Life Assurance (or Term Life Insurance) is the most straightforward and one of the most affordable forms of life insurance available.
Term Assurance & Mortgage Protection
There are many different types of polices that you can purchase with the end result being the same that these policies pay a lump sum to your named beneficiary or your estate if you die during the term of the policy.
Why would I need Life Cover?
Nobody wants to think about the worst happening, but death is a fact of life, and it’s a good idea for you to have a plan in place to protect loved ones financially in the event of death. If you or your partner dies prematurely, it could have serious implications for your family. It could mean a significant and sudden reduction in their financial wellbeing.
How does it work?
If you take out a Term Assurance policy on your own life for €250,000 over 10 years. If you die within 10 years (the term), the policy pays out €250,000 to your dependents. If you don’t die within the term of the policy, no benefit is paid out and the policy ends.
What type of Life cover so I need?
How much life cover do I need?
Reducing benefit or fixed benefit
This is the guideline on levels of life cover required, as provided by The Life Assurance Association.
| Age | Multiple of Income |
|---|---|
| 21-30 | 25-30 |
| 31-40 | 20-25 |
| 41-50 | 10-20 |
| 51-60 | 5-10 |
| 61-70 | 5 |
| 71+ | 5 |