Frequently asked Questions
- Which life insurance Companies in Ireland do you deal with?
- Why do I need life insurance?
- Are there risks in switching life insurance companies?
- If i already have life insurance, do i need to have insurance for my spouse?
- How do i deal with health questionaires?
- How often should I review my policy?
- How should I organize and store my life insurance records?
- What information should I keep?
- Where should I keep the information?
- Will I get approved for life insurance?
- E cigarettes and Smoking
Which life insurance Companies in Ireland do you deal with?
We provide you with suitable life products by analysing the best products available from the Companies below and selecting a solution to meet your needs:
- Irish life
- Royal London
- Friends First
- New Ireland
Irish Life is Ireland's largest Life Insurance Company and this company was recently acquired by Great West Life Insurance which is one of the leading Life Companies in the world. Irish Life have a very strong reputation in the pensions area managing pensions for some of Ireland's leading companies.
There protection product is very strong but tends to be dearer than some of our other providers. They will price match other providers basic pricing but at present they do not offer anything like the level of discounts currently available to leading brokers like ourselves of up to 15% off the lowest rates in the market.
Royal London is a mutual company but ownership or shares in the company does not follow if you purchase a life insurance from them in Ireland. However they are highly completive and have an excellent service level.
Zurich is another household name and the Irish Business is part of the global Zurich group.
Zurich are very strong on service and price in regard to Life Insurance in Ireland and are one of our leading providers because of a strong discounting policy with large Life insurance brokers. allowing us to pass on great rates to you.
Aviva are another household name and are part of the large global group with headquarters in the UK. One feature of their life insurance offering in Ireland is the " Best Doctors" facility which allows policy holders and their family and parents have access to a free second medical opinion from leading doctors across the world in respect of any medical condition.
Friends First are also part of a large European Insurance Group and while they are competitive in the Life Insurance area, they are market leaders in the area of Income protection providing the most comprehensive cover on the market backed up with exceptionally strong service levels.
New Ireland are part of The Bank of Ireland Group . Bank of Ireland place most of their business through this company. They have some very attractive features in the insurance products that are not available elsewhere in the market and again provide a very strong level of service,
Why do I need life insurance?
Life insurance provides a death benefit, money that your beneficiary or beneficiaries can use for whatever purposes they choose, helping to:
- Pay your last expenses, which may include taxes and burial costs
- Replace your income and helping to maintain your family's standard of living
- Protect your family's home by enabling them to pay off the mortgage and other debts
- Pay others to do some of the tasks you do routinely, such as caring for an ageing relative or a child, maintaining the garden or home, etc., or having the option to take time to do these things his/her self
- Ensure a child can go to college
- Provide supplemental retirement income for your spouse or partner
- Pay expenses incurred to keep your business in the family
Are there risks in switching life insurance companies?
As life insurance and mortgage protection premiums fall many policy holders are looking around for better value. There is absolutely no harm in arranging cheaper insurance, as long as you are comparing like with like.
It is important to seek independent advice when considering a switch.
Matters to consider are:
- Do not cancel an existing policy until you have been approved for a replacement policy and are satisfied with the new cover? Do not cancel your old policy until the new policy is actually in place.
- Rushing in and cancelling could be disastrous if you find that you cannot effect a policy with similar benefits.
- You need to compare like with like and if you are prepared to drop some benefits you should fully understand the implications of this decision.
- You need to be happy with the financial strength of the new Life Insurance Company..
- You need to satisfy yourself in regard to whether the premiums are fixed or variable.
If i already have life insurance, do i need to have insurance for my spouse?
If your spouse contributes to the family's annual income, then he or she should have adequate life insurance protection to replace that income in the event of his or her death. If your spouse does not earn an income, life insurance can still play an important role in helping to pay for valuable services he or she provides--for example, providing child care, elder care, or home maintenance.
Do i need life insurance if I am already insured through my job?
Participating in your group life insurance is a good idea because you will often be able to receive life insurance at a lower, group price. When deciding whether to buy insurance beyond your group coverage, consider these questions:
- Will you still have your group life insurance coverage if you leave your job?
- Converting your group coverage to an individual life policy may be an option. But will it be more expensive to do that than to purchase a life insurance policy on your own?
- Does your existing group coverage provide enough insurance?
- If you need to apply for a new individual policy because you leave your job, are you prepared to pay higher premiums (premiums may be higher due to your age or due to health status)?
- In general we see employment schemes as an added bonus, rather than a policy suitable for the long term benefit of you dependents. What factors should influence my choice of life company?
- The benefits provided by the product
- The cost of the life insurance product compared to similar products in the market
- The Financial strength of the Company.
- The reputation of the company in the market in regard to customer service .The last thing you need is a provider who will make it difficult to process a valid claim
- The price of the policy .In a competitive market most companies track each others prices quite closely.Life insurance companies tend to differ in regard to product extras or specific attitudes to risk factors.
- The length of time the Company has been operating in the market .A well established company with a strong record of sound management is preferable to a newly formed organistaion.
How do i deal with health questionaires?
We are often asked questions by clients in regard to the completion of health declarations.
There is only one answer and that is to be honest and to disclose the true facts in answer to all questions. If you are in doubt about a particular question please record your concern and our underwriters will deal with it. If you smoke say so and if you drink please record accurate drinking habits.
Failure to disclose facts or disclosing misleading facts could well invalidate your policy.
How often should I review my policy?
You should review all of your insurance needs at least once a year. If you have a major life change, you should contact your adviser . Here at Finance Company of Ireland we schedule a meeting once a year in advance with our clients.Life changes may have a significant impact on your insurance needs. Life changes may include:
- Marriage or divorce
- A child or grandchild who is born or adopted
- Significant changes in your health or that of your spouse/domestic partner
- Taking on the financial responsibility of an aging parent
- Purchasing a new home
- A loved one who requires long-term care
- Refinancing your home
- Coming into an inheritance
How should I organize and store my life insurance records?
The last thing you want to happen after you die is for your beneficiaries to be unable to locate and submit a claim on your life insurance. To prevent this, you should have copies of your life insurance records in at least two places. This is to make it less likely that you'll lose them (to fire, flood, accidental discarding, etc.) and more likely that, after your death, your beneficiaries will find them.
What information should I keep?
For each individual life insurance policy on your life, you should record the following information:
- The full name of the life insurance company that issued the policy
- The name and headquarters of the group, if the issuing company belongs to a group of companies
- The policy number
- The date the policy was issued
- The amount of the death benefit
- The name and address of the adviser who sold you the policy
- The type of policy (e.g., term, whole life, etc.)
- The location of the original life insurance policy.
- The type of policy that has a death benefit as part of its features
Where should I keep the information?
Keep one set of these records in your home, in a place where others who need this information are likely to find it (and after you put the information there, tell the people who'll need it where it is). This might be with your other financial records (such as income tax, investment records), with your other legal papers (such as a copy of your will, living will, health care proxy, etc.), or anywhere your survivors are likely to look for them.
Keep another set of these records "off site"--that is, outside of your home, perhaps in a safe deposit box, or with a professional or a relative who can be counted on to produce them when they're needed.Finance Company of Ireland are pleased to store your information on our secure server and to allow access to designated individuals appointed by you.
On each page, record the date on which the information was last updated. That way, if the copy in your home differs from the one in the safe deposit box, it's easy to tell which is the more current.
Will I get approved for life insurance?
Some of us put off taking out life insurance because we feel we will not qualify .In some instance a person may have a medical condition which concerns them,for others it might be because they are overweight or have high cholesterol etc.
Applying for life insurance is a relatively straightforward process.You can give us a call and we will go through an application over the phone,You are under absolutely no obligation to take out a policy whatsoever and even if you do there is both a cooling off period and if you so wish you can cancel a policy at a later stage
If you're worried about losing out on the cheapest life insurance policy because of your weight, you are not alone. According to recent reports a significant percentage of our population is overweight . Underwriters see overweight applicants as higher risk.
So how do you know if you're officially overweight? Most insurance companies judge you by how much body fat you're carrying, which is calculated using your height and weight to determine your Body Mass Index (BMI). You are considered overweight if your BMI is between 25 and 29.9. If your BMI is over 30, you are considered obese.
Your life insurance rates aren't the only things that are affected by obesity.
- Hypertension, or high blood pressure
- High cholesterol
- Type 2 diabetes
- Coronary heart disease
- Gallbladder disease
- Respiratory problems
Don't get discouraged if you are overweight and in need of cheap life insurance. Although it's easier said than done, maintaining a good diet and exercising regularly can drastically improve your BMI and help you obtain those inexpensive life insurance rates you've always wanted.
So life insurance is another good reason for you to get out and exercise.Why not start today?
E-cigarettes and Smoking
Smoking almost doubles your premium.
One of our Insurers Royal London Life Insurance, will look at reducing your premium back to a non smoker rates after one year once you sign a declaration to that effect..
Also some companies will consider you a non smoker if you have been smoking e cigarettes for one year.