Misconceptions About Life Insurance

5 Common Mistakes Made

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Life insurance can be seen as quite confusing and may be off putting. To help give you a better understanding of this type of cover, we’ve provided a list of common misconceptions about life insurance.

"Life insurance Is Very Expensive"

Life insurance premiums vary depending upon your age, level of cover, term of cover, smoker status and health status. In many cases, life insurance is quite affordable and prices can start from as low as €10 per month.

"Mortgage Protection And Life Insurance Are Two Different Things"

Mortgage protection is actually a form of life insurance that protects the value of your mortgage in the event that you pass away while still paying it off. Mortgage protection cover is term cover that decreases in line with the mortgage and benefits are typically assigned to the mortgage lender.

"I’m Too Young To Worry About Life Cover"

Certain levels of life cover provide a lump sum payment to your next of kin in the unfortunate event of your passing away. Even if you are young, someone will be responsible for the costs associated with your passing which can be a financial strain, especially if it is unexpected. Also, the cost of life cover is less when you are younger which makes it a more financially sound option.

"Life insurance Is The Same As Health Insurance"

Health insurance provides ongoing benefits in the event you are sick or injured and need medical care. Life insurance provides a lump sum benefit in the unfortunate event of your passing away. However, there is a specified serious illness policy that can be purchased in addition to your life policy. This pays out a lump sum benefit in the event you are diagnosed with one of the specified serious illnesses outlined in the policy.

"My Health Disqualifies Me From Cover"

Each life insurance company has different underwriting guidelines and every case is looked at individually. Often at times, they can request reports from your GP or specialist which will help in making their final decision and may result in a favourable outcome. Luckily, we work with a number of leading life insurance companies, giving you plenty of options.


If you'd like to get a quote, give us a call on 1890 30 20 20. Alternatively, if you already know what you need, you can get a quick quote above.