The Advantages of Over 50’s Life Insurance

For most people who take out life insurance policies, the focus is on help with funeral costs as well as the future financial security of the loved ones who remain after an insured person passes away. The same applies to over 50’s life insurance; these types of policies are designed to provide a lump sum to loved ones after the policy holders death, so even at this later stage in life there are still many advantages to getting life cover.

What are the advantages of over 50’s life insurance?

Guaranteed Acceptance

Most over 50’s life insurance policies cover those between the age of 50 to 80 or even sometimes 85, depending on the policy, and the biggest advantage of this type of cover is that acceptance is always guaranteed. Typically, there are also no health questionnaires to fill out and answer, neither are there any medical checks to undergo.

Tax Free Pay-outs

In the event of the death of the policy holder, an over 50’s life insurance plan will pay out a tax free lump sum to his/her loved ones which may help with funeral costs, outstanding medical expenses, as well as the regular bills they were responsible for. In addition to death benefits being exempt for tax purposes, in certain cases, one life insurance policy can also be exchanged for another without incurring any taxation. With some policies, it is advisable to write the policy ‘in trust’ to avoid your loved ones being liable to pay inheritance tax.

Flexible Terms

Most life insurance policy providers offer flexible terms that can be adjusted to suit the requirements of the policyholder. Depending on your chosen provider, you may also be able to adjust the amount your policy will pay out as well as reduce or increase your premiums to suit your finances.

Financial Planning

With the ability to see an estimation of the pay out your loved ones can expect to receive, an over 50’s life insurance policy can also be used as a tool to help with your financial planning for the future. In addition to healthcare and funeral costs, other outstanding commitments such as mortgages can also be considered when deciding the level of your premiums and resultant pay out.

Simplicity and Affordability

With no health checks to undertake and various options on the amount you pay as your premium, over 50’s life insurance offers a simple and affordable way to provide a form of financial security should you pass away. Insurers will normally consider your age, whether you are a smoker or not, and the amount you’re planning to pay in, but as mentioned above, most applicants will be accepted irrespective of these factors.

Another advantage of over 50’s life insurance is that if you are lucky enough to live up to 90 years of age, you will still be covered but may not have to continue paying your premiums depending on your policy. In conclusion, if you are over 50 and do not currently have life insurance, it is not too late to get coverage. Most reputable providers will still be able to provide you with a policy and, in turn, provide peace of mind and financial certainty for your loved ones.

 

Getting Life Insurance if you Work a High Risk Job

 

If you have a family or assets to protect, life insurance is an absolute necessity. Your life insurance premium will be assessed according to a number of different factors – your age, family history, your health, hobbies and the type of work that you do. What does the type of work that you do have to do with life insurance you may ask?

Insurance companies need to know your occupation as it can present a risk factor. For example, an office worker would be considered less high risk than a fireman as a fireman regularly faces danger due to the nature of their role. Many people avoid taking out life insurance if they have a high-risk job, simply because they fear extremely high premiums. However, what most of these people don’t know is that most companies offer affordable, specialised policies for high-risk jobs. If your job puts your safety in danger, it is absolutely necessary that you consider taking out life insurance to prevent your family from more hardship in the event of an accident.

There are a couple of things to check out when shopping for life insurance when you work a high-risk job, some of which include the following:

Check how high risk your job is considered

Generally speaking, each insurance company will have their own list of factors that determine a certain occupation as “high risk”. This list of factors can include things like operating machinery, manual labour, frequent requirement to drive vehicles, working at sea, working at a height, exposure to a high level of stressful situations and regular contact with hazardous substances.

Your role must involve a very frequent level of these types of activities to be considered as high risk. In addition to this list of determining factors, most insurance companies will have “tiers” of high-risk jobs. For example, an oilrig worker might be deemed high risk but a soldier who is involved in military battles or has frequent contact with explosives or gases would be deemed as very high risk. In some cases, an insurance provider may deem such occupations as “uninsurable”.

Protect your income

If you get seriously injured at work, you could face a long period of time where you’ll be out of employment as you recover from your injuries. In cases like this, it is imperative that those in high-risk jobs, at high risk of injury, ensure that their income is protected should they be gravely injured. Income protection may be included as part of a high risk life insurance quote by some companies while others may offer this as an additional extra. While it may seem that your quote is very competitive, if it doesn’t include income protection you may end up costing yourself a lot of money in the long run.

Shop around

The pool of insurance companies offering life insurance for high-risk jobs is massive. And while most of these companies will be prepared to quote for life insurance for those with high-risk jobs, the stipulations and classifications of high-risk jobs vary from provider to provider and, in turn, so does the price of insurance premiums. For this reason, be sure to shop around.

Getting life insurance when you work a high-risk job has never been easier! Take heed of our 3 aforementioned tips to be sure you obtain the most competitive quote possible.

Getting Life Insurance if you are over 50

 

Once the age of 50 hits, it is inevitable that many of us will start to hold concern over what lies ahead. As you enter the golden years of your life, you need to be able to really enjoy them, without any concerns over the financial protection of your family or assets should you pass away. The golden years are when you should be really enjoying life. You should be free to play the occasional round of golf, take those holidays you always wanted to and make the most of time with family and friends without any concerns for the future financial security of your loved ones consistently hanging over your head.

Having said this, without life insurance, those over the age of 50, no matter how good their health is, realise that uncertainty is present regarding the future of their families and assets should they pass away.

Who will insure me and what will it cover?

Think life insurance is for young couples getting their first mortgage? Wrong! Life insurance is ever so important for those over 50 and virtually every insurance company out there will be willing to provide you with a quote. In fact, most insurance companies offer special life insurance packages for over 50’s. You may be able to avail of an option to stop payments once you reach a certain age while remaining covered by insurance.

Over 50’s insurance policies will typically include cover for many serious illnesses, meaning that a sickness benefit will be paid to you and your family should you suffer from any of a certain set of illnesses in the future. Should you pass away prematurely, you may also be able to ensure mortgage protection and ease the financial burden on your loved ones. Having life insurance in place will ensure that funeral costs and other outstanding bills will also be covered in the event of your death.

Will getting insurance be a lengthy ordeal?

When dealing with the right company, getting insurance cover will not be a lengthy ordeal. In fact, many insurance companies won’t even ask you to complete a medical and initial applications can usually be made quickly over the phone or online. The application process will depend on your medical history and exact age and, generally speaking, a life insurance policy can be up and running within a few days. Talk to a life insurance broker to ensure that finding the most competitive quote for your needs remains to be just one quick phone call away.

Is life insurance for over 50’s expensive?

Many people shy away from enquiring about life insurance for over 50’s because they think they cannot afford it, especially if their sole income is currently a retirement pension. Premiums can vary from company to company but you can expect to pay roughly €15 – €20 a month for typical life insurance cover of €15000-€20000. Can you spare 50 cent a day? Yes? Then you can definitely afford an over 50’s life insurance policy.

We hope this guide helps you to better understand life insurance policies for over 50’s and hopefully it addresses some of your previously held concerns.

Choosing the right insurance for your business

As the owner of your own company, protecting your business by getting proper insurance is one of the smartest things that you can ever do. In doing so, you are protecting your livelihood and your future financial stature. And while making the decision to insure your business is smart, choosing the right cover and policy for your business can be a tedious task. With so many insurance companies in the market offering varying packages, it is very easy to get confused and put off pursuing insuring your business.

We know how important it is for you to have your business insured so we have broken down the many cover options available to you, which will help make insuring your business a whole lot easier. The type of insurance policy you require from the following will largely depend on the size and nature of your business.

Public Liability Insurance

Public Liability Insurance protects you against claims for compensation from customers or business suppliers who have suffered an injury or property damage due to the product or services offered by your business or have suffered an injury on your business premises. For example, a customer falls and injures themselves on your business premises due to a puddle of water that is not indicated by a wet floor sign and they sue your business for compensation for the injuries sustained on your business premises. In this instance, public liability insurance will provide cover.

Another example would be a roofing contractor who goes on a call out. During this call out, he lets a ladder fall down and injures the customer. Public liability insurance would provide cover here in the event of a claim for injury compensation by the customer.

Employers’ liability insurance 

If you have employees, even hired on a part-time, ad hoc or temporary basis, employers’ liability insurance is a must. Should you be sued by your employees for personal injury sustained during the course of conducting their job or for wrongful dismissal, employers’ liability insurance will provide cover against any claims for compensation. In the case of employee law suits, compensation payments and legal expenses due to successful plaintiffs can often be quite large. In such cases, insurance cover can often be the difference between the ability to move on and drive your business forward or suffering financial ruin.

Property and business interruption insurance 

Fire, theft, or other damage to your business property, equipment or goods are everyday threats to the future of your business. A fire could wipe your business out for good, as could the theft of the equipment required for you to conduct your business services. Property and business interruption insurance cover can ensure that you get back on your feet as quickly as possible should the worst threats become a reality.

Professional indemnity insurance 

Any professional who offers advice, expertise or knowledge to their customers can be susceptible to a professional indemnity claim. If a client suffers financially because of a mistake you’ve made or due to any negligence on your part, you may be liable for a claim. Anyone from accountants and architects to business consultants and financial advisors can be liable for a professional indemnity suit. Professional indemnity insurance protects your business by covering what may be quite extensive legal fees and compensation.

We hope this guide helps you to better understand how to choose the right insurance for your business. Be sure to talk to an experienced financial advisor or broker for the best quote for your business insurance needs.

5 Life Insurance Mistakes To Avoid

 

We are all guilty of making mistakes in life from time to time – hey, we’re only human, right? When it comes to life insurance policies, mistakes are a lot more frequent than you would think. After all, all it takes is a slight miscommunication or misunderstanding when completing a form. Those applying for life insurance for the first time should always have an insurance advisor read over their policy before they sign, to ensure that all details are correct and that they have correctly understood each area of the form.

Mistakes can be made both directly and indirectly, and these mistakes can end up making your life insurance policy null and void, with your family left without a pretty penny. For this very reason, it is important to ensure that you do not commit any critical mistakes.

The following are the top 5 life insurance mistakes to avoid:

Choosing the Wrong Type of Policy

Choosing the right life insurance policy to begin with is ever so important. If you are set to retire in the next few years and will be living on a depleted income, you’ll need to ensure that your life insurance policy rates aren’t reviewable. The last thing you want is for your income to deplete and your life insurance premium to increase. Unless you compare your goals to the terms of the life insurance, it is likely that you will end up picking the wrong policy. For example, you may only really want to be covered for the 15 years remaining on your mortgage, but not do your research correctly and up with whole life insurance!

Not Shopping Around

One of the key mistakes that people make when purchasing a life insurance policy is that they do not shop around. They are merely impressed by the salesman who calls them or knocks on the front door and before they know it, the document is signed on the dotted line! Like any form of insurance, life insurance is a very competitive market so it can really pay both in the short and long term to shop around, not only for the best price, but the best conditions too.

Allowing Price to be the Primary Deciding Factor

While it pays to shop around, the price of the insurance policy should not be the primary deciding factor. Why could this lead to a huge mistake? Well, while you may be swayed by a low premium, you may commit to that same policy to realise that some key conditions that you require are not included and your life insurance policy could very well end up being a huge waste of money.

Not Enlisting a Financial Advisor

Unless you have an insurance background, it is very difficult to wholly compare your life insurance options and decipher the best policy for you. Enlisting the help of a financial advisor can ensure that you don’t sign a policy based on false assumptions, as they will explain every single step for you in layman’s terms. After all, it is their job to find the best policy for you!

Not Reviewing a Policy

Once you’ve signed on the dotted line, the biggest mistake to avoid is to not regularly review your life insurance. Premiums can go up and down and personal circumstances can change so while a policy or premium may have best suited you 12 months ago, it may not be the case today. Review your premium and policy at least every 12 months to ensure you are getting the best deal around.

We hope this guide serves you well in ensuring you get the best life insurance premium and conditions for both you and your family!

 

Getting Life Insurance as an Ex-Smoker

 

When applying for life insurance, there are several areas of your lifestyle that you have to clarify, some of which include several areas of your past habits and conditions. If you have given up smoking (well done!), you will still need to declare to a life insurance provider that you used to smoke, how many years you smoked for and how many cigarettes a day/to what level e.g. social, daily, that you used to smoke. One thing is for sure, once you quit smoking the only way is up in terms of your health and down in terms of your life insurance premium.

Many life insurance companies will require that you complete a medical exam prior to assuming a policy so there really is no point in hiding a previous smoking habit. In fact, even if you don’t complete a medical exam and later die, even on an unrelated disease to smoking, your policy could be declared null and void if the company can prove that you did not disclose your smoking habit.

Who do life insurance companies classify as a smoker?

The people that life insurance companies classify as smokers can vary from company to company. In general, if you have smoked in the last 12 months, you will still be classified as a “smoker” in the eyes of a life insurance company. If you smoke e-cigarettes, chew tobacco, smoke cigars or use nicotine replacement gum or patches, or have done in the last 12 months, you will usually still be considered a smoker in the eyes of most life insurance companies too.

After 12 months of being smoke free, a life insurance company will consider you an ex-smoker and the longer you remain an ex-smoker, the lower your premium, especially if you quit at a young age. Why? The average life expectancy of a smoker is usually at least 10 years shorter than someone who does not smoke. Smoking can virtually triple a person’s chance of dying from heart disease or cancers. However, if you quit before the age of 40, you could reduce the risk of dying from smoking related diseases by 90%.

Risk classes for non-smokers

For non-smokers, their former habit is not the only thing that gets taken into consideration when calculating a life insurance premium. Why? Because life insurance companies tend to divide non-smokers into various “risk classes” when devising premiums.

 

  • Preferred best: This refers to a non-smoker who is in excellent health with no family history of health issues and who does not participate in activities or occupations that are considered high-risk.
  • Preferred: A non-smoker in very good health with only a few minor health issues or concerns.
  • Standard: A non-smoker in good health but who may be overweight or have a family history of health issues, hence increasing their risk of dying.
  • Sub-standard: A non-smoker in poor health with one or more chronic illnesses/diseases or who participates in dangerous activities.

We hope this guide helps you to understand what is involved in getting life insurance as a non-smoker. As always, it pays to shop around and if you’re currently insured, be sure to inform your life insurance policy provider that you’ve quit smoking as doing so could do your pocket some favours!

 

How often should I review my life insurance policy?

The general rule of thumb, no matter what kind of life insurance policy that you have got taken out, is that it should be reviewed every 12 months. Any reputable financial advisor will advise you to review your full life insurance policy and consider any relevant changes in your life that have occurred over that previous year. Additionally, the cost of life insurance premiums are consistently going down, as much as 40% in some cases, so you need to ensure that you review the cost of your life insurance premiums and shop around to make sure you are availing of the best rates.

Reviewing your policy every 12 months is standard, but there are certain instances where you should review and amend your policy immediately too.

These include:

Major Life Events

Should you get married or should your relationship break down, you may need to review the beneficiaries that are listed on your life insurance policy. A major life event may also include the birth of a child or grandchild. You may want to reassess your beneficiaries to include the new arrival or increase the value of your life insurance policy. The death of a loved one is another major life event that may present cause for you to immediately review your life insurance policy.

Financial Windfall

Have you struck lucky and experienced a financial windfall? If you have come into a substantial amount of cash, whether through a lottery win or an inheritance, you’ll need to review your life insurance policy as your worth will have increased. If you are a business owner whose business has taken off and you are now in a much more profitable state, you should also consider speaking to a financial advisor and updating your life insurance policy as the value of your assets may have grown significantly.

Ill Health

Should you be diagnosed with a serious medical condition or experience ailing health, both of these situations call for a sit down and re-evaluation. You should consult a financial advisor about drafting in additional criteria to your life insurance policy in light of your ailing health. Being diagnosed with a serious health condition can be a distressing time and reviewing your life insurance policy may be the last thing on your mind, but it is important if you want to effectively safeguard the future of your family.

Having taken all of the above on board, take a quick moment to think about when the last time was that you reviewed your own life insurance policy. If it has been 12 months or longer, it’s time to be proactive and schedule a meeting to review your current policy and make any adjustments that need to be made.

Once you have this over with, make it a recurring appointment to ensure that you don’t let things slide again. By doing this, you’re giving yourself the best chance of getting the best possible rates and you’re actively ensuring that your policy is 100% relevant and effective in doing what you need it to do.

What Type Of Life Insurance Do I Need?

When it comes to buying life insurance the number of different options available can seem

pretty overwhelming. It’s is an important decision and one you certainly don’t want to get

wrong but generally life insurance policies can be boiled down to a few basic categories.

Mortgage Protection

Mortgage protection does what it sounds like. It protects against the loss or inability to pay

a mortgage. Typically this means that upon the death of the person paying the mortgage the

rest of the mortgage is paid off.

Do you need it?

Obviously you only need mortgage protection if you are taking out a mortgage. Generally

banks require you to have mortgage protection insurance in place before they will provide

you with a mortgage. They will often provide you with or recommend their own policy.

You should of course look at other options. Beyond simply checking that their product is the

best value there are a few other factors to consider. For instance, the bank’s policy will likely

only cover you while your mortgage is with them. This may cause problems if you find a

better mortgage and decide to switch or if you move home altogether.

Life Insurance

There are two main types of life insurance you are likely to come across, term and

guaranteed. Both pay out in the event of your death but term only pays out if you die within

the period specified. Guaranteed insurance pays out no matter when you die.

Do you need it?

On the face of it guaranteed insurance sounds like the better deal but term insurance is the

much more practical insurance that most people rely on. The main reason to get term

insurance is to protect your family. A policy is typically set up to pay out should you pass

away before your children are old enough to support themselves.

Reviewing the policy every number of years allows you to get better rates early on as rates

are based on your life expectancy. Guaranteed life insurance is more expensive since it pays

out regardless of age or health. It may be used if a person cannot obtain term insurance due

to health complications or age.

If you have a young family or are planning on starting a family you should certainly be

looking at getting term insurance. If you are concerned about leaving adult children with

excessive bills on your passing then guaranteed life insurance is potentially more suitable.

Income Protection

Income protection guarantees the continued payment of a portion of your income, typically

75%, should you become ill or otherwise unable to work. It is not designed to cover

redundancy.

Do you need it?

Self employed persons are particularly vulnerable to loss of income as a result of illness. The

state does not provide them with illness benefits and they do not have sick leave provided

by an employer. Employees can get state benefits, however they are very small and

therefore unlikely to allow them to sustain their quality of life.

Over 50’s Insurance

A form of guaranteed life insurance, Over 50’s insurance is specifically designed for the over

50’s to leave a lump sum to their next of kin on their passing.

Do you need it?

There are a number of benefits to an Over 50’s policy. There are no medical requirements to

access the policy. Payments are fixed for the duration of the policy and determined by your

age when you take it up. Payments cease after a certain point, usually your 90th birthday,

but the cover remains however long you live.

5 Tips On Buying Life Insurance

5 Tips On Buying Life Insurance

Everyone understands the importance of life insurance to provide for your family but the

sheer variety of providers, plans, policies and prices can be overwhelming to say the least. It

can take a lot of work to find the right policy for you and your family but it should be worth

it in the end. Here are 5 tips to keep in mind when looking for life insurance to help you

make the best decision.

Remember the Home-Maker

Buying life insurance is a very pragmatic affair. As a result we often factor in only specific

figures. For the most part that means the particular salary of the primary income. Because it

is not so easily quantified the work of the primary home-maker tends to be undervalued or

forgotten about completely.

In the event of the death of the primary home-maker there is likely to be a substantial cost

in terms of replacing that work. Adequately insuring the home-maker prevents the financial

burden of that loss from adding to the family’s grief.

Understand What you Already Have

Because there are so many policies and such a variety it is sometimes possible to buy

insurance for something you are already covered for, at least partially, either on a different

policy or through work.

Some employers may provide certain illness benefits as part of their health insurance plan

or your existing term insurance may be able to cover a portion of mortgage payments. Make

sure you understand what coverage you already have before you buy a product. Equally,

don’t assume that an existing policy covers everything you need from a new one.

Understand Guaranteed vs Term

Term insurance is the more common type of life insurance we take to ensure our families

are taken care of in the event of our passing. It only covers for a specified period or term

before it is reviewed. This allows for adjusting the policy to reflect increased income and

cost of living standards of your family but will also factor in increased aged and changes in

health. Terms mean you can insure your young family is taken care of but that you do not

continue to pay for coverage when children are grown and independent.

Guaranteed or permanent insurance is fixed coverage for your whole life and so pays out

regardless of when your death occurs. Because the coverage is broader, premiums are

generally higher than term insurance.

Buy Insurance not an Investment

Remember that life insurance is about security and peace of mind for your family. Some

policies such as guaranteed life insurance have savings components that allow you to

withdraw certain amounts after a period but they typically require higher premiums as a

result. It is best to ensure that your core life insurance needs are met before spending

additional savings on investments.

Shop Around

As with any significant purchase you should always compare different offers from different

providers. Always be sure that you are comparing like with like. Two policies may look the

same but may be quite different in detail.

Always do your homework when shopping around. Make sure you understand what your

needs are and how much you can afford and if a policy fits those requirements.