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Life Cover & Serious Illness Cover

Finding the right type of cover is not easy! Help is at hand. We can help you find affordable cover to suit your needs.

Life Cover pays out a sum of money, called the sum assured, on the death of the insured person.

Serious Illness Cover pays out a tax free lump sum on diagnosis of certain life threatening illnesses or a specified surgery.

Cancer, heart attack and stroke are the main three serious illnesses affecting men and women in Ireland today.  According to National Cancer Registry Ireland in 2005, 1 in 3 people will develop cancer before age 75.  It is vitally important that families and individuals realise the importance of having an adequate Serious Illness Policy in place.

Life Cover and Serious Illness Cover can be joined together in one policy. Optional
benefits that may also be added are:

  • Hospital Cash Income
  • Personal Accident Benefit
  • Waiver of Premium
  • Child Hospital Cash
  • Permanent Total Disability
  • Surgical Cash

There are various types and reasons for Life and Serious Illness Cover which are mentioned below.

Term Assurance
 
This is the simplest form of life & serious illness cover available. You choose the level of cover you need and the length of time you need it. At the end of that period, the cover ceases. All your contributions go towards protection, which means that there is no surrender value on a term assurance plan. This keeps the cost to a minimum. The contributions to your plan are specified at the outset of your policy, so you know from the start the cost of your protection.
 
Guaranteed Mortgage Protection 
 
It’s a known fact that buying your home is one of the biggest investments you will ever make. In recognition of this, mortgage lenders now insist that you purchase Mortgage Protection to safeguard your investment. Mortgage Protection Cover can be taken out for the term of the mortgage and is designed to repay the outstanding mortgage on the occurrence of certain events. The policy can be designed to pay out on death or on the occurrence of specified illnesses.
 
Whole Life Cover
 
Unlike term assurance this policy potentially will last until you die. You can have a guaranteed whole life policy which guarantees cover will last for the rest of your life. However, most whole life policies have a review clause that guarantees the premium only for a specified time, usually 10 years. After that, the premium is reviewed and may be increased. Guaranteed whole life policies are suitable for anyone who wants to absolutely guarantee that their dependants will be financially secure after their death. For example, it can be used to provide funds to pay an inheritance tax liability.

 
Business Assurance 

 
This includes Keyman and Corporate Co Directors Assurance. It provides financial protection for companies or employers on the death or critical illness of a key employee or for the purchase of company shares from the spouse of a deceased shareholder.

 

  

Try our Life Cover & Serious Illness Cover Calculator

The calculators on this website based upon calculators built by Irish Life. They are designed to provide guideline indicators for Life Cover and Pension Requirements. It is recommended that you speak with your broker before buying any financial product.