life assurance

Life Assurance

 Guaranteed Payout
From €10 per month
Level Premiums
Free Best Doctors
Free Helping Hand

What’s Life Assurance?

A life insurance policy will pay a benefit if you die during the period the policy is in force – known as the term. If you die after this term, then there’s no payment made- Add a Conversion Option on to your policy and then at the end of the term you do not have to let the policy finish. You can then decide to extend the term and the best part is…. you will not be asked to provide fresh medical evidence. This is a truly great option to have and may only cost 5% extra.

A life assurance policy is open-ended (doesn’t have a fixed term) so provided the policy is in force at the time of death, a payment is made. Therefore, your policy is assured to be paid. You will pay more for these.

What’s the most popular life assurance policies?

  1. Term Insurance/Life insurance is generally taken out for family protection or where a loan is on an interest only repayment basis. The payment is made as a lump sum and Aviva and Royal London of offer one of the longest terms in the market, up to age 90.
  2. Mortgage protection is generally taken out with a mortgage from a lender*. The term of the policy is based on the duration of the loan and the benefit reduces year on year, generally in line with the mortgage repayments. This suits a loan that is on a capital and interest repayment plan. The payment is made as a lump sum and is generally payable directly to the lender* to pay off the loan. If you need a mortgage protection for 2 people then we will set up a Dual Life Mortgage Protection. Dual Life means the policy will pays out on each death. Traditionally Mortgage Protection policies only paid out on a Joint Life basis- 1st Death only. This is the same price as a Joint Life policy. This is an excellent way of incorporating some life insurance into a basic mortgage protection. Premiums for Dual Life Mortgage Protection from €15 per month- could be cheaper than what your paying for half the cover with your bank.
  3. Specified illness/Serious Illness pays a lump sum payable on the diagnosis of one of about 65 medical conditions.
  4. Income protection cover is payable when you are unable to work due to illness or disability and we pay a monthly benefit for the duration of the claim, up to NRA (Normal Retirement Age) or return to work.

Do I really need all four life insurance products? Which is most important?
Each product is important and offers a different type of protection for you or your family. Discussing your personal needs is important as it will help identify which is most important to you and where your protection gaps are.

When should I consider life insurance? Is it cheaper the younger you are?
Life insurance costs are based on several factors, one of which is age. The younger you are, generally the cheaper it is. Everyone should have some life cover in place but how much you need will vary during your lifetime.

I have mortgage protection – why would I need life insurance?
Lots of people have mortgage cover and think they’re covered in the event of death, but that mortgage cover is usually payable directly to the lender* to pay off loans on your home. It’s important to consider how your family would cope with other debts or expenses. How would childcare be paid? Are children yet to go to college? All these costs need to be considered when establishing how much cover you actually need.


It depends:

  • If the policy is assigned, such as to a lender*, then the payment is made to the assignee as the legal owner of the policy.
  • If there’s no assignment, and the policy is joint/dual or has a grantee than we’ll pay the surviving policy holder.
  • If there’s no assignment and the policy is a single life policy only, then we’ll pay your Personal Reps – to do this we may need for the grant of probate to be provided to ensure we pay the right person.

To find out the benefits of life insurance lump sum. There’s only one you, make sure to safeguard your family’s financial security. Get life insurance cover from €10 per month.

This article is based on an interview that took place in February 2018 between interviewer Jane Kelly (Aviva Ireland Marketing Assistant) and interviewee, Jean Larkin (Aviva Ireland Underwriting and Claims Manager).

List of providers

  • permanent tsb
  • aviva
  • caledonian life
  • irish life
  • new ireland assurance
  • piba
  • zurich


My husband passed away unexpectedly and words still cannot describe how we felt. What I can say is Susan was discreetly managing the Insurance company every step of the way during the claim process I the background. Thank you Susan “Siobhan”,