Life insurance provides protection from the financial impact of a loss of life with financial support for the remaining family members.
What is Life Insurance?
Term life insurance provides a lump sum benefit if the insured person dies. The benefit is paid to the owner of the policy if they are different to the life insured. If the owner is the same as the life insured, the benefit is paid to the nominated beneficiary, or the insured person’s estate.
Term life insurance typically also provides a lump sum in the event of the insured person becoming terminally ill. The insurance provider will generally make a lump sum payment of up to 100% of the insured amount if the insured person is terminally ill. A person is usually considered to be terminally ill, if they have been diagnosed as having less than 12 months to live. Any payment made for terminal illness will reduce the death benefit payable.
Some life insurance providers also offer other benefits and features attached to the term life insurance. These features may include:
Term life insurance can be used to:
Term life insurance is the most common type of insurance because it is simple and low cost compared to other insurances; if you die or become terminally ill, you will be paid a lump sum. This can clear your debts, and provide for your family (subject to individual circumstances and the sum insured).
Am I eligible to apply?
Term life insurance is generally available for people between the ages of 16 and 70, but some insurers allow cover to be taken out by people up to age 84.
How are my premiums calculated and what can affect the premiums I pay?
You pay for life insurance through a regular premium. The cost of the premium is calculated based on your life expectancy as well as the insurance company’s risk assessment of you. In simple terms, the older the person, the higher the premium. If the person is a smoker or likes to participate in hazardous activities, the higher the risk and the higher the premium. The insurance company also considers your medical history. The premium is generally indexed according to the consumer price index (CPI), or a formula based on the CPI. Therefore the cost of premiums usually increases throughout the term of the policy even if you are paying a level premium as insurers will rerate their book of clients or adjust their premiums. due to claims history.
How do I get a quote?
At Regional Insurance Solutions we have access to the major retail insurers.
To obtain a quote please call (03) 52 615 557 or email email@example.com