Frequently Asked Questions

The terms and wording used to describe Life Insurance can make it sound complicated, however it is actually quite simple.You choose the level of cover you want and for how long you want this cover. You pay your premium, which is usually paid monthly.

If you die during the term of your plan, the level of cover you are insured for is paid as a lump sum.

This can be tricky for you to work out on your own. It depends on various factors such as your income, your financial goals,number of young children in the family etc. For further information go to the life insurance page. ( internal link)

If you just want some help to work this out please email us at info@financiallife.ie or call us on 01 582 3548

Is there someone in your life you would like to protect financially if you were to die suddenly? If you answered yes then life insurance is worth serious consideration. Speak with one of our Qualified Financial Advisors who can help you choose the right type of cover.

Some types of life insurance offer tax relief on premiums in Ireland. Pension Term, a type of Life Insurance(click here for pension term internal link), for self employed is one of them.

A life insurance lump sum payment is paid as tax free. However inheritance tax may be applicable depending on who receives the payment. The claim amount, if paid to a spouse of the deceased, is tax free. 

With our e-signing option, getting cover is simple and straightforward. Most clients with no serious health issues can be under cover within a few hours.

Life Insurance covers you for a fixed lump sum  that does not change throughout the term. Mortgage Protection covers you for an initial amount which then decreases year on year, usually in line with your mortgage balance. If your mortgage is interest only , it is possible a life insurance plan may be a more suitable cover to protect your property in the event of your death.

Specified illness Cover, also known as critical illness cover or serious illness cover is a benefit, which if you choose to take, will pay a tax free lump sum to you in the event you are diagnosed with one of the specified illnesses covered. Click here(link) for more information.

Single Cover means one person will be covered under the plan and only one claim can be made.

Joint Cover means two people will be covered under the plan however a claim can only be made once, for the first person who needs to make a claim.

Dual Cover means two people are covered on one plan independently of each other. If a claim is made and paid for one person on the plan, the remaining person will continue to be covered and a second claim can potentially be made.

People with diabetes can get life insurance.The likelihood and cost of getting cover will depend on the severity of your condition and any other health factors.

It is possible to get life insurance after having recovered  from a cancer diagnosis .The likelihood and cost of getting cover will depend on a variety of factors such as the severity of your cancer, length of time you are now cancer free and any other health factors.

Contact us(link)  to speak with a life Insurance expert who can  advise you on the options available to you.

Yes and it is easier to do than you might think. We strongly recommend you seek financial advice before making any changes to your existing Life Insurance plans. 

You can cancel your Life Insurance anytime without penalty. Once your plan is cancelled you are no longer covered. We would strongly advise you speak with one of our financial advisors for advice before you cancel your plan.

This type of policy is used to pay inheritance tax liabilities on death. Usually these plans are set up by parents to ensure a lump is paid to cover any inheritance tax liability their children may incur on the transfer of the parents estate to the children.

Once certain conditions are met, on death, the lump sum paid and used to pay the inheritance tax liability will itself not be subject to any inheritance tax.

This is a life Insurance plan which is usually setup for the self employed or those who are not in an occupational pension scheme. One big advantage if you qualify for this type for life Insurance plan is tax relief of up to 40% on any premiums paid.

Life Insurance is cheaper for non smokers for obvious reasons. If you have not consumed any tobacco or nicotine replacement products including Vapes in the last 12 months, then you should qualify for non smoker rates.

Banks can be an expensive option when taking out mortgage protection.Many of us price around for Car or Home Insurance before we purchase so why should it not be the same for your Mortgage Protection or Life Insurance?

We will search the market to ensure you are getting the best value for your money.