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Life Insurance - FAQ's

Why do I need Life Insurance?

When buying a house, and getting a mortgage, the bank will insist that you have life insurance.

Who can I contact about my policy?

If you need any help or want to contact us, we have a dedicated Life Insurance team available
on 0818 30 24 24.

How much Life Insurance cover is needed?

You decide how much life insurance you purchase. People often want their policy to pay out a multiple of their salary or the value of their mortgage.

You'll need to consider the financial security of your dependants and the value of any loans you have outstanding.

How long do I need cover for?

Life Insurance is taken out to protect the financial security of your dependants. For this reason the most common policy duration is 20 to 25 years or until your dependants have completed full-time education.

Can everyone get Life Insurance?

Everyone who requires Life insurance will have to answer a number of medical questions. This may lead to a medical examination or you may have to provide a medical report. If you have a pre-existing medical condition or if a medical condition is identified some restrictions in life cover may be applied.

What criteria affect my Life Insurance premium?

The following criteria are considered when calculating your premium:

• Age
• Male/Female
• Smoker status
• Amount of cover required
• Term of policy

Premium is guaranteed for the duration of the policy unless indexation is chosen.

Why type of life insurance do you offer?

Mortgage Protection - the sum assured reduces throughout the term of the policy you can have this on a single life basis or joint life basis. The premium is guaranteed throughout the term of the policy.

Flexible Term Protection - the sum assured remains the same level throughout the term of the policy. Serious Illness is paid on diagnosis of specific illnesses. You can have this on a single life basis or a dual life basis. The premium is guaranteed unless inflation protection option is chosen.

With Flexible Term Protection there are two other options you can choose:

Protection Continuation Option (Conversion Option) – At the end of the term you have chosen you have the option to continue your life cover without the need for additional medical information.

Inflation Protection Option (Indexation) – This option allows you to increase your life cover in line with inflation. Automatic right to future increases will cease if one offer to increase is refused.

What’s the difference between Single Life, Joint Life & Dual Life Insurance?

• A Single life insurance policy covers one person.
  
• A Joint life insurance policy covers two people. Joint cover will pay benefits on the first death of either insured person.
• A Dual life insurance policy covers two people, though independently. It is effectively like having two single policies where cover will pay benefits on the death of both insured.

Can I cancel the policy at any time?

Yes, there is a 30 day cancellation period but remember your life insurance cover will then stop.

Will the amount I pay for my policy change?

No, we offer guaranteed premiums, which means that your premium will never change during the policy term, provided it is paid on time and in full and inflation option is not chosen.

How long before I am covered?

Once we have received your application, we can process your policy within 5 working days (assuming all details provided are correct). However, if you require your policy urgently, we can provide a decision on this within 4 hours.

If you have had a history of ill health (e.g. high blood pressure, a recent operation etc) on the application, the insurance company will contact your GP or request a medical report. This will delay your application by approximately ten days (the norm).

How do I apply?

You can request a free Life Insurance quote online. If you are happy with a quote, proceed with the process which will ask some medical questions. You can do this over the phone or we can send it in the post to you.

When do I receive my Insurance policy?

When your application has been accepted and you advise us of a start date, the policy documents are posted directly to you or if it is assigned to the bank, please put the address of the bank onto the application (under dispatch documents address) and we will send the original document directly to the bank.

Change of mind/cancellation

When you receive your policy documentyou are entitled to a 30 day ‘cooling-off’ period. This allows to cancel your policy and a full refund will be given.

Will you cover me if I already suffer with a specific medical condition?

You must tell us at the time of your application. The insurer may then write to your doctor or request that you attend a medical examination before a final underwriting decision is made.

If I am a smoker – does this affect the premium?

Yes. If you are a smoker, your premium will be higher than that of a non-smoker.

Is a medical required?

A medical is not required in all cases. However, if you have an existing medical condition, the insurer will request a medical report from your GP.

How soon should I apply for my mortgage life insurance policy?

You should apply for your life insurance as early as you can, but no longer then three months in advance of requiring cover to be in place. In the case of mortgage life insurance, you will need to give the bank your policy documents a couple of days before you are going to draw down the mortgage from them.

As soon as we receive your completed application form we will submit your details to the life insurance company to be processed. If the application form is completed correctly and there are no underwriting requirements, your application will be accepted and the policy documents will be issued in a couple of days. Sometime the life insurance company will require clarification of some medical details. This could involve attending at your GP, or getting a medical report. If a report is required it could take a week or two longer to get your application fully processed.

For mortgage life insurance, if you are not sure of the exact date you will be seeking your loan cheque you can still submit your application for approval and advise us of the start date as soon as you are sure of same. Just remember, it will still take a couple of days to get the policy documents in your hand so be sure to let us know the start date at least a week before you require the policy documents.