What is a Life Insurance Policy?
A life insurance policy refers to a policy which pays out an agreed lump sum to a specified person in the event of your death (i.e. partner, dependents etc.) The amount in which you will be covered and the length of the policy is agreed with the insurance provider from the outset.
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.
How important is it to get a life insurance policy?
This generally depends on your personal situation. If you are single and have no current dependents then you may not need a life insurance policy just yet. However, it is extremely important for protecting the financial future of your family especially if they depend on you for financial support.
If you have a young family, your life insurance policy may need to ensure that they are covered in terms of income, mortgage protection or expenses associated with education for a long period. Make sure that you are covered enough to make sure they will be financially stable for a long term in the event of your premature death.
How do I apply for life insurance?
In order to get a life insurance cover, you will need to supply information regarding your medical history, lifestyle, occupation, marital status and the medical history of your family. There are certain factors such as whether you have a specified illness or if you are a smoker that may affect terms of your life cover. It is important to highlight these with your insurance provider from the outset.
At Oomph, we offer a three step life insurance application process and provide you with a personalised quote from each of the six main life assurance providers. If you are interested in getting your personal quote, apply here.