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life cover.

What is life insurance?

Life insurance is an insurance policy which pays out the benefit amount to your estate in the event of a death. You choose the level of insurance you want and the term you would like to be covered for.

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How long do I need cover for?

This is very much a personal issue and changes for everyone. Typically for a mortgage protection, it is an easy calculation as the cover should last the same as the term of your mortgage. However, for life insurance, factors such as your children’s age or your term to retirement would be taken into account.

Typically, we recommend a minimum term calculated to the age your youngest child reaches independence or the age of 21, if for family protection. If you have no children and are looking for cover to financially secure a remaining spouse, we would normally recommend cover to age 65 with an option to convert the cover after that (Convertible Term Assurance). Please don’t hesitate to use our online chat support for further explanation.

How much cover do I need?

The amount of cover that you need will be dependent on your own personal situation. We would usually recommend ten to fifteen times net salary as a sum assured. The higher a persons personals debts, mortgages and dependents the higher the level of cover we would recommend.


What is the difference between mortgage protection and a term assurance policy?

Mortgage protection is the most basic form of life assurance and the cheapest. It is designed to decrease each year in line with your mortgage balance outstanding. The term and cover amount will usually be the same amount as the mortgage. In the event of a death a mortgage protection plan is usually paid to the bank to clear your outstanding mortgage.

Term assurance is a life insurance plan that covers you for a specified amount over a specified term. In the event of a death, a cash lump sum will be paid out to your estate.


What is whole of life cover?

Whole of life cover is a guaranteed life assurance policy which will pay out a lump sum in the event of a death. There is no fixed term attached to this type of policy and will cover you for your entire life. As it covers you for the whole of your life this policy is usually more expensive than any other form of life assurance.

Will I get any money back at the end of the policy term?

There will be no payout at the end of the policy term. This is like any other form of insurance such as car or home insurance, if you do not claim throughout the policy term there is no claim. There are some policies which include a savings element, however, we do not recommend them as they can prove a lot more costly than a straightforward life assurance policy.

What is specified illness cover?

Specified illness cover pays out a lump sum if you are diagnosed with a condition specifically listed in your policy. This type of policy tends to be more expensive than life assurance as you are five times more likely to claim on this type of policy throughout the policy term than you are to claim on a death policy.

How much will I have to pay?

The premium and how much you will have to pay varies depending on the provider but the main factors that dictate the price are as follows

  • Sum assured
  • Length of term
  • Type of insurance policy you choose
  • Age
  • Smoker Status
  • Health

How is a life assurance plan taxed in the event of a payout?

A life assurance plan is not liable to income tax or capital gains tax.

However, a life assurance plan will fall under normal inheritance tax rules.  There are certain ways to set a policy to ensure they are paid out in the most tax efficient manner. Please contact our office for further details.

Will an existing medical condition affect the premium on my policy?

This will depend on the illness. Every insurance company will have a different outlook on different illnesses, therefore depending on the illness we would contact every insurance company on your behalf to see who will offer the best terms.

If you have an existing medical condition depending on the severity,  you may find it harder to get life assurance, you may pay a higher premium or some insurance companies may decline taking you on as a life assured.

Who benefits from my life assurance plan in the event of my death?

This will completely depend on who you specify in your policy. If you do not specify a beneficiary under your life assurance plan, it will fall under normal estate rules.

What is the difference between a joint and dual life policy?

Although the difference in price between choosing a joint life policy and a dual life policy can be quite minimal, the difference in benefits received by claimants are significant.

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.

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Is a life assurance policy important for family financial planning?

As we get older and begin having families, the need for life assurance becomes more prominent and essential.

A life assurance policy can offer multiple benefits when it comes to financially planning for your family’s future. In the unfortunate event of the premature death of either or both parents, life cover will ensure that your surviving family members will receive an agreed pay out sum. Having a life assurance policy can provide essential peace of mind to your family.

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Are there any life insurance policies available for companies?

Unknown to many companies and corporates, there is a life insurance policy called Corporate Company Directors Insurance which is available to company directors and stakeholders.

This policy, in the event of the premature death of a company director, pays a pre-agreed sum to the company. This pay out can then be used by the company to buy back shares at a pre-agreed price from the deceased company director’s estate. The Corporate Company Directors Insurance offers many great benefits to companies and corporates.

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