Many people now understand the importance of insuring their lives hence the increase in popularity of the life insurance policy. The belief that cover companies are there to just take away your money for no good reasons seems to have faded away. In Ireland, this type of insurance policy has also gained popularity. There are two major types of life insurance Ireland. They are the level term cover and the whole life coverage. They both have their advantages and disadvantages.
The one that is most common of the two covers is the level term cover. This is because it is the cheapest type of coverage. It makes you comfortable at a very low cost. This policy ensures that your money is not lost when you pass by giving a huge amount of money to your beneficiary. Even when you pass away, this policy makes sure that your family will not have financial difficulties.
The reason as to why the policy is cheap is because payment is made by the insurer only after the one that is insured dies. In addition the person insured has to pass away during the policy's term so that a named beneficiary can receive payment.
This policy has a great advantage such that you can be paid with only a few weeks of contribution. There are also no worries about payments going up since for this policy money that needs to be paid will remain the same for the whole policy period until it ends.
The policy's name came from the fact that one will pay a fixed amount for the whole policy term thus the name level term. You will also make payments for a fixed term. This will help in budgeting your money since you have knowledge of the cost and the period it takes to expire.
Going for this type of policy, when it expires you cannot be in a position to claim any money paid for it and this is a disadvantage. The policy is basically cancelled and if this happens you will need to get another option of the cover.
The other cover which is whole life cover policy is different from level term policy since it guarantees payment but the amount you will pay for the cover is on the higher side as compared to level term. Payment is made by the insurer when the person insured dies.
There are several kinds of whole life cover policies. It is up to the customer to choose the one that suits him or her best. This kind of cover can be tailor to suit your needs. For example, you can make it in such a way that it also covers critical illness.
The above are the major types of life insurance Ireland. The consumer has the option to choose whichever they prefer. However, there are many other kinds of covers to consider when seeking such coverage.
The one that is most common of the two covers is the level term cover. This is because it is the cheapest type of coverage. It makes you comfortable at a very low cost. This policy ensures that your money is not lost when you pass by giving a huge amount of money to your beneficiary. Even when you pass away, this policy makes sure that your family will not have financial difficulties.
The reason as to why the policy is cheap is because payment is made by the insurer only after the one that is insured dies. In addition the person insured has to pass away during the policy's term so that a named beneficiary can receive payment.
This policy has a great advantage such that you can be paid with only a few weeks of contribution. There are also no worries about payments going up since for this policy money that needs to be paid will remain the same for the whole policy period until it ends.
The policy's name came from the fact that one will pay a fixed amount for the whole policy term thus the name level term. You will also make payments for a fixed term. This will help in budgeting your money since you have knowledge of the cost and the period it takes to expire.
Going for this type of policy, when it expires you cannot be in a position to claim any money paid for it and this is a disadvantage. The policy is basically cancelled and if this happens you will need to get another option of the cover.
The other cover which is whole life cover policy is different from level term policy since it guarantees payment but the amount you will pay for the cover is on the higher side as compared to level term. Payment is made by the insurer when the person insured dies.
There are several kinds of whole life cover policies. It is up to the customer to choose the one that suits him or her best. This kind of cover can be tailor to suit your needs. For example, you can make it in such a way that it also covers critical illness.
The above are the major types of life insurance Ireland. The consumer has the option to choose whichever they prefer. However, there are many other kinds of covers to consider when seeking such coverage.
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