9 Aug, 2018

Do you know the difference between Life Insurance & Life Assurance?

Life Insurance is a term policy and Life Assurance covers entire life with no term.

Life Insurance:

Life insurance and life assurance are different. A life insurance policy only protects you for the agreed upon term. The policy which pays out an agreed lump sum to a specified person in the event of your death (i.e. partner, dependents etc.). You insurance provider and you agreed upon the amount of money and length of term of your policy.

For example, if you decide to take out life cover for €450,000 over a 20 year term it can mean that in the unfortunate event of your untimely death, your dependents will receive the amount quoted above from your insurance provider. But if you outlive the policy your beneficiaries will not receive a payment when you die.

Check out Siobhan’s insurance policy. Siobhan was recently divorced with 2 kids when she purchased her policy. Click the link to see her story.

Life Assurance

Life assurance is different from life insurance because it has not set term. Until you die, you will be protected by your life assurance policy. Therefore, your life assurance will pay your dependents a lump sum when you die.

What Insurance does Oomph do?

Life Insurance

We have different life Insurance policies to suit you and your circumstances. Life insurance policies are divided into categories like life, insurance, serious illness and mortgage, depending on what you need.

Mortgage Protection

Mortgage protection is the most basic form of life assurance and the cheapest. It secures the ownership of the home by paying off the outstanding amount owned on the home if you were to die within the term of the mortgage. This ensures that the family do not have to pay the remainder of the loan. Eoin and Lisa have just bought a new house and they need mortgage protection, click here to see how much cover and the term they took out with Oomph.

Serious Illness Cover

A mortgage policy can also be added to a serious illness cover policy. So if you were to get sick and unable to work to pay for your mortgage, this cover would help you and pay off your debt. You will have peace of mind if something happened because serious illness cover can be added to your premium.

There are a number of options depending on where you are in life. We offer a range of policies to help you and protect your family.

Term Life Insurance

Term life insurance brings you life insurance over a term, an agreed specified time frame. So If you die or become ill over this term your family will be provided for financially. This kind of cover makes sense during your working life when you children will still depend on you financially. The terms are generally taken out over 10,20 or 30 years depending on your age and what you can afford.

There are a Joint and Dual Life Cover and the difference is benefits can be quite significant where a joint life policy offers only one pay out in the event of a death to the surviving claimant. However, a dual life policy will provide separate pay outs upon the death of each claimant.

You can take out a single life cover even if you care married. Chris is married whereby his wife has life insurance with her job. Single Life Insurance.

Dual Life Insurance

Whole Life Insurance

Whole life insurance will cover you for you entire life and is not limited to a specific time. When you pass away, your family will receive a lump sum payment. The plan will also protect your family of the burden of inheritance tax.

The decision to take out a term life or whole life totally depends on you and your circumstance. We like to discuss this confidentially with our customers and provide you with the best options available.