Life Insurance is a form of insurance that could pay a lump sum to your family if you die, provided of course that you have taken out a life policy. 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.
Term Life Insurance is life insurance over an agreed term (length of time you choose to be covered for) which pays a cash lump sum if you die during the term of your plan. It is particularly important to have for the key years that you might have dependants who rely on your income.
Income protection provides you with a replacement income if you cannot work as a result of an illness or injury after a period of time. You can take out income insurance if you are in full-time work or are self-employed and earn an income. Income protection will not be paid if you become unemployed.
Simple Life Insurance is a no-frills life cover plan which could give you instant life insurance when you apply online. If you are accepted, you could be covered by the end of the application process. Coverage is limited to €150,000, and a maximum term of 20 years.
Mortgage Life Insurance, commonly known as mortgage protection ensures that your mortgage will be paid off if you die during the term of your plan. Most banks will require that you have mortgage protection in place prior to granting you a mortgage. This plan pays out a cash lump sum if you die during ther term of your plan.