Life insurance
Irish Life Financial Services Limited
Your Life Insurance Questions Answered
December 7th, 2021
• 3 min read
You asked, we answered… discover the most common life insurance questions.
Life insurance pays your loved ones a lump sum when you die, with this sum providing financial security to your family giving you (and them!) peace of mind should the unthinkable happen.
There are also different types of life insurance products that have different cover options known as “living benefits” which pay out while you’re still alive. Depending on what benefits you have, this could mean a payment of a lump sum should you be diagnosed with a specified illness covered by that plan or a regular payment that replaces your income.
Other life insurance policies can help cover your bills should you be unable to work due to an injury or illness while employed. In the case of a mortgage, you are required to have a plan in place in the form of mortgage protection before the bank will provide your loan.
How to get life insurance
A financial advisor or broker can give advice tailored to your life situation. Book a one on one chat with one of our experienced advisors, and they will talk you through the various types of cover and policies available so you can make an informed decision on the best way forward. Simply check out the call back form at the bottom of the page and set up your chat today.
How long should I get life insurance for?
Certain types of life insurance, such as whole of life insurance, last until you die. With other types, you choose the term, or the length of time you’d like for your plan to be in place.
Consider when your children will be likely to be financial independent, the length of your mortgage, or any other debt that would need to be paid off.
Can you change life insurance policies?
Depending on the cover you have in place, it may be possible to change aspects of your cover like the term, amount of cover, or benefits. Your life insurance needs change over time and it’s wise to reassess your cover as you reach big milestones in your life, such as getting married, having a child, or buying a house.
For example, if you buy a house, you need to put protection in place in case something happened to you, and you couldn’t pay the mortgage. Enter mortgage protection.
Can you get life insurance while on disability?
Yes. If you have a disability, you’ll still have to go through the medical questionnaire process like anyone else. This might impact on the type or level of benefits available to you.
Can you leave life insurance to a minor?
Your life insurance goes to your estate, which is dictated by your will. Your life insurance policy cannot be paid directly to a minor, but the money can be left to a trustee on the minor’s behalf.
How long do you have to claim life insurance?
This depends on your life insurance provider. It also depends on the type of cover. While it's best to claim as soon as possible, even if you haven’t claimed within the specified period for your type of insurance, it’s still worth submitting your claim as each claim is assessed on its own merits.
How long does it take to get life insurance approved?
Your plan could be put into place immediately or it might go to the underwriting team to review, which could lengthen the process. This will depend on the outcome of your medical questionnaire. If you have any pre-existing conditions, consider planning in a bit of extra time ahead of when you’d like your plan to start for the underwriting review process.
Still have some questions about life insurance? Set up a chat and talk to your financial advisor or broker about your personal life situation to make sure your cover is tailored to you.
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Irish Life Financial Services Limited is tied to Irish Life Assurance plc for life and pensions.
Irish Life Financial Services Limited is regulated by the Central Bank of Ireland.
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