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Life Insurance

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Term Life Insurance – Lump sum cover

Can help protect your family financially should you die Term life insurance is one of the simplest forms of Life insurance you can buy.

If you take out term life insurance policy for a set period, and should you die within that period, your family will get a lump sum, as long as there is an insurable interest – i.e. That you are married or have children together or have a mortgage together. This is also known as estate planning.

The difference between dual life insurance and regular life insurance is that dual cover benefits the successor of the estate. For example, the families of the insured. The benefit is not paid out until the surviving partner dies.

For example, a couple might take out a level–term life insurance policy on both their lives for €100,000 life cover each over 25 years.

This means that if one of them were to pass away within the 25 years, €100,000 would be paid to the remaining living person on the policy.This policy would continue on the surviving partner for the remainder of the term.If the other person dies , a further €100,000 would be paid to their next of kin (dependents).

Before you take out term insurance:

You must decide

  • The ‘sum assured’ or ‘policy benefit’ total (The amount payable on death)
  • The ‘term’ of the benefit (the length of time the benefit covers)

These are both fixed for the duration of the policy, as is the premium, unless you buy a policy that is index-linked.

Extra Benefits

  • Index-linking – The amount you are covered for increases each year by 5%.This ensures inflation doesn’t reduce the value of your policy.It is important to choose the right policy as some companies can charge as much 8% on a premium for the 5% increase in your cover.
  • A conversion option – This option allows you to convert your exisiting policy to a new policy at the end of the term. No medical evidence is required as long as you don’t exceed the cover you previously had in place.

Why choose First Step as your broker ?

First Step Financial Planning will  provide you with  independant financial advice and  find you the best Term life insurance policy that suits your needs .As well as giving you professional advice on which Term Life insurance policy you need.