Life Insurance

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What Does Life Insurance Do?

Life insurance guarantees that in the event of your death, a lump sum will be payable to your loved ones.
 

Not sure if you need Life Insurance?

Ask yourself this question: “Will someone in my life suffer financially if I die?”. If the answer is yes, you probably need life insurance.

The correct amount of life assurance can:

  • Provide money to pay for burial or other final expenses
  • Ensure your loved ones are able to sustain their current lifestyle and stay in their home
  • Cover your debts, including your mortgage
  • Provide an income for your family
  • Cover the cost of childcare
  • Cover the cost of education for your children
  • Can reduce inheritance tax liability


 
 

What Are The Different Types Of Life Insurance?

There are many different life insurance products and finding the right product for you depends on your personal and family circumstances, including your debts, the age of your children and your long-term goals for your family.  Most life insurance products fit into two categories – Term Life and Whole of Life.

Term Life Insurance

Term Life Insurance

Term life Insurance is generally arranged for a set amount of cover for a pre-determined number of years. It can be used to give cover for a loan such as a mortgage which will be paid off over an agreed period. It can also provide income to provide for your children until they reach independence. Term life insurance only pays a benefit if you die during the specified period of time – After the term expires there’s no guarantee that you will qualify for a new policy – If you do qualify, the premium will probably be higher because of your older age, or it might cost extra if you have had any medical issues in the meantime. It is possible to guarantee the extension of your cover without any medical underwriting by paying a small extra premium.

Whole of Life

Whole of Life

Whole of life insurance guarantees you cover up to age 99, provided you continue to pay the premiums, which are reviewed on a regular basis. This was a popular product in the 90’s and was sold on the basis that part of the premium was invested which would keep future premiums down. They did not live up to their promise and in most cases, the investment returns were poor, resulting in the premiums being revised upwards, making it a very expensive form of life insurance.

 

Who can be covered?

All plans are available on a Single Life, Joint Life or Dual Life basis.

The cost of your life insurance will depend on your age, health, smoker status, how much cover you might need and for what period of time you need the cover. At One Life we will search the leading insurers to provide you with the best possible level of cover at the most affordable premium.