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We all know that family is number one, and a life insurance policy is your way of protecting you and the ones you love. Starting a policy will give you peace of mind, and comfort knowing that your loved ones will have some financial support should you pass away. Therefore it is very important to plan ahead as anything can happen. Yes, no one likes thinking or talking about it, but by acting now and taking out a life insurance policy it could be the most important decision you ever make. At Paddy Compare we work with a panel of trusted life insurance specialists from across Ireland, all capable of providing you with quotes and the support and advice you need.

What is life insurance?

Everyone wants to know that their loved ones will be ok in the event of your death. If you don't have a life insurance policy your family could be left to fend for themselves. With the right policy, your family would usually get a lump sum that can be used to pay off debts or arrange to receive a regular income. Some policies may also pay out should you be diagnosed with a terminal illness with life expectancy of less than 12 months. You decide how much cover you need, how much you want paid out and to who. Therefore it's very important to get life insurance protection in Ireland and understand the different types of cover available.

Who needs life insurance?

If you have family or love ones who depend on you financially then you should consider taking out a life insurance policy. Examples of dependents would be: children of school age; a partner who relies on your income; or a family living in a house with a mortgage that you pay for. You may also wish to consider a policy that will cover the costs of your funeral. You may not need life insurance if you are single, if your partner earns enough for your family to live on, or if you are on a low income and eligible for state support.

What type of life insurance do you need?

Level Term Insurance is the simplest type of life insurance cover, you decide the payout value and the duration of the term. The policy will then pay out a lump sum to your dependents if you die during the policy term. Terms can vary in length and all conditions should always be checked with your adviser.

Decreasing term insurance reduces over time with the cover usually reducing alongside your mortgage and debt repayments. Whilst this policy will be cheaper, it is important to ensure it is right for you and your dependents.

Over-50s life insurance is specifically designed for those aged between 50 and 80 of good health, and is automatically accepted. The policy holder does not have to pass a medical test or questionnaire. The over 50s policy will pay out a guaranteed limp sum when you're gone.
Whole-of-life insurance will provide cover for the entirety of your life, rather than for a set term of say 25 years. Therefore your family will receive a payout provided you continue paying your premiums. Such policies are typically associated with inheritance planning as opposed to paying off a mortgage.

A Joint Life insurance policy covers two people, but will only pay out once, with the policy ending thereafter. A dual life insurance policy will pay out when the first person dies and continue, and then pay out again on the death of the second person. Dual life insurance policies are typically more expensive than a joint life policy.
Critical illness cover in Ireland will pay out a tax-free lump sum on the diagnosis of a range of illnesses and accidents such as cancer, heart attacks and strokes, that may occur during the policy term. A regular income after illness may also be granted and full details should be discussed thoroughly with your critical illness policy provider.

Fixed term cover and mortgage protection insurance are also available.

You could also opt for convertible term assurance which allows you to convert your term policy into a whole life insurance policy.

How long should my life cover last?

It is extremely important to compare life insurance policy terms and this should be considered carefully. Most people will want their policy to run for as long as they have any dependents such as until their children go to university.

How much life cover to I need?

Life insurance policies have maximum pay-out limits agreed in advance. It is a good idea to secure enough to cover your mortgage, debts and family expenses.

How much does life insurance cost?

Life insurance doesn't have to be expensive and you can get a policy from as little as €10 per month. The price of the policy will depend on your age, your occupation, the sum insured and most importantly your health. Smokers and those with pre-existing medical conditions may have to pay extra for their policy.

As every family is unique, there is not a one size fits all policy, therefore its important to Compare Life Insurance and speak to the specialists who can advise you on the policy best suited to your circumstances. At Paddy Compare we can help you get in touch with life insurance cover specialists, who can play a very important part of your financial planning.

How to get life insurance quotes at Paddy Compare?

So let Paddy Compare help you and your family get that peace of mind. Simply complete our one page life insurance quote form by telling us some details about you, the value and the term of your policy and let our life insurance comparison system do the work for you. Paddy will match your details with local specialist life insurance brokers who will then contact you with competitive quotes. It's free and only takes a matter of minutes.

Why Paddy Compare?

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