You get the feeling you’re starting to get on a bit when you turn on the radio and don’t recognise any of the artists.
Actually just being able to turn on the radio marks you an an oldie.
My kids shout Alexxxxxxxxxxxxxxxa at the car radio (my kids are dopes)
And now look at you, you’re reading a blog about Life Insurance.
It’s over my friend.
Make peace with becoming a curmudgeon, watching The Late Late Show and finding outrage at every turn.
But, before you do, let’s look at getting you insured.
Introducing the fascinating topic of Life Insurance.
There are four, and here’s the list.
And here’s what they do:
There’s a lot there, Nick, what do I actually need?
If you’re not getting a mortgage, forget abotu mortgage protection.
If you have a job (and crap or non-existent sick pay), you need income protection.
Serious Illness Cover is grand, but the insurers are very specific about the illnesses covered.
Income protection is MUCH better.
Life Insurance is a good idea as you get into your thirties and start thinking about settling down or having a family.
Of course, there’s no one way to do your thirties (maybe you intend to party your life away free from all responsibilities – fair play).
But if you are thinking about becoming a responsible adult, now’s a good time to start.
Life Insurance, broadly falls into two more categories, which I’ll look at in the next part of this article.
*Cue trailer announcer voice (think Morgan Freeman)
In a world where there are four types of Life Insurance, there’s also two more types of…Life Insurance.
Term Life Insurance pays out if you die within the term of your policy. You buy a 30 year policy, you die after 28 years, congratulations – you win! 💅
Whole Life Assurance covers you for your whole life so has to pay out eventually
Term Life Insurance costs less because there’s a chance you might actually outlive your policy meaning there won’t be a payout from the insurer whereas Whole Life covers you from cradle to grave.
Buying Whole of Life is the only way to Beat the House.
The downside with Whole Life is the price.
It costs more than bog standard Term Life but the policy will eventually pay out more than you have paid in.
In fact some whole of life plans will definitely pay out more than you pay in.
Just to add to the mix, there is a type of whole of life insurance that you can cash in after 15 years.
So, as you can see, you got lots of options – best to take advice before purchasing whole of life cover.
And, that’s before we talk about using whole of life to cover your future kids inheritance tax.
TL;DR: Whole of Life Insurance is better than term but is 10x the price.
Got that?
Good.
Because I’ve been in the insurance game for a bit, I’ve also got some extra tips for you too.
Look, all jokes aside, you’re still relatively young (compared to me anyway)
And the younger you are when you get Life Insurance, the cheaper the policy will be.
Sure, your knees might be starting to hurt and the last time you were in the pub you had a lengthy conversations about the exercises your physio has given you, but still: you’ll never be this young again.
Get on it now.
Future you (and their wallet) will thank you for it.
If you get Term Insurance, make sure it has a conversion option.
Apply this to any and all relevant policies you might be buying.
Basically, a conversion option lets you continue your policy when it expires without having to do a medical or any lengthy questioning that might otherwise raise the cost of your policy by the official insurance verbiage of…a metric shit tonne.
The most common question I get is, “how much cover do I need?”
It’s a fair question – but it really does depend.
A lot of people will talk to a friend or neighbour or spiritual guide (joke, please don’t get insurance advice from a spiritual guide) and they’ll think, “sure Jack got €300,000 cover so I should get €300,000 cover.”
Now, if Jack jumped off a bridge, would you jump off after him?
If that sentence didn’t give you flashbacks to your youth, there’s a chance you didn’t grow up in Ireland.
In all seriousness, no two cases are the same.
Sooooooo, no two people should have the exact same cover.
Actually figuring out how much Life Insurance cover you might need depends on a couple of things: namely, how much money you’d like to leave behind you when you shuffle off and what you can afford.
You can read more about the ins-and-outs of calculating how much cover you need in either of these two blogs:
All going well, you’re probably going to be paying for Life Insurance for a long time.
Preferably until you’re about 96, when you’ve hair sprouting out of every orifice imaginable, and you’ve lived a long, happy life.
You’re going to be wedded to your policy, unless of course you cancel it – which means having to start all over again (ugh)
Make sure you get the right policy for you first time around.
Shop around.
Compare all the insurance providers.
It’s worth your while taking the time to get it right.
Trust me on this: you’re going to end up paying through the nose otherwise (esp. if you have a health issue)
I always think that the best way to make this real is to look at an example.
Let’s say your name is Alex and you’ve just turned 30.
You’re considering getting Life Insurance now.
You want €500,000 cover and a 40-year policy.
€37 odd a month.
That’s less than a tenner a week.
Remember: you’re as young as you’ll ever be.
Now is the best time to pull the trigger
Taking out a Life Insurance policy is a big deal, but it doesn’t have to be a hassle.
Once it’s done, you shouldn’t have to worry about it ever again.
It’s part of your future, so make sure you get help from someone you can trust.
You might be thinking, “But Nick, you’re a random man from the internet who made some gags at my expense.”
Which is true: but I’ve also helped thousands of people get the right deal for them.
You can check out any of our 1694 reviews by clicking here. #humblebrag
You’ll see loads of stories from all kinds of people who have arranged insurance with us.
If you’d like me to help you work out how much Life Insurance you need, please give me a shout on 057 93 20836.
Or complete the short form and I’ll be right back.
Thanks for reading
Nick
As Ireland's leading life insurance broker, we specialise in comparing the rates and policies from the top five Irish life insurance providers and offering the very best value quotes to suit the individual needs of our clients. Our expertise lies in finding a suitable insurance plan for those with specific needs, be it a particular illness, occupation or claim history, we've got you covered in every sense!
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