Term Assurance

Term Assurance is a policy taken out for a specific period of time and will provide a single cash payment to your dependants if you die during the term of the plan. Your family can use this lump sum to cover any expenses they might have - for example, funeral expenses or other debts. It can also be invested to provide a regular income.

What are the Benefits of Term Assurance?

Life Cover

A tax-free lump sum payable in the event of death within the policy term to help your family maintain the same standard of living that they enjoy today.

Terminal Illness Cover

This provides for the payment of the death benefit upon diagnosis of a terminal illness. 

Peace of Mind

The knowledge that if you die, that your family will receive a lump sum to assist them financially for the difficult times ahead.

Guaranteed Premiums

You pay the same premium at the start of the policy as at the end.  Premiums and benefits may however be indexed to keep in line with inflation –   it is recommended that you take this option on longer term policies.
 

Did you know?

  • The vast majority of life cover is used to protect mortgage loans – if you die the proceeds of the policy goes to your bank to pay off your mortgage – most Irish families are not adequately protected should the main provider die.
  • On average, smokers pay double the rate for cover as non smokers – if you have quit recently you should consider reviewing your policies.
  • The beneficiary of your life assurance policy may have a tax liability in the event of the policy paying out.  This will depend on their relationship with you.  You should therefore consult an adviser before purchasing life cover.
  • Life assurance is not only for domestic situations.  Businesses can and should take out life policies on directors, key employees and on partners. 

Contact Us

For more information on Term Assurance call us on 1890 299 299 or email life@onefinance.ie.

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Frequently Asked Questions

  • How much life assurance do I require?

    This will depend on many factors such as your lifestyle and general and personal circumstances, salary, number of dependants etc. Most life assurance sold in Ireland is to cover mortgages, leaving the vast majority of people under insured. You should review your life cover regularly to ensure that you have adequate protection.  We will be happy to help you determine a suitable level of cover.

  • Why am I getting different quotes for what appears to be the same level of cover from the same provider?

    One of the quotes maybe for mortgage protection.  The level of cover will decrease throughout as you repay your mortgage, which means lower premiums from the outset.  Ordinary term assurance will maintain the same cover throughout the term of the policy, which means the premiums will be higher.

  • Will I have to do a medical examination?

    This depends on your age and the level of cover you require. Generally speaking the younger you are the less cover you require means no medical exam will be necessary.

  • Can I extend the duration of my policy?

    If you take out a convertible/continuation option at the outset of the policy, it is possible to extend the policy for a further period, without any medical underwriting requirements. 

  • I used to be a smoker, but I haven’t smoked now for three years. Should I review my policies?

    Absolutely! Smoker rates can be twice the price of non smoker rates, given the risks involved with smoking.  Even though you may be older, it is worth checking this out.

  • The premiums on my life policy doubled recently, how is this so?

    If your policy is a whole-of-life policy, your premiums can increase periodically. There are various types of whole-of-life policies, but the most common is a unit-linked whole-of-life policy. With this type of policy, the life assurance company invests your premium in a fund. They manage the fund so that it is expected to grow at a certain rate and to increase in value over time. The fund value is not guaranteed. It may grow by enough to pay for your life insurance throughout your life. Or, in some cases, it may fall short of what's needed to pay for your life insurance.  In certain cases it is possible for premiums to double.  You really need to determine if you need a Whole Of Life policy or if a term policy would be more suitable for you.

  • Can I determine to whom I want the money to be paid? Can I put a child's name on the policy?

    You can name the person you want the money to go to if you wish. This person is called a beneficiary. You can name a child or an adult as a beneficiary. If you name a child, the money will normally be held for them until they are 18.  Depending on their relationship to you, the beneficiary may have a tax liability to discharge under capital acquisition tax rules.

  • What is the difference between 'single', 'joint' and 'dual' life cover?

    Single Life Cover is when you take out a policy on your life only and the claim is payable if you die or contract a listed illness on a critical illness policy.  Joint Life Cover covers two lives but pays out only on one life, on the first death or the second, depending on the type of policy taken out.  Many mortgage protection policies are taken out on a joint life basis and are paid on the first death.  It iss essential to remember there is only one payout with a joint life policy.  Dual Life policies also cover two lives but will pay a claim on both deaths so it's like having two single lives covered on the one policy.  Under a dual life policy each life can be covered for different amounts so it's possible to keep premiums lower if cost is an issue.  Our quote calculator currently provides quotes for both single and joint life policies.  If you would like a quote for a dual life please contact us on 1890 299 299.