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Tax Relief on Life Insurance Premiums

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You can get Tax Relief on your Life Insurance Policy

Not many know about this, but now you can get a refund of up to 40% of your Life Insurance premiums. You can recieve Tax Relief at the marginal rate of tax on your Life Insurance policy.

 
 
Really?
 
 

Yes , it is called Pension Term Insurance and very few take advantage of this and there is no reason why.
 
 

How does it work?
 
 

It works the same was as an individual life insurance plan.
 

◗ It pays a cash lump sum if you die within the term.
◗ It provides life cover at a very reasonable price, depending on your age and certain other factors.
 

AND
 

◗ Tax relief on life insurance premiums (up to Revenue limits).
 
 

Who is Pension Term Insurance Suitable for?

     

    • Anyone who is self employed, either profession or trade such as solicitors, accountants,
      carpenters or farmers, assessable for income tax.

      • Anyone who is in non-pensionable employment i.e. PAYE workers who are not part of a company (occupational) pension scheme.
      • If you are a director of a company or are an employer.
      • If you are a member of a group occupational pension scheme and your employer has set up a group AVC scheme.

       
       

      How does tax relief work?
       
       

      Premiums paid into Personal pension term insurance qualify for tax relief at the life insured’s marginal rate of income tax, subject to certain limits.

      Premiums paid into Executive Pension Term Assurance are eligible for tax relief at the appropriate corporate rate, subject to certain limits. There are no BIK implications for the individual director or employer.
       
       

      **If you are eligible, it will cost you 40% less than a regular life Insurance

       
       

      Can you give me an example?

       
       

      To get advise on this, to check if you are eligible or to ask questions on the most appropriate cover please get in touch:
       

      E: tom@onelifeinsure
       
      T: 01-5390410
       
      or get an instant quote on our website:

      http://www.onelifeinsure.ie

     
    Life Insurance Quotes

    Life Insurance After Cancer

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    Can I get Life Insurance after beating Cancer?

     
     
     
     

    The simple answer is …YES
     

     
     

     

    If you are among the majority of cancer patients who survive following a diagnosis, you may face another battle: taking out a life insurance plan or mortgage protection policy.

     

     

    Trying to get life insurance after a cancer diagnosis is not easy but not impossible. There are a number of factors that will determine the cost of your cover:
     
     

     

    • type of cancer
    • what stage you were at
    • grade of the cancer
    • the treatment plan
    • how long ago your last treatment was

     
     
     

    The following are guidelines estimating the waiting periods for different types of cancer.

       
       

    • Bladder Cancer – 2 Years
    • Bone Cancer – 5 Years
    • Breast Cancer – 2 Years
    • Cervix Cancer – 1 Year
    • Cervix (In Situ) – 0 Years
    • Colon Cancer – 2 Years
    • Esophagus Cancer – 3 Years
    • Kidney Cancer – 3 Years
    • Larynx Cancer – 1 Year
    • Leukemia – 10 Years
    • Lung Cancer – 3 Years
    • Lymphoma – 2 Years
    • Metastatic Cancer – 5 Years
    • Ovarian Cancer – 3 Years
    • Parotid – 2 Years
    • Pancreatic Cancer – 2 Years
    • Prostate – 1 Year
    • Rectum Cancer – 2 Years
    • Salivary – 2 Years
    • Skin Melanoma – 1 Year
    • Testicular Cancer – 1 Year

     

     
     

     

    Life insurance after cancer

     
     
     

     

    It’s unusual if an insurer offers a policy to someone who is still undergoing treatment. If they have a good prognosis, they may become eligible for a policy. Life insurance companies often examine medical records and consultant reports for breast cancer survivors seven years after a completed treatment. If the prognosis is good, the patient can ask for a re-evaluation and lower premiums.
     
     

     

    Most cancer survivors who apply for life insurance do so after five years of being cancer-free (after their last treatment) but depending on the cancer you can get cover before this period.
     
     

     

    The life insurance policies and price you receive will hinge on the curability of your cancer. Certain types of non-melanoma skin cancer, for example, are considered very low risk by life insurance companies, and a skin cancer history may not impact premiums at all. Depending on your type of cancer, the life insurer might add loading.
     
     

     

    Applicants with common and treatable forms of breast, prostate, testicular and thyroid cancer may be able to get a small loading under ideal circumstances.
     
     

    But patients with a history of leukaemia or colon cancer may fall into a higher loading of premium at best, or even receive declines. Anyone with cancer that has metastasised likely won’t be able to obtain a policy.

     
     

     

    Most insurers will not offer a policy to someone who is still undergoing treatment for cancer.
     

     
     

     

     

    Cancer risk specialists
     

     
     

    While any dedicated life insurance broker can search the insurance marketplace to find companies that will sell you a life insurance policy, we at ONE LIFE are brokers who specialise in finding life insurance for people after cancer as we know which insurer will look on each case more favourably.
     

     
     

     

     

    Life insurance application tips for cancer survivors
     

     
     

     

    Gather all necessary medical records before you apply. This includes your all your reports, medical records and treatment records. This will give underwriters the most complete picture of you, your health and your cancer history. Having all those records before you apply will reduce delays in the application process because your life insurer is going to request them and will wait for them. The less underwriters know about you, the more likely they are to assume you are a high-risk case and offer you high premiums accordingly.

     
     

    Make sure you follow your doctor’s treatment plan to the letter. Your life insurer is not going to offer you a policy without seeing the results of your follow-up appointments. Similarly, if you’ve had breast cancer and you’re due for a mammogram soon after applying for Life Insurance, your life insurer will likely wait for the results of your next mammogram.
     
     
     
     
    Contact ONE LIFE INSURE and will go through your application and complete a Cancer Medical Questionnaire in fine detail with you.

     
     

     

     

    Most insurers you would think sing from the same hymn sheet when it comes to accepting life insurance with cancer survivors. But that is not the case. The following case study is an example of much of a saving you can make by applying to the right company to get your cover.
     
     
     

     

     

     
     
    Case Study: Last year, a couple (Alan and Hannah) contacted me, they were buying their first house together. Hannah had been given the all clear from cancer (Non-Hodgkins Lymphoma) 7 years previous. The bank who arranged their mortgage loan advised them that the Mortgage Protection premium, because of a medical loading, was going to be €320.50 per month. Understandably, this was a unaffordable amount and the purchase of the house was in jeopardy.

     
     

     

    However, we didn’t panic, as I knew from previous experience, the insurance company whom they originally applied for this cover for wasn’t very lenient towards cancer survivors.

     
     

     

    So we set about applying with two other insurers (two insurers that I knew would be more understanding) in great confidence of getting a reduced premium. After plenty phone calls to GPs etc,  we got quoted two vastly reduced premiums. One Insurer quoted €81.15 per month and another quoted €50.79 per month. This was a huge saving of €269.71 per month, over €3,200 a year. Obviously Alan and Hannah were thrilled with this outcome, but real life stories like this also gives myself and the staff here a great sense of achievement and fulfilment.
     

     
     

     

     
     
    Remember:
     

    Regardless of how long it has been since your cancer diagnosis, it’s important that you stay positive. Even if you’ve been denied life insurance coverage in the past, it is still possible that you can qualify for a policy in the future. The best course of action is to complete the waiting period post treatment and then move forward from there.
     
     

    If an insurer has declined you, try another one or speak to us at  ONE LIFE INSURANCE. We are specialist life insurance advisors who know where to apply to get the most appropriate plan and the cheapest cover for you.

     
     

    We are here to help

     
     
     

     

     

    Please get in touch by getting a quote on our website www.onelifeinsure.ie

     

    or

     

    E: tom@onelifeinsure.ie
     

    T: 01-5390410
     

    Can I Get Life Insurance With Diabetes?

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    Can I get Life Insurance with Diabetes?
     

     
    Yes you can!
     
     
    Premiums on life insurance for people with diabetes are likely to be higher than for those without the condition, some insurers may even decline your application.
     

     
    If you have diabetes and have applied for life insurance in the past then you will know how difficult it can be. This is where our team of Insurance experts can assist – we’ll help you to find the best cover for you at the right price. Luckily for you will know the insurers that are more lenient to those with diabetes.
     

     
    We aim to save you money on the premiums that you pay for life insurance by searching the market to find you the best insurance provider.
     

     
    Our expert advisors have experience with getting cover for clients with diabetes so we understand what you need and we are here to make sure that you get it.
     

     
    How does diabetes affect your life insurance?
     

     
    It is possible to get life insurance if you have been diagnosed with diabetes, but your premiums will depend on the severity of your condition and your HbA1c readings.
     

     
    Most people with diabetes who are applying for life insurance will find that their premiums will be loaded by the life insurance provider.
     

     
    This is why life insurance underwriters will assess your diabetes based on a number of key factors and measurements, such as:

       

    • Age of diagnosis
    • Most recent HbA1c reading
    • Details of all blood sugar tests, kidney function tests, urinalysis & cholesterol
    • Type of diabetes
    • Medication (e.g. diet, metformin or insulin)
    • BMI
    • Existing diabetes complications
    • Records of treatment

     

     

    You may find that certain insurance providers previously declined you for life insurance because of your diabetes. This does not mean that every insurance provider would decline you, so it is important to speak to one of our experts to ensure you apply to the best insurance provider for you.
     

     

    It is very important for anyone with diabetes to apply to insurance providers with strong underwriting for your condition. Our team of experts know exactly which insurance provider will be the best for you and it is our job to make sure that you get the best cover in place at the right price.
     

     
    Critical illness cover for diabetes
     

     
    Over the last several years there has been a move towards more flexible underwriting for critical illness cover with diabetes.
     

     
    Unfortunatly it is still extremely difficult to get Serious Illness cover for those with Diabetes. We are constantly working with life insurance providers to help improve underwriting for critical illness cover for people with diabetes.
     

     
    As a diabetes life insurance specialist we are constantly working with insurance providers to develop new products and help them to improve underwriting for you.
     

     
     
     
     
    What is the application process for life insurance with diabetes?

       

    • Get a quote online (www.onelifeinsure.ie/life-insurance/) or get in contact with us 01-5390410 or tom@onelifeinsure.ie
    • We will advise you on the most appropriate plan and the cheapest quotes.
    • No forms to fill in- Quick and Easy Application Process. Completing your application couldn’t be easier, there are no forms for you to fill out. You can complete your application over the phone in about 5 minutes and sign it securely online in minutes.
    • During this call we will complete a diabetes questionnaire. The more information we give the insurer at the application stage the better.
    • The life insurance company will probably request a report from your doctor.
    • We will bring the policy back to you with the underwriting decision and from there we will add the finishing touches to your cover

     

     
    Finally

     

     
    As I mentioned already, it is difficult to get cover if you have diabetes, but my advice is to contact us, let us do the hard work for you and I will be confident that I can get you a decent amount of cover to suit your budget.
     

     

    Life Insurance

    or contact us via this contact form and we will respond as soon as we can.

    Contact Us

     

    Mortgage Protection am I paying too much ?

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    Mortgage Protection or Life Cover – am I paying too much?

    We all want to do the very best for our family and to make sure that we can provide them with financial security. But what would happen to your family’s finances if you were to die? It’s certainly not a comfortable thought, or one that any of us like to dwell on for too long.
    If you have a young family then the financial turmoil created by a sudden death of a parent can be devastating.
    The most common questions I get asked when it comes to Mortgage Protection or Life Cover are how much cover do I really need and how can we save money?
    How much cover do you need?
    You have to consider several aspects before calculating the cover you need such as the number of dependants you have and their ages. Whether there is a second earner or not and the level of cover they require and the cost of providing for childcare as well as any long term borrowings or loans.

    How can you save money?

    On the life assurance, mortgage protection and serious illness front, we have seen premiums fall massively in the last few years. If you bought your home during or before the ‘Boom Times’ you have probably paid ‘Boom’ prices for your life cover. You want to ensure that you are availing of the lowest rates available in the market. This is a job your bank cannot do as it can only advise on its own products.
    Therefore, you would be wiser to engage the services of a financial broker who will find the best insurance quotes in the market for you, and also look for extra benefits that some insurers have. A great example of this is Aviva will add ‘Best Doctors’ (a unique healthcare experience by providing access to the world’s best medical experts should serious illness strike) for free to all life and mortgage protection plans.
    Switching plans is very easy but please do not consider cancelling an existing policy until you have your new policy in place and are happy with it.

    Mortgage Protection or Life Cover – am I paying too much?

    by

    How do you know if you’re paying too much for Mortgage Protection or Life Cover?

    We all want to do the very best for our family and to make sure that we can provide them with financial security. But what would happen to your family’s finances if you were to die? It’s certainly not a comfortable thought, or one that any of us like to dwell on for too long.

    If you have a young family then the financial turmoil created by a sudden death of a parent can be devastating.  The most common questions I get asked when it comes to Mortgage Protection or Life Cover are how much cover do I really need and how can we save money?
     

    How much cover do you need?

    You have to consider several aspects before calculating the cover you need such as the number of dependants you have and their ages. Whether there is a second earner or not and the level of cover they require and the cost of providing for childcare as well as any long-term borrowings or loans.
     

    How can you save money?

    On the life assurance, mortgage protection, and serious illness front, we have seen premiums fall massively in the last few years. If you bought your home during or before the ‘Boom Times’ you have probably paid ‘Boom’ prices for your life cover. You want to ensure that you are availing of the lowest rates available in the market. This is a job your bank cannot do as it can only advise on its own products.

    financial photo
    Photo by perspec_photo88

    Therefore, you would be wiser to engage the services of a financial broker who will find the best insurance quotes in the market for you, and also look for extra benefits that some insurers have. A great example of this is Aviva will add ‘Best Doctors’ (a unique healthcare experience by providing access to the world’s best medical experts should serious illness strike) for free to all life and mortgage protection plans.

    Switching plans is  easy but please do not consider canceling an existing policy until you have your new policy in place and are happy with it.

    If you have any other questions, don’t hesitate to contact OneLife