You can buy a life policy that covers you for a set number of years. It pays out a lump sum if you die before the end of the term. Or, you can buy one that covers you throughout your life. It pays out no matter when you die.

If you are getting a home loan, you will usually need mortgage protection insurance. You can buy a policy through your insurance company, but you will usually get better value and more flexibility by shopping around and getting your own policy.

A mortgage protection policy pays off your mortgage if you die, but does not provide any cash sum for your dependants.

How much will it cost you? The cost of life cover depends mostly on the amount of benefit you want, and on the term of the policy. The other things that affect the premium are: your age; gender; whether you smoke; and your state of health
and lifestyle. Some time its starts from 10 euro per month.

Shopping around for life insurance is easy. You can get quotations either directly from life insurance companies or through a Broker (adviser).You can do this in person, in writing, by telephone or by searching the internet for the best deals. The more channels you try, the better your chances of getting the best rate and the most suitable policy.
It is difficult to think about the effect your death would have on those you care about, but it is important to plan for their needs and to look at the financial impact your death may have on those closest to you.

The personal loss that death brings can never be compensated for, but it is possible to protect against the financial hardship that death may cause. A life insurance policy can offer this protection by paying out a lump sum to your dependants that would help them at a difficult time.

If you have a dependent family, a life insurance policy is one of the most common ways to provide money for them if you die. And, if you have any loans or debts – particularly a mortgage on the family home -you should ensure that you have life cover in place to pay them off if you die.

But you may not need life cover or may need less cover if: there is no family member or close friend who depends on your income; you have “death-in-service” benefit through your job or pension plan – this kind of plan pays out a lump sum if you die during your working life; your dependants would be entitled to certain social welfare benefits after your death; you have investments or property that could provide an income or be sold for cash; you are older and your family is grown up, or if your partner is earning an income – in general the older you are the less life cover you need.

Generally, if you have a young family, you will need to provide a larger lump sum than if your children are older. That is because the benefit has to last longer.

You will need to consider buying enough insurance to: cover your family’s income needs, for as long as they need the income; pay off your mortgage and any other loans; and cover costs that might arise when your children are older, for example school or college fees.

If you have a young family or plan to have more children, you may wish to put cover in place until your youngest child has left school (or completed college).This could mean a term of 20 to 25 years. If your children are older, five or ten years of cover may be enough. Some policies (whole-of-life) give you cover for your lifetime, so you do not have to decide on a specific term.