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 is agreed with the provider. In addition, the length of the policy is agreed with the insurance provider from the outset.
For example, 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. The money is 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 many things. The policy should cover your family for income, mortgage protection or expense associated with education. It is important to make sure that you or your family are covered enough. This means 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.