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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?
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.
LIFE INSURANCE CLAIMS
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).
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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”,