A lot of people in Ireland know the importance of life insurance, but they still don’t make the jump to buy a policy. This is in part because they don’t know what is available to them. Below are a few types of life insurance that is available to Ireland residents.
There are various types of family protection life insurance plans. Different plans cover different things and include different terms/conditions. Some of the most common life insurance plans include Term Life Insurance and specified illness cover. Others include Life Long Insurance, Simple Life Insurance and Over 50s Life Insurance.
Each type of insurance comes with an array of benefits. The bottom line is you’ll be covered for various things. They all offer you protection to some extent.
Mortgage Life Insurance
This type of life insurance is for those who would like to acquire a mortgage because many banks require it before they will approve a mortgage. The reason why is because Mortgage Life Insurance ensures the loan will be paid in the event you pass away before you pay the mortgage off. In most cases, you can add specified illness coverage to a mortgage plan, which means your bills will be paid in the event you become ill and cannot work. Mortgage Life Insurance is surprisingly affordable and it is one of the most useful types of life insurances out there.
Income insurance is paid out in the event you are unable to work due to being injured or ill. You receive the replacement income after a specific period of time has passed by. One of the best things about income insurance is you can take it out if you work for yourself or if you work full-time. Do bear in mind that if you miss your payments, then you could lose your cover.
Income insurance allows you to receive a regular income on a monthly basis. Coverage can continue until you return to work or when you reach the age of 65-years-old. If you need regular income in the event of injury or sickness, then consider getting income insurance.
If you’re in Ireland and interested in any of the above life insurance, then contact paddycompare.ie company today. They can provide you with more information on the policies they offer and they can provide you with a quote. The sooner you get life insurance, the sooner you’ll get the peace of mind you deserve.