Personal Life Cover Advice Donegal
If you want to make sure your Family and or Business are financially secure should you die, Personal Life Cover may be right for you.
What is Personal Life Cover?
Personal Life Cover sometimes called Life Assurance or Life Insurance, is a policy that is designed to financially protect your loved ones in the event that you pass away. For many, life cover is a way of making sure their loved ones are looked after with a lump sum payment and or a regular income. Any debts can also be paid off. It can cover any items such as mortgage, credit cards, personal or car loans and costs arising from your funeral.
Life Cover can also be used to protect a business should the owner or key employee die.
At key stages in your life it is worth reviewing your life insurance, for example making provisions for children or if you are newly married. Whatever your needs, give one of our qualified advisors a call and they will be happy to discuss your options with you.
Free Guide to Life Insurance
Best Prices Quoted For Life Insurance Donegal
Our Life Assurance policies begin at €10.10 depending on your specific ‘Life Cover’ requirements.
Switching is Easy
You can switch providers without incurring any costs. As Financial Brokers we will research the market place to bring you the best cover (for you) at the best available price. Our Key Focus is our customers, hence all the 5* Reviews. We are committed to providing you with a quality service at all times, because we value your business
What some of our happy Personal Life Cover customers have to say…
I found Advice First Financial put me in the right direction with no pressure on all insurance i needed, and i now have sensible and secure insurances…. which Pascal also saved me a lot of money on my previous policies on which did not have the correct relevant cover, .. i now have peace of mind on insurance, Advice First is very highly recommended….
I’ve been a customer of Advice First, for a number of years now and have always found them easy to deal with, professional and friendly. Pascal always provides great advice and support.
I would highly recommend Advice First to anyone.
When shopping around for insurance for both income protection and life insurance for my husband and myself I came across advice first, I rang the number got speaking to pascal and from there on every question we had was answered in a way that we understood. Pascal had a wealth of knowledge and expertise in all areas of insurance not only did we feel well informed but we felt confident taking out the most appropriate policies to meet our needs.
We have been dealing with Pascal for many years, each time we have been to see him, it was for different problems/issues and each time he has given us the best advice to meet our financial needs. Pascal has always behaved in a professional manner and it is for that reason we would have no problem recommending him to family or friends.
I have met with Pascal for a few different things over the years and will be dealing with him in future, it pays to have him on your side.
Would highly recommend Pascal, he is fantastic at what he does, we have been clients for quite a while now and anytime we need assistance it’s no bother to him. Always giving the best advice based on your circumstances. Also he explains everything in a way which is easy to understand, there’s no jargon or gibberish.
Can’t recommend Pascal enough, he is very professional and very good at explaining everything in simple english, also making sure that you understand which is the important bit.
He has great patience for listening to the ‘silly questions’ and answering the questions you don’t think on asking.
Couldn’t recommend Pascal enough. He offered us amazing advice when we were clueless first time buyers many years ago and guided us every step of the way and has since sorted everything from life cover to house insurance. Reliable , trustworthy and a gentleman to deal with. Always on hand with a warm welcome should we need any advice
Thank you for everything
Been with Pascal at Advice First Financial Services for 9 1/2 years. From getting our first mortgage, to setting up all types of insurances needed, Pascal has used his wealth of expertise to get everything in place. Wouldn’t have anyone else looking after our financial matters and would definitely recommend anyone looking for financial services to use Pascal and his team, you are definitely 100% in safe hands and won’t be let down.
We’ve been with Pascal a good few years now and has always been on hand to give sound advice and answer any queries. I wouldn’t go anywhere else for professional financial advice.
I would highly recommend his services to anyone unsure about their financial situation.
Still Unsure about Personal Life Cover ?
Why not take advantage of our Personal Life Cover Review, this review will give you a professional Personal Life Cover plan assessment on how well your existing Personal Life Cover arrangements will meet your needs. This advice may even save you a lot of money or disappointment later.
Frequently Asked Questions on Personal Life Cover
Why would I need Life Cover?
Typically, it’s important to have Life Cover in place if your death will have a financial impact on others. If you have a family and dependants, your death could be financially devastating to their finances.
The type and amount of Life Cover you choose should be based on your individual circumstances and requirements..
However, if you have no dependants, you may just require minimal cover to pay your outstanding debts and ensure your affairs are left in order.
A life cover pay out can ensure:
- Your mortgage is paid off when you die, and your family is left with a home free from large monthly repayments
- Funeral expenses and any outstanding debts are cleared
- Your dependants can continue to maintain their lifestyle despite the loss of your earnings
What are the different types of life cover?
What are the different types of life cover?
There are a number of different types of Life Cover policies available.
The amount of cover reduces over the term in line with the reducing balance of your mortgage
The term is generally the same as your mortgage
Pays off the outstanding balance on your mortgage in the event you die prematurely
- Term Assurance
Provides a lump sum in the event of your death during the term of cover
The lump sum paid on death remains the same irrespective of when, during the term, death occurs
Includes an option to protect against inflation by annually increasing the lump sum and premiums over the term of your policy
- Income on Death Benefit (sometimes known as Family Income Benefit)
Provides a monthly income to your dependants on your death
The income ceases on the expiry of the term you have selected
What details do I need to provide when applying for life cover?
Our expert advisers will take you through the application process
They will ask questions about your lifestyle (e.g., your hobbies, your smoking and alcohol consumption), your occupation, your medical history, such as whether you have been hospitalised or been to see your GP recently and the outcome, your family’s medical history, your doctor’s contact details.
With your consent, your doctor may be contacted to provide a report on your health depending on your health, age, type and amount of policy you want to take out.
These details are required by the insurance company to assess the appropriate premium. It is extremely important that you fill out this form truthfully and in full, as these details are fundamental to your contract. If you have any doubts as to whether something is relevant or not you should include it. This will mean that if you or your family do need to claim in the future, you can be confident that the claim will run smoothly
Can I use an existing policy to cover an existing mortgage?
Yes, you can use an existing life insurance policy as long as:
- It is not in place to cover another loan or mortgage;
- The amount you are insured for is at least equal to the term and amount of your mortgage.
You would have to ‘assign’ the policy to your lender. This means you would agree to give your lender, the life insurance benefit to pay off your mortgage if you died during the term.
What does an assignment of a life cover policy mean?
If I die, who is the benefit paid to?
If the policy is a Mortgage Protection policy and was required by your lender to repay your mortgage, the benefit will be paid directly to your lender. That is if it was assigned to the lender.
If the amount of cover is greater than the balance due on the mortgage, the remainder will be paid to your estate.
If the amount of cover is less than the balance due on the mortgage, the remainder will be owed to the lender by your estate.
If the policy for personal cover; then the benefit will be to estate, your next of kin or if case of joint or dual policy then the benefit would be paid to the other policy owner.
If the policy was for business protection; then the benefit would be paid the business.
Do I need attend a doctor to put in place a protection policy?
If you have had an illness in the past that the insurance company needs to know more about, or If the amount of cover you require is very large, you may be asked to attend a doctor for examination and/or tests, you may also be asked to do a medical examination with an independent doctor and in some case this examination can be done in your home with a qualified nurse. You advisor will be able to advice the likelihood of this being required. This process is known as underwriting requirements.
Will I be required to undertake a medical examination?
What is the difference between Single life, Joint life and Dual life cover?
- Single life:
This is cover on one life only. The benefit is paid when this person dies.
- Joint life:
This is cover on two lives. There is only one payment made under the policy. Typically, the payment is made when the first of the two people covered dies although some joint life policies may pay on the second death instead of the first death. The policy ends after the first pay out.
- Dual life:
This cover is on two lives separately. If both people die during the term, the payment on death of each life is covered by the policy on death. If one person dies, the cover on that person is paid, the premium will reduce to continue the cover on the second person on the policy. This is the best type of policy to put in place for personal or family protection.
Can I change the amount of cover on the policy?
- Your ability to amend your Life Cover amount depends on the type of policy you choose:
Some policies have a convertible option included which allows you to convert the policy to a new one, either to increase the cover and or extend the term, without providing medical evidence.
Some policies don’t allow you to change the cover amount and require you to apply for a new policy.
If the amount of cover is being increased or the term extended, you may need to provide medical evidence for the increase in cover or term extension.
Some policies have a Guaranteed Insurability Option that allows you to increase the amount of cover within 3 months of moving house, getting married or having or adopting a child without having to provide evidence of health.
What happens on acceptance of my application/ when do I receive my policy document?
If your application is accepted and you have indicated when you want the cover to start, the policy will have been set up taking your wishes into account and send you your policy documents. If you have not indicated when you want the cover to start you will be contacted and the policy documents will be issued in due course.
Policy documents will be posted to you. They include a policy schedule which contains the specific details of your cover (type and amount of cover, term of cover etc) and the policy conditions which set out the policy terms and conditions (e.g., definitions of terms, when the cover is payable etc.). You should keep the policy documents in a safe place for future reference.
How soon should I apply for my policy if it is to uses as security for a loan/ mortgage?
My policy has recently lapsed, and I wish to restart it, is this possible and if so, how can I do this?
While it depends on the terms and conditions set out in your policy conditions, it is usually possible to re-instate your policy within one year from the date that the first unpaid premium was due. Restarting your policy is subject to the payment of all outstanding premiums and also requires that each life insured completes a Declaration of Health Form which will be subject to underwriting. You should contact the life assurance company, or your Financial Advisor and they will be happy to assist you.
Will the amount I pay change during the terms of my policy.
Unless you have selected the Increasing Cover option, the premium is fixed throughout the term of your policy and will remain the same once the benefits are not amended during the policy term. If you have chosen, the Increasing Cover option (indexation) then the premiums and the protection benefits will increase on each policy anniversary.
What happened if I stop paying the premiums?
It is your responsibility to ensure that your premiums are paid and received by the life cover when due.
If the life company does not receive your premiums when due, you stop paying your premiums or cancel your policy during the term, then your policy and any protection benefits it offers, will cease and no benefits will be payable.
In most cases the life company will allow you 30 days for payment from the date that the premium is due. If the premium is not received within 30 days of being due your policy and protection benefits will cancel immediately without notice and you will no longer be on cover for any protection benefits. If you have assigned your policy, the life company will notify the assignee (the lender) that premiums have not been paid and that cover no longer applies.
How much does life cover cost?
The cost of life cover will vary depending on a few factors. These factors are…
- Your age
- Your occupation
- Smoker or not
- If you have any pre-existing medical conditions
- The amount of Income you want to protect
- The term of the policy
It is very important to get advice from a Trusted Advisor before putting in place any policy. The policy needs to take account of your circumstances and what you need the policy for.
There is no one fits all.
We recommend speaking with your trusted advisor who will shop the market for you once you have established the correct cover and term etc.
You can get an quote from Zurich with the link below. I would suggest using this as a guide only though, as there may be easer options available. Speak with your advisor.
Should I shop around for my life cover?
Oh Yes. There are big difference between the providers when it comes to price. There are also big differences in terms the policies themselves.. Come providers also offer additional benefits.
Check these out?
From Royal London:Helping Hand – Royal London
From Aviva: Best Doctors® Second Medical Opinion – Aviva Ireland
From Irish Life: MedCare – Medical second opinion | Irish Life
So, not all life cover policies are the same.
The best advice is to seek advice.