Life Insurance NI
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What is Life Insurance Northern Ireland?
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Life insurance has existed for a very long time, and you may remember back to the days of someone calling at your family home once a month to collect the life insurance premium. It can be thought of a savings plan that you or someone else contributes to on a regular basis, but you do not normally get to spend it. The life policy pays out if you die during the term of the policy.
Life insurance Northern Ireland come sin two flavours, term life or whole life. A Term life insurance policy can be level term or deceasing term and will only pay out if you happen to die during the term of the policy. A growing number of potential NI customers view this in a negative light, and some life insurance companies have responded with a term life policy with a "return of premium" element, but expect to pay more for this flavour of life insurance.
What are the Different Types of Life Insurance
New products and options will continue to increase the various options available, but at a high level life insurance NI can be broadly divided into 2 categories, Term life and whole-life. These are outlined further below.
1. Term life insurance NI policies
Life insurance can be either level term, increasing term or decreasing term. The term equates to the policy duration, which can range from 10 to 25 years
Common Term Durations
The yearly renewable term policy is getting difficult to find as fewer life insurance companies in Northern Ireland and the mainland are choosing to offer this product.
2.1 Whole-Life Cover
With whole-life there is no specified term, the life insurance pays out at death as long as you have continued to make the contributions. These type of polices are aimed at paying funeral costs and leaving an inheritance. More recently, in 2012, a sub category has emerged aimed at the over 50 age groups. However, some of these have been found to be misleading as they state that will pay "funerals and associated costs". Which leads you to think all costs would be covered, and this is not always the case.
Did you Know? With whole life, if you live long enough, you may end up having paid more than the policy will pay out.
A word of caution with whole life, if you live long enough, you may end up having paid more than the policy will pay out.
2.2 Whole-Life Cover with Critical Illness
If you choose whole life, it is possible to include cover for critical illness. This additional cover will pay out a lump sum if you are diagnosed with a critical illness. These are usually listed on the policy documents of each insurer. The amount can cover your regular monthly expenses, like shopping and bills, as well as medical fees, or even a holiday to help your recovery. You can discuss this with the adviser directly. Terminal or critical illness cover is different to private health insurance NI which is aimed at covering medical expenses, whilst terminal illness cover is aimed at providing a limp sum payment
Is a Medical Required?
In general, a medical is not required by a life insurance provider, however you will need to complete an application that will ask specific heath questions and ask about any pre-existing conditions and your lifestyle habits. This information must be answered truthfully and will be used in working out your premium.
Did you Know? Two of the biggest factors on determining the cost of life insurance are age and presence of pre existing medical conditions.
Can I pay for life insurance Monthly?
Most providers of Northern Ireland life insurance polices will accept monthly payments and is often the preferred method of payment
How much is Life insurance Northern Ireland?
How much is life insurance per month in NI will depend on a number of key factors. We have listed these below:
What are the Benefits of a life Insurance Policy
Most of us will get married have a family own a house, save for retirement. We will all most likely have loved ones that depend on you financially. Fo those, some of the benefits of this a life insurance policy include:
Who Needs life insurance NI?
Whole life insurance is paid out when you die, so unless you have dependents it will be of no benefit. However, if you are married, have children or other financial commitments the lump sum provided may be used to pay for these financial commitments, given you have the correct level of cover.
How to Save on Life Insurance Costs?
If you decide you are in the market for life insurance, you will quickly realise that you have many choices. All the big names in the insurance industry offer life insurance, examples include AXA NI life insurance, Aviva NI, Hughes life Insurance NI and many others will be eager to provide you with life insurance quotes. Apart from the big names, other companies offer a life insurance comparison service, so you get quotes from a range of NI life insurance brokers.
We work in partnership with Quote Zone who provide a simple form which once completed is submitted to a specialist panel of NI life insurance providers. To get started, select GET A QUOTE. The panel of brokers also offer comparative quotes for life insurance with epilepsy, a niche product within the life insurance umbrella.
Life Insurance FAQs
Joint Life Insurance Covers two people, but will only pay out once.
Your cash sum is dependent on a number of factors that include your age, smoker status, length and type of cover and your personal circumstances at the time you apply.
Compare the Best Life Insurance in Northern Ireland & Belfast
If you are in the market for life insurance in the North of Ireland, it is important to choose a policy that you fully understand and that will provide the required cover when that day comes. Life insurance is a lucrative product for insurance companies, as you will be paying a recurring premium over a lifetime. Stay focused on your search and do not select what appears to be the cheapest or the one that offers a gift voucher or other such enticements. This is a long term policy ( we hope ) and you can be assured that the cost of any gift has been built into the policy premium.
My personal view is that insurance companies should be prohibited from using incentive sales techniques when it comes to selling a Life insurance policy in Northern Ireland or elsewhere.
If you are looking to take out life insurance, we have partnered with SEPO who can share your life insurance requirements with a panel of specalist NI life insurance providers
Life Insurance NI FAQ's
Having or taking out a life insurance policy is not a requirement to getting a mortgage. A life policy could be taken to cover the mortgage cost should you die, but that is entirely your choice See full article on life insurance and mortgages that delves further into mortgages and life insurance.
Epilepsy is common illness in the UK and Northern Ireland and all life insurance companies are able to provide you with a term or whole life insurance policy if you suffer with this condition. Read the full answer on click here for a more in depth answer.