Why Opt For Term Life Insurance?

Life Insurance can help your loved ones deal with the financial impact of your death. It could pay out a cash sum if you pass away during the length of the policy.

Terminal illness is included with all term life policies as standard. If you add critical illness coverage and are diagnosed with one of the listed critical illnesses during your policy term, you'll be covered for that too.

There are 3 types of life insurance:

1. Term life insurance
2. Whole life insurance
3. Decreasing Term / Mortgage Protection life insurance

Term life insurance is a time-sensitive cover that lasts for an agreed period. In Ireland, term life insurance is a popular type of life insurance that offers a simple and affordable way to protect your loved ones financially in the event of your untimely death.

What is term life insurance in Ireland?

Term Life Insurance covers you for a specific time (the term) and pays a lump sum if you pass away during that term. With this type of insurance:

• You can start this plan up to age 82.
• You can choose a cover for 2 to 50 years.
• You can choose to include your partner as part of a joint-term life insurance policy.
• You can choose just life cover, or add on specified illness cover.

How does term life insurance work?

Term life insurance is the simplest type of insurance you can get in Ireland. You decide the payout value and duration of the policy.

• You choose the type of policy you want, how long it lasts, and the payout amount.
• You pay the regular premiums to keep the policy active.
• If you die within the policy term, your beneficiaries must file a claim to receive the payout.
• If the claim is successful, your loved ones will receive the payment, and the policy will end.

The premiums for your term life insurance are decided based on:

• The term length
• Your age
• Your health

Advantages and disadvantages of term life insurance

After considering the pros and cons, it’s important to gain insights about the factors that influence your life insurance policy.

Is term life insurance suitable for your needs?

Life insurance is suitable for people who:

• Have a financially dependant partner.
• Have young children.
• Have a family living in a mortgaged house.
• You might want to cover funeral expenses, to ease the cost for your family.

Read more here.

Planning on buying life insurance?

Life insurance can be confusing. How much life cover do you need? Which plans offer the best premiums for your requirement? What's the best plan for you based on your specific situation?

Read a few tips on how to get Cheaper Life Insurance in Ireland or, use Paddy Compare's services to get a clearer idea of what to opt for. We will do the hard work for you and put you in contact with life insurance brokers that are ready to help and provide you with great quotes.