So you’re ready to take the plunge and shop around for a new life insurance plan but where in de bejaysus do you start?
Buying the right life insurance policy can be a
boring daunting experience.
With loads of different insurance companies, plan types, and benefits, it’s hard to know where to start.
So let’s start at the very beginning.
Remember, you’re not meant to know anything about life insurance at this stage.
But there are a few basic life insurance concepts you need to know.
So you get a policy that protects you and your family (without spending too much of your hard-earned cash).
By the way, we have a life insurance crash course that simplifies this into 5 bite-sized emails. If you don’t have time to read this whole article, you can sign up here:
There are three main places you can get life insurance advice here in Ireland:
But a bank can only sell you a policy from one insurer.
A bank cannot offer advice on a range of policies from various insurers.
By the way have you heard about PTSB turning their staff into “sales soldiers“. Get ready for the hard sell.
Again, this limits your options.
If you go to Zurich Life, they will sell you a Zurich policy.
Approach Aviva and they will sell you an Aviva policy.
Makes sense, right?
An independent life insurance broker can offer policies from all 5 providers in Ireland:
And should be able to offer you better discounts than going through a bank or even direct from the insurer.
This is the tricky part.
You can do it yourself using any of the 987 life insurance calculators you can find online.
Or you can take advice from a bank, insurer or broker.
But please, if any of them recommend €250,000 over 25 years, make your excuses and leave…
€250,000 is the same as plucking a figure out of thin air.
You could do that yourself.
How do you figure out the correct amount of life insurance?
We all face risks such as death, inability to work and serious illness and all of these risks will hit us or our families right in the pocket.
Each type of life insurance policy offer protection from these financial risks.
But you can’t buy a basic life insurance policy and expect a payout if you can’t work or fall ill.
Here’s a quick breakdown of the policies available
This is the easy part.
Most banks, insurers and brokers have an online quote system.
The beauty of ours is we don’t ask for contact details.
We know how annoying follow-up sales calls are so we don’t do them – unless you schedule a callback.
We give you time and space to make a decision.
If you choose us to arrange your cover.
Click here to get an instant quote from all five life insurance providers (without providing contact details)
Who should you choose?
Your options are bewildering but I can help.
Here are some handy charts that compare what’s on offer at each insurer
There are too many illnesses to list but Royal London and Zurich Life are best for serious illness cover.
Still with me?
I could say that life insurance discounts are rare…as this used to be the case.
But in the last few months, it’s been a discount fest.
Make sure your bank, broker or insurer is offering you the full discount.
We have already discounted the prices on our quote system, no shenanigans here, what you see is what you get.
The initial quotes you get, from a broker, bank or direct from the insurer assume you’re in perfect health.
So if you have any current or previous health conditions, you may end up paying more than you expected.
It’s important to disclose any health issues before you complete an application form.
As you can see on our quote system, we highlight this fact:
We don’t give you some unrealistic quote just to get you to apply through us, what’s the point?
If you have any health issues and you’d like an accurate quote, please tell us about them upfront.
You can read more about the life insurance medical conditions we specialise in here.
I hope that gives you the basics of how you should choose a life insurance plan.
If it all makes sense and you’re confident you can do it yourself…
But if the thought of arranging your own life cover makes you do this…
I’d love to help!
If you’d like me to make a recommendation on the types of cover you should consider based on where you are in life, please complete this questionnaire and I’ll be right back.
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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!Watch our video