Life Insurance NI

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What is Life insurance NI?

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.

Type of Life Insurance NI

New products and options will continue to increase the various options available, but at a high level life insurance can be broadly divided into 2 categories,  Term life and whole-life. These are outlined further below.

Term life insurance 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 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.  

Whole-Life  Cover

With whole-life there is no specified term, the policy simply 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 that will pay "funerals and associated costs". Which leads you to think all costs would be covered, and this is not always the case.

A word of caution with whole life, if you live long enough, you may end up having paid more than the policy will payout.

Is a medical required? 

In general, a medical is not required,  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.

How much is Life insurance in 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.

Who needs life insurance NI?

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 finical commitments the limp sum provided may be used to pay for these financial commitments, given you have the correct level of cover. 

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