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Madden Life & Pensions Limited
PERKLIFE

Why get life insurance?

Let's talk about life insurance

What is life insurance?

Life insurance provides you with peace of mind, knowing that your family will be financially supported should you pass away or become diagnosed with a terminal illness. Yes it is something we do not like to talk about, but if you don't have a life insurance policy your family could be left to fend for themselves. With the right policy, your family could 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. Most life insurance policies will run from 20 to 30 years but can be tailored to suit you and your family.

Important life events on the horizon?

Who needs life insurance?

Big life changes usually mark a good time to think about life insurance, such as getting married, starting a family, having a baby, buying a home or retiring. Life insurance will provide financial security for your dependents.

How much does life insurance cost?

The cost of life insurance cover will vary depending on your circumstances, the length of cover required, your age and most importantly your health and lifestyle. You could cut the cost of your cover if you give up smoking, lose weight and drink less. Policies can start from as little as €10 per month, however you need to ensure you through all the details with your adviser.

How much life cover do I need?

The amount of cover will depend on your own personal circumstances and should be enough to support your family financially if you were not around. Life insurance policies have maximum pay-out limits agreed in advance. It is a good idea to secure enough to cover your mortgage, debts, funeral costs and family expenses.

How long should my life policy 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. Others may wish to match their life insurance policy to the term of their mortgage.

What is covered by life insurance?

Life insurance cover will vary depending on the specifics of your particular circumstances. Therefore it is important to discuss the details with an adviser. A typical life insurance policy will include cover for death during the policy term, for terminal illnesses such as cancer, and heart attacks and strokes. What typically is not covered is pre-existing medical conditions, drug or alcohol abuse, critical illnesses or total disability.

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What other types of life insurance are available?

Every policy is different and tailored to your individual needs and circumstances, speak to our advisers today and get the right life insurance cover today.

Critical Illness

This type of cover will provide you and your family with a lump sum should you be diagnosed with a serious illness.

Mortgage Protection

A Mortgage protection policy will cover the cost of your mortgage repayments in the event that you are unable to work through sickness or accident.

Whole-of-life

Whole-of-life covers you for your whole life, has no fixed term and is guaranteed to pay out, no matter how long you live.

Death in Service

This policy is offered by many employers and will pay out should you pass away whilst being employed

Over 50s life

This policy is designed for those over 50 years of age and will provide financial support should you fall ill or pass away.

Term Life

Term life insurance will cover you for a specified period of time, often aligned to the term of your mortgage or the expected earning age of your dependents

  • Will coronavirus affect my life insurance policy?

    COVID-19 may impact the price of your life insurance policy, generally as premiums are on the rise but also if you had coronavirus. You will still be able to get cover but again you should share and discuss the details in full with your adviser.

  • Can I get life insurance with pre-existing medical conditions?

    Yes, you should still be able to get life insurance cover with pre-existing medical conditions, however the monthly cost of the policy may be higher. You will most likely have to provide medical records to help them understand your conditions. As always, you should discuss the details in full with one of our trusted advisers.

  • Is life insurance taxable?

    Whether you pay tax depends on the size of your life insurance pay out which forms part of your estate on the event of your death. However with the correct tax planning you may be able to reduce the tax and leave the pay out to your loved ones.

  • Do I need life insurance to take out a mortgage?

    Whilst not a legal requirement most lenders and banks will require it before granting you with a mortgage. You do not have to use the provider recommended by your lender, but instead you should shop around and try Paddy Compare's trusted advisers.

  • When should I update my life insurance policy?

    You should update your life insurance policy every time your circumstances change, for example if you move house, change employment, your number of dependents change or changes in your lifestyle.

  • Do I get my money back if I do not die by the end of the policy term?

    No, unfortunately if you are still alive at the end of your policy you do not get your money back.

  • Can I cancel my life insurance policy?

    Yes you can always cancel your policy at any time, however you should discuss the cancellation terms with one of our trusted advisers before taking out the policy. You may decide to change your policy and take our some cheaper cover or decide that you now do not need to financially support your dependents.

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