Life Insurance NI

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What is Life Insurance Northern Ireland?

By Eamonn Turley
Eamonn Turley Insurance Expert

Eamonn Turley has a wealth of experience within different insurance sectors. Through hard work and over time, he has gained expertise in digital marketing and user interface design. Elements that are crucial to any successful online business. The key aim is to develop websites that are intuitive, fast to load and provide insurance quotes tailored to your needs.

Expertise: Digital Marketing, Insurance, Home Insurance, Vehicle Insurance, UI Design
from the InsuranceQuotesNI Editorial Team - Fact checked

The team at InsuranceQuotesNI will fact-check content to ensure accuracy at the time of writing. In addition, we also review and update content on an ongoing basis. We aim to keep the content fresh and useful. If you are considering applying for any of the products, please take note that it is important that you read the terms and conditions that are applicable.

Oct 2023

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

  • Level Term : Will pay out a fixed amount if you die during the term. The contributions and sum paid out will remain the same throughout the term of the policy. 
  • Decreasing term : This more often associated with providing cover for a loan, for example life insurance attached to a mortgage. The cover reduces in line with the remaining balance on the load over time, the payments remain constant. 
  • Increasing : This policy type is aimed at keeping up with inflation. For example, if you decide on a policy with a payout of £100,000. The policy will then work to enure that the actual payout would equate to  £100,000 in terms of value.  The policy provider will adjust payments to the plan to take into account inflation. Most will make the payment adjustment on an annual basis.  

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.  

  • Renewable on a yearly basis 
  • 5 year renewable term
  • 10 years and mu;multiples of 5, normally until age 65 
  • Renewable Until a set age, normally age 65 

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:

  • Your age
  • The amount of cover required, the higher the amount, the more expensive.
  • Your current health and your health history
  • Lifestyle, example, do you smoke or drink in excess. 
  • The term of the policy and is it joint or single.

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:

  • A bit clichéd, but it can provide you with peace of mind, in particular if you do not have a large sum of money stacked away.
  • A by product will also be reduced stress and worries about your loved ones in your absence
  • For some, life insurance can be a requirement to take out a loan to buy a house, for example.
  • The policy can be set up so that it will pay off a mortgage in the event of your death
  • It can be tailored to help to pay for your children’s college or school education fees

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

Will Joint Life Insurance Covers pay out twice?

Joint Life Insurance Covers two people, but will only pay out once. 

How much is the cash sum?

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

Do you need life insurance to get a mortgage?

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. 

Can I get life insurance with epilepsy?

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. 

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