• Skip to primary navigation
  • Skip to main content

MoneySaver

helping you save money online

  • Household Bills
    • Gas
    • Electricity
    • Home Heating Oil
    • Broadband
    • Home Phone
    • Mobile Phone
    • TV
    • Property Tax
    • Insurance
    • Mortgages
  • Personal Finance
  • Travel
  • ‘Big’ Expenses
    • New Baby
    • Buying a Home
    • Wedding
    • New Car
    • Going to College
  • Deals & Shopping
How To Win The Game Of Life! Insurance

How To Win The Game Of Life! Insurance

by Mr. Moneysaver · Jul 24, 2011

Nobody likes to think about the need for life insurance – it’s a gloomy subject at the best of times. However, there has arguably never been a better time to sign up for a policy if you live in Ireland, so perhaps it’s worth considering the future.

Price wars have broken out among life insurance companies trying to tempt customers to switch with offers such as free TVs.

Essential service

Life insurance is compulsory with Irish mortgages and can add significant burdens to household outgoings every month. However, the market is heating up for this essential service with numerous insurers offering incentives to switch providers as the mortgage market stagnates with mortgage protection policies having fallen by as much as 25 per cent over the last two years.

For example, Zurich Life has cut some of its life insurance premiums by as much as 10 per cent; while First Credit Assurance is offering to pay the next €250 in gas or electricity bills for householders that sign up for its policy; or even a free TV to the first 1,000 customers who make the switch. Meanwhile, SmartQuotes.ie is willing to offer cover free to new parents for a year, for a maximum cover level of €50,000.

However, while these incentives certainly offer appeal, how can you be sure that you’re getting the right deal and not just being tempted by a cool offer?

Right cover, right price

To find the right level of cover at the right price, then consider what type of policy you need. For example, there is: “term assurance”, which offers a payout if you die within a fixed term; “level term assurance”, which is a non-variable payment; “mortgage term assurance” where the payout you would receive decreases in line with your remaining mortgage payments; and “whole of life insurance”, which is an open ended investment based policy that is mainly used with inheritance tax.

Bear in mind that higher payouts cost more – ideally you should set up the policy to cover your outstanding debts. You will also receive a cheaper policy if it is deemed there is less risk you will die – this means that joining a gym, quitting smoking and taking other life-improving measures could bring your premiums down.

Whether or not life insurance is worth having is really dependent on you as an individual. For example, if you’re single with no dependents then you are better off focusing on your own finances.

Photo by Randy Fath on Unsplash

Filed Under: Household Bills, Insurance

More quick reads on Moneysaver.ie …..

Recent…

  • Don’t Pay The Penalty When You Cancel A Contract
  • How To Make Your Benefits Go Further
  • Cash or Card: You Decide

Related…

  1. Irish Customers To Be Hit By Insurance Hike
  2. How To Get Out Of a Contract
  3. Phone Broken? What To Do Next?
  4. The Truth About Insurance

Copyright © 2023 · Moneysaver.ie · Terms & Conditions · Privacy Policy · About · Contact Us · Log in

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Cookie settingsACCEPT
Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Non-necessary
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
SAVE & ACCEPT