Does Life Insurance Start Immediately?

wedding crashers

Do you like Vince Vaughan?

You know the tall guy from
Wedding Crashers (above),
The Break Up and other
romantic comedies?

(According to Wikipedia, he’s
one of Hollywood’s tallest leading
actors at 6’5)

Anyway, he’s been cast in a new
movie in 2015 called Term Life.

A movie about life
insurance?

Give it a chance…

Per the synopsis: ‘“Term Life’ centres on a low-life whom everybody
— including mob bosses, contract killers and dirty cops —
wants dead.

In a rare act of selflessness (and desperation),
the man takes out a million-dollar term life insurance policy
to benefit his estranged daughter,
but soon after, he realises it doesn’t take effect for 21 days.

Does Life Insurance Start Immediately in Ireland?

Unlike the US, in Ireland there is no
waiting period before a life
insurance policy will pay out.

Your life insurance will start immediately
on the issue of your policy.

There is one exception and
that is for suicide. A life
insurance policy will not
pay out on death by suicide
in the first 12 months.

But again there is an exception
here.

Some life insurers will
pay out in the first 12 months if the
life insurance policy was
assigned to a bank to cover a
loan.

Unfortunately we had a payout
for such an unfortunate event
last year. Fair play to Irish
Life, they paid out without
any fuss.

I remember well writing the policy
for that client. Not in a
million years did I expect
to be arranging his death claim
due to suicide.

I guess you never know what lies
ahead.

That’s why now is always the best time to
put your life insurance in place.

If you’re considering putting life cover
in place, call me first on 05793 20836
for a chat. I’ll point you in the right direction.

Nick McGowan LION Life Insurance Online

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photo credit: Hot Rod Homepage via cc

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