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Term Life Insurance
This is the one of the simplest and cheapest forms of life insurance.
A term life policy gives you a lump sum if you die during the term of the policy.
For example, you might take out a policy on your own life for €100,000 over 10 years. This means if you die within 10 years, the policy pays out €100,000.
If you don"t die within the term of the policy, no benefit is paid out and the policy ends.
Discountinsurance.ie work with different life insurance companies to make sure you get a great deal with a range of benefits including:
- A choice of 7 leading insurers
- Dedicated claims handling department
- Direct Debit option available
- The amount of cover you want paid out on your death, known as the "sum assured" or "policy benefit"
- How long you want cover for, known as the "term".
The standard premium usually covers terminal illness as well as death but check with your provider. This means that the policy will pay out a proportion, usually around 80%, of the policy benefit if you are diagnosed with a terminal illness (this is not the same as serious illness or critical illness cover). The remaining benefit is then paid out once someone can give proof of death.
An advantage of this is that getting most of the benefit in advance could help pay for any medical costs you have. Generally, term policies will not pay out if:
- Your death is caused by a medical condition that you had when you first applied for cover but you did not disclose it.
- Your death is caused by suicide within the first year or two of the policy.