What is life insurance?
Life Insurance is an insurance product where you agree to make a monthly payment to the insurance company in return for a lump sum payment to your family should you die. In most cases, you pay a monthly amount over a set time-frame (20-30 years typically) and the life company agrees to pay your family an agreed amount should you die during this time-frame. This is known as term insurance.
They can use this lump sum to pay off bills or the mortgage, and it could give them an income when they need it most. You can choose to take out life cover by itself, or as part of a broader life policy, providing other benefits such as specified illness cover
Types of life insurance products
There are four life assurance products that Irish Life Offer
- Term Life Insurance - life insurance for a specified number of years.
- Mortgage Life Insurance, or Mortgage Protection - life insurance to pay off your mortgage if you die.
- Life Long Insurance - life insurance for your whole life
- Over 50s Life Insurance - to cover funeral expenses or perhaps to cover any loans or bills you might still have when you die.