Term Life Insurancepolicy pays out the amount of Life Cover as a tax- free lump sum, whether you die on the first day of the policy or the last. The amount payable on death is fixed at the outset and stays the same throughout the duration of the policy. You simply choose the amount of life cover you need and the length of time for which you need it for. Your family can use this lump sum to cover any expenses they may have - for example funeral expenses or other debts. They could also invest it to provide a regular income.

If you are taking out an interest only mortgage then you can use a Term life assurance policy as collateral.

The benefits and the amount that you pay under a Term Life Insurance policy are guaranteed and do not depend on investment performance.
There are various other valuable options that you can include and these are discussed below in "What other Life Assurance options can I choose?"

In the event of death, the proceeds from a Term Life Assurance policy can be used to provide financial security in the following ways:

• To cover an interest only mortgage.
• For your family or dependants.
• To provide funds to repay business loans.
• To protect profits in the event of the death of a Key Person in your business.

Many companies also provide an upfront payment of your cover if you are diagnosed as suffering from a Terminal illness. A Terminal illness is a condition which in medical opinion is highly likely to lead to death within 12 months.

Yes.

If you are taking out an interest only mortgage then you can use a Term Life Insurance policy as collateral.

If your loan is a repayment type loan where the amount borrowed goes down gradually as you make your repayments you can use this type of cover if you wish, but you might like to consider a more cost effective solution in a product called Mortgage Protection Insurance.

You only need one policy to protect your loan. Mortgage Protection Insurance or Life Insurance but not both.

If you are in good health then you should apply for cover a max of three months before you need your loan cheque.

You need to hand the policy to your lender about a week before you need them to give you the loan cheque. You do not need the policy when you are signing or house hunting.

If you have not finalised a closing date for your loan and are unsure of the date you would like your policy to start from, then simply inform us 'Start Date To Be Advised' when you are returning your application form. In this way we will process your application but the insurance company will hold off issuing your insurance policy until we receive your instructions giving us a date to proceed. The advantage is that all paperwork is out of the way. Your lender will generally require the policy document a week before you need the loan cheque

LABrokers is paid a commission for acting as intermediary and our first year's discount is simply us sharing a portion of that commission with you.

We will have found you the cheapest Insurance policy from a wide range of insurance companies. From year two onwards all you pay is the normal non discounted annual premium. All the Insurance policies we arrange are set up on an annual premium basis. Once your policy is up and running you can alter the premium frequency payment from annual to monthly if you prefer. You do this by contacting the customer services department of the company you are taking your policy out with.

You can cease your policy at any time (if your policy is used as collateral then you need the assignees permission before you cancel the policy). If you stop paying the premiums, your life cover will also stop. There is no cash value at the end of the term or at any stage.
What is to stop me taking out the policy this year?

When returning the form mark your application 'Urgent'. Tell us when you need cover by and Contact Us via our online form or by phone.

For time sensitive documents LABrokers.ie recommends clients use An Post's Express Post service. This costs EUR5.00 and is available from your local post office. Using this service guarantees next day delivery.

We will send Insurance policy documents back to you using this service.

You can request a free Life Assurance quotation online. The results will show the cheapest provider found. Like all intermediaries, we are paid a commission for setting up the policy. Our discount is effectively a sharing of this commission with you.

On the quote, our first year's premium discount will be clearly shown. If you wish to proceed further, simply click on the link and complete the application form.

The application form should be returned to LABrokers, Newcastle, Greystones, Co Wicklow.

We will process your Life Insurance application as soon as it is received. The vast majority of correctly completed applicant's Insurance policies are ready to go within six working days and in some cases it can be as quick as two hours.

If the applicant has disclosed an adverse health history (e.g. high blood pressure, a recent operation etc) on the application, then the insurance company may in some cases write to their GP for a medical report (at no cost to the applicant). Doctors generally reply within 10 days. So a typical decision is obtained in 12 days.

For time sensitive documents LABrokers.ie recommends clients use An Post's Express Post service. This costs EUR5.00 and is available from your local post office. Using this service guarantees next day delivery.

We will send Insurance policy documents back to you using this service

From when we receive your Insurance application we will email you with regular updates to keep you fully posted.

Once you have been accepted for Life Insurance cover and when you advise a start date, the policy documents are posted directly to you.

When you take out an Insurance policy you are entitled to a 30-day inspection period. If you are not completely satisfied during that period, you can cancel the Insurance policy without any questions being asked and you will receive a full refund.

You can take out a Life Assurance policy on yourself or add your spouse or partner.

• A Single life insurance policy covers one person only.
• On a Joint life insurance policy two persons are covered, the amount of cover would be paid out on the first death, and the policy would finish.
• A Dual life insurance policy covers two persons independently. A benefit can be paid on an individual policy without affecting the other persons cover. If for example both persons were to die in an accident then both amounts would be paid to their children / next of kin. A Dual life assurance policy is cheaper than buying two separate 'Single' life assurance policies because the insurance company will only charge one policy fee.

Note: On your quote, premiums quoted are total premiums and not per person.

With Term Life assurance there are two other options you can choose:

Conversion option - In return for a small extra premium you can include an option which gives you the opportunity of purchasing cover again without the need for medical information or tests.

Without it, the contingency of ill health could make the acquisition of new life assurance in the future either very expensive or impossible.

The cover under the new life assurance policy can be the same or less than the cover on the old one. The amount you then pay will depend on your age at the time of exercising the option and the type of life assurance policy to which you continue with. You could for example take out a life policy that will last another fixed term or you could take out a life assurance policy that could last for the rest of your life.

Inflation Option - You can apply to have your level of life assurance cover increase to allow for inflation. This will also mean that the amount you pay will increase. If initially selected, this option is offered each year of the policy (some companies offer it every 3 years) without you having to provide evidence of good health.

This option protects the real value of your life cover as time passes.
You can stop the increases at any time; if you do then you will not be offered any further increases. If at a later date you wish to resume the increases then this will be subject to evidence of good health.

The Life Insurance premium is dictated by your age, whether you smoke or not, whether you are male or female, the amount of cover you require and over how many years it is required.

The amount you pay is Guaranteed not to increase for the whole period for which you are covered unless you choose the Inflation Option. It is worth noting that unit linked life assurance products offer no such guarantees and are subject to a review - meaning the life company can ask you to pay more for your life cover or reduce your benefits. All life insurance policies that LABrokers quote for are Guaranteed cover at a guaranteed price.

It is always cheaper to pay a Yearly premium rather than a Monthly premium. This is because there is less administration involved when an Insurance company has to collect one premium as against 12. Also bear in mind that a bank may make a charge for each direct debit it handles.

As with all types of life assurance, you will have to fill in an application form in which you will have to answer certain medical questions. In a small number of cases, you may have to have a medical examination or the life company may ask your doctor for a medical report (the insurance company will pay any fees due directly to the doctor). If you already have a medical condition, there will probably be some restriction in cover. Most people who apply for this cover get it at normal rates.

There is a considerable difference in the amount charged for Life Insurance for a smoker versus someone who doesn't smoke. Many people will have given up smoking as their New year's resolution and are currently not smoking. In the eyes of an insurer a non smoker is a person who has not smoked tobacco in the past 12 months (with some companies it is 24 months). But, there is a strange anomaly in that some life offices treat a cigar smoker as being a non smoker If you are a cigar smoker Contact Us and we will quote accordingly.

In the vast majority of applications – No

As with all types of Life Insurance, you will have to fill in an application form in which you will have to answer certain medical questions. In a small number of cases, you may have to have a medical examination or the life insurance company may ask your doctor for a medical report. If you already have a serious medical condition, there may be some restriction in the life cover (if you are in any doubt please feel free to call us on 01 281 0577 Mon to FRI 9am to 1pm and 2pm to 5pm before you apply). Most people who apply for this Life Insurance cover get it at normal rates.

Please allow sufficient time for your Mortgage Protection Insurance application to be processed by the Insurance company. As discussed earlier in a small number of cases there may be doctors reports or medicals required (the Insurance company pays this fee directly to your doctor) before an insurance company may issue the policy document. It's best to apply well before you actually need the policy, as the commencement date of the policy can be timed to coincide with your loan draw-down

We will process your application as soon as it is received. The vast majority of correctly completed applicant's policies are ready to go within six working days and in some cases it can be as quick as two hours.

If the applicant has disclosed an adverse health history (e.g. high blood pressure, a recent operation etc) on the application, then the insurance company may in some cases write to their GP for a medical report (at no cost to the applicant). Doctors generally reply within 10 days. So a typical decision is obtained in 12 days.

For time sensitive documents LABrokers.ie recommends clients use An Post's Express Post service. This costs EUR5.00 and is available from your local post office. Using this service guarantees next day delivery.

We will send Life Insurance policy documents back to you using this service.

Insurance companies differ on their views of a risk. If your health is not the best, it may be worth while contacting us before you submit your application.

The above also applies to those who are involved in hazardous pastimes or sports such as racing, diving, mountaineering, potholing or recreational aviation

A life insurance policy pays your estate an amount of money if you die during the time limit set out in the policy.

For Dependants:

Protection needs are individual and they vary widely from one person to another.
For example, if you have a family then the need to protect your children against a sudden loss of income should cease when they become financially independent. Some children leave school at 16 whilst others will continue with full time education until well into their 20's. You will have to make a realistic assessment of the length of time for which you will need protection.

Since the objective of most forms of protection is replacement of income in the event of death, the size of the income required to meet future needs and expectations determines the amount of cover required.

The following are specimen illustrations of the gross capital sums required to produce a desired net weekly income for your dependants.

* Net of Dirt Tax @ 22%
The illustrated capital sums are calculated assuming:

• the money is deposited earning the interest rates shown with the interest credited half-yearly,
• DIRT is paid half-yearly and..
• The weekly income is payable continuously without erosion of the capital sum.

Remember, if additional payments (such as pensions or social welfare payments) will be available in the event of your death, you should take this into account when calculating the amount of your income you need to cover.

If you have a young family or plan to have more children, you may need need life cover until your youngest child has left school or college. This could mean a term of 20 to 25 years.

You can request a free Life Assurance quotation online. The results will show the cheapest provider found. Like all intermediaries, we are paid a commission for setting up the policy. Our discount is effectively a sharing of this commission with you.

On the quote, our first year’s premium discount will be clearly shown. If you wish to proceed further, simply click on the link and complete the application form. The application form should be returned to LABrokers, Newcastle, Business Reply, Greystones, Co Wicklow. 

Car and house insurance are renewed on an annual basis. You only propose cover for a year at the end of that year the insurance company invites you to renew and can alter the terms of cover.

With life assurance and mortgage protection it’s different as there is no such get out clause (other than non disclosure / fraud) because you propose cover for a much greater term (perhaps 10, 15, 30 years). You sign a declaration stating to information you have given in the proposal is correct. On policy issue the insurance company pays the intermediary a commission based on the term you applied for on the application and the intermediary shares this commission with you in the form of a discount or a cash back cheque. The applicant therefore gets discounted insurance for the first year but people often ask what’s to stop them doing it again next year in year two, three etc? In the event of a claim, my own personal belief is that the claim would be fully investigated taking into account the history of applications to companies. There just isn’t justification for churning the business every year as this misleads the insurance company (unless of course you only proposed a 1 year policy). However, if competitive forces mean the non discounted (base premium) is cheaper next year than what was paid last year then there is justification to switch or if your circumstances change and you need a lower or higher level of cover than can be accommodated on your existing policy then there is a justification for the switch, but where the change is made solely to benefit from the discount and the base premium has increased then I’d be of the opinion that an insurance company could be within their rights to refuse a claim. Having said that we do not lock anyone in to having to pay for their policy and should they wish to cancel their policy at any time then they are free to do so.