up to 75% of your income if you can’t work due to ANY injury or illness.

How long does it pay out for?

Until you get back to YOUR job or until you retire, whichever is sooner.

Where can I buy income protection?

From a broker, a bank or direct from the insurer but remember only a broker can give advice on all the different types of income protection available in Ireland.

When should I get income protection?

When you’re in good health. It’s difficult, if not impossible to get income protection once you have suffered even a minor health issue.

When can I claim on income protection?

You can make a claim once you have been out of work for longer than the deferred period.

Ok, what’s a deferred period?

This is waiting period that you pick when you take out your policy. It can be 4, 8, 13, 26 or 52 weeks. The shorter the waiting period, the higher your premium.

When does income protection payout?

Once your claim has been accepted by the insurer, it will pay out immediately.

How do income protection policies work?

Income protection is sometimes called permanent health insurance or salary protection. It is an insurance policy that gives you a replacement income if you can’t work because of illness or injury for 3 months or more.

How much does income protection cost?

This depends on your occupation, the amount of income you want to insure, the deferred period, your date of birth, gender, whether you smoke and any health issues. Click here for an indicative income protection quote.

Are you taxed on income protection?

Yes, but you can also claim tax back on your premiums.

Are income protection plans worth it?

If you had a money machine in the kitchen spitting out thousands of euros every month, would you insure it? You are the money machine.

How does my occupation affect income protection?

Insurers classify you according to the risk involved in your job. For example an accountant is  a class 1 (lowest risk) whereas a plumber is a class 4 (highest risk). The higher the risk, the higher your premium.

Who has the best income protection?

It depends on your own situation. The main difference between the insurers is how they class your occupation. For example Friends First could classify you as a risk 1, Irish Life may classify you as a risk 2 so your premium is higher.

Who can get income protection?

Anyone in paid work can apply for income protection.

Who should get income protection?

Anyone who would struggle financially after their sick pay ends.

Why take out income protection?

Your income is your biggest asset, it’s worth more than your car and your house combined. You insure your house and car, it’s crazy not to insure your income.

Anything else?

Nope, that’s enough for now, try our search bar above if you have more questions. If you can’t find the answer, call us on 05793 20836 and we’ll be glad to help.

JOIN OUR FREE 5 EMAIL INCOME PROTECTION CRASH COURSE

Serious illness cover

What does serious illness cover do?

It pays you a tax free sum of money if you contract a specified serious illness as defined on your policy.

Why buy serious illness cover?

If you survived a serious illness but couldn’t work for a couple of years, would you like to receive two years income, tax free?

Who needs critical illness cover?

Anyone who would struggle financially if they were out of work for a couple of years due to contracting a serious illness.

What diseases does critical illness cover?

The majority of claims are due to cancer, heart attack and stroke. But you are also covered for many other illnesses. Click here to see the full list.

What’s the difference between accelerated and additional critical illness cover?

Good question – see here.

Which critical illness cover is best?

For us, it’s Zurich Life especially now since they updated their definitions. We can safely say they offer the best serious illness cover in Ireland.

When does critical illness cover payout?

The insurer will pay out once it receives all supporting evidence from your medical professional.

How to compare critical illness cover?

You need to drill down into the definitions of each illness. Don’t be tempted to go for the insurer who offers the most illnesses. You need to choose the insurer who offers the widest definition to give you the best chance of making a successful claim.

How much will critical illness cover cost?

This depends on the amount of cover you wish to buy, your age, smoking status and your health.

How much critical illness cover do i need?

We recommend a maximum of 2 years salary. If you’re not back to work after two years, well….

Anything else?

Nope, that’s enough for now, try our search bar above if you have more questions. If you can’t find the answer, call us on 05793 20836 and we’ll be glad to help.

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We’re an online life insurance broker. We compare life insurance quotes for mortgage protection, life insurance, specified illness cover and income protection from all 6 leading life insurance companies in Ireland, instantly and anonymously.

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