There are many common myths about life insurance that stop people from purchasing life insurance. You may believe one of these misconceptions and have not purchased a policy yet. Life insurance could protect you and your loved ones in case of a sudden death or illness.
Just because you are young, single and healthy does not mean there is no need for life insurance. If you have any outstanding debt from education loans, car loans, or other debts, when you pass away, these debts will be transferred to your estate and still need to be paid of. Life insurance policies can help pay off these debts in case of sudden death, so your estate is not stuck paying it off. If you get a policy when you are young and healthy is usually cheaper, which makes it more manageable.
This is not always the case because company provided life insurance usually only covers 1 to 2 times the amount of your salary. 1 to 2 times your salary is not a sufficient amount. It is recommended to have 10 to 15 times the amount of your salary. Life insurance policies can provide this recommended amount in case of sudden death or illness.
This is just not true. Most life insurance providers have many different policies for people of all lifestyles. There are policies for people with different health conditions, for married and single people, and policies for people in all stages of their life.
The lose of one source of income can be a harder hit to a family than it is thought to be. Just because one spouse is not the breadwinner, you still lose one source of income for your family and this can take a bigger toll than you make think. If both income earners for the family have life insurance policies, in the case of a sudden death, the policy can assure the family can live at the same standard.
Serious health conditions may disqualify you from life insurance, but not all health condition disqualify you form life insurance. Most insurance companies have plans for people with health conditions like diabetes, high cholesterol, or high blood pressure. If you have a health condition, the premiums might be higher, but you can find a policy. Read more here.
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You may have an asset like your house but this does not necessarily make you financially fit from an income point of view. What is the difference between being wealthy and financially fit?
When your biggest asset is your mortgage with your spouse, this is not good. This does not mean that you are financially stable and secure. What if the unimaginable happened and one of you was to suddenly fall ill or worst still pass away. Would you be in a position to pay the mortgage, the bills, lost income? What protection do you have in place if this where to ever happen in your lifetime. Would you need to sell your home to be able to live and pay for your expenses? If so, is your property in positive or negative equity?
This is where life insurance kicks in and provides you with a foundation of financial fitness. It provides you with a safety net and equips you to cope with any sudden events. It prepares you to cope financially and emotionally.
People often think that life insurance is expensive and one that is not necessary especially when starting out as a single person or newly weds. But this is not the case. It is very affordable for almost everyone. A healthy 30 years person can get a life insurance for €250,000+ for as little as €20 per month. A 20 year old can get life insurance for over €300,000 for as little €19 per month. A 40 year old can get life insurance €300,000 over 20 years for as little as €30 per month.
We know how important being financially fit is and we know how stressful life can be. So we like to work with our customers, listen to them and provide them with the best competitive prices in the market. We determine the wants and needs of each person and make a plan that suits you.
We are the largest online independent provider of competitively priced life insurance and work with the top insurance companies in Ireland. Get a quick quote today!
Are you confused with all the different types of life insurance that is available to you? We have explained below single, joint and dual life insurance.
A single life cover is for one life only. The benefit is paid when this person dies to the persons declared beneficiary. This is normally done when a death claim is filed and the death certificate is submitted.
A Joint life is cover on two lives. This is when the cover insures two people but the claim is paid out on the first death only, there is only one payment made under this policy. Typically the payment is made when the first of the two people covered dies however some joint life policies pay on the second death instead of the first.
A dual life cover also insures two people but a claim can be paid on both deaths. If one person dies, the policy continues in the name of the survivor. Then when the second person dies, their life cover payment is also paid out.
It is important to get the right life cover for both you and your spouse so if anything happens to either of you, your family is taken care of.
If you are the sole breadwinner of the family it is important to get covered in the event of your death as the loss of the only income will devastate your family. However the loss of the partner that is not covered can also be devastating in the sense if they provide the childcare and household duties you will now need to employ someone to take over that role.
This impact is a little less if there are two incomes in the household with both partners working however the loss of an income is still very stressful for the family.
It is important to get the right coverage that suits your family situation to ensure your family’s needs are taken care of. Buying Dual or joint life insurances is more cost effective than two separate single life insurances.
As explained above the big difference between the two is that Joint, only one payout is paid but with Dual two payouts’ are paid. So it depends on your life situation which is best suited to you.
Why not have a chat with us and we can advise on the best policy for you and your family.
You want to protect your loved ones for the future once you’re no longer around to provide for them. We all do. A life insurance policy can give you the peace of mind that when you are gone, your family will be protected.
However, you’re also worried that your health issues mean you won’t qualify for life insurance because it is meant for healthy people only. So what do you do?
Don’t despair—there is good life insurance out there for you! Whether you have heart disease, mental health issues, kidney or liver problems, or almost any other health condition, you can qualify for life insurance!
About 85% of consumers agree that most people need life insurance, but the figures say that there is younger people and couples do not have life insurance for various reasons.
There are plenty of reasons why someone may not have life insurance or may not qualify for it, including:
People do not attempt to buy a life insurance policy because they think that they will not qualify for on. We are here to put an end to the myth that only healthy people can get life insurance.
We are here to put an end to the myth that only healthy people can get life insurance.
Actually, almost any health history can be insured. The right company can get you insured at an affordable rate, even if you are dealing with any of the issues listed above.
Take a man in his late 40s, who had suffered a severe heart attack in his early 40s, and while he had been declined elsewhere, we were able to find a company that would insure him.
Another great example is mental health issues, many times consumers with mood disorder and or depression with multiple medications are not insurable. Some people with mood disorders may be able to purchase a policy because every company’s underwriting departments have unique fill qualities. An individual who had been declined multiple times for a policy because of a mood disorder was able to secure permanent insurance because he had a steady job.
If you are dealing with health conditions, life insurance companies love seeing that you’re working to improve or properly maintain your health.
Basically, follow your doctor’s orders and you are much more likely to qualify. And that means being able to get financial protection with life insurance that your loved ones need and deserve.
Let Oomph help you find a policy to fit you life. Get your free quote here.
Well you thought wrong! There is health insurance for people with health issues and healthy people. In fact there are lots of options available for all different kinds of people and their particular circumstances. Life Insurance comes in all shapes and sizes, one life insurance policy does not fit everything and everyone. There are many health issues that can effect and sometimes increase a life insurance premium.
Here are some examples:
We all know there are massive health implications and health issues caused by smoking. Life insurance premium can increase up to 50% more than a non-smoker. A smoker is considered a non-smoker 12 months after quitting. Stephan, a smoker and Amelia took out Dual Life Insurance for €200,000 at very little cost. Check out their story
Depending on the type of depression and its severity, it can increase the premium. In the case of mental health issues there is an increased risk of suicide or accident and this can have an impact on the cost of life insurance cover. Underwriters look at the facts and the triggers of the persons depression like bereavement, divorce, illness, redundancy or job and money worries, the prescribed medication and the state of mind. Where history is very severe insurance may not be offered but in lots of cases it is offered.
A spokesman for Zurich Ireland said the majority of applications that they receive for life cover with a history of depression are accepted with no extra loading.
When asked what impact a diagnosis of depression would make to the cost of an insurance policy, he explained: “This would depend on the individual assessment of the depression history and can vary on the basis of the type and severity of the depression, date of last symptoms, and other individual circumstances.”
There is a stipulation in all life insurance policies that specifies that all life insurance policies contain an exclusion for death, If a life assured dies within a year of the start date as a result of their own deliberate act, we will not pay you any benefit under the policy.
Lots of people in Ireland suffer with high blood pressure and this can be a contributory factor to death and life threatening. However, you can easily manage you high blood pressure today. Your life insurance premium should not be effected by your high blood pressure.
People that suffer from high cholesterol and are managing it well will not be effected. You should report if you have high cholesterol, because high cholesterol can cause life threatening conditions.
Asthma is a condition that can be well managed easily. This means asthma should not effect life insurance premiums.
If you have any other health issues you can talk to us confidently and we will give you the best professional advice. Or you can complete our online quote and we can talk you through the quickest and best life insurance for you that will safeguard you and your families future. Get you personal quote now.