Life insurance pays your family a lump sum if you die, so the people who depend on you are not left financially exposed. The hard part is usually working out which type you need, and how much. This page runs through the main kinds of cover available in Ireland: term assurance, serious illness cover, cancer cover, pension term protection and Section 72 cover. We can help you match the right one to your situation. We work with clients across Kildare, Dublin and the rest of Ireland, in person or by video call.
Term assurance is the most common form of life cover. You choose a term, usually somewhere between two and forty years, and if you die within it, your family receives a lump sum. People most often set the term to cover their working years, when others depend on their income. Life cover is tax free between spouses and subject to inheritance tax thresholds for children and all others
The point of term cover is to protect your family during the years they rely on what you earn. If you die within the term, a single lump sum is paid out, and your family can use it for whatever they need, the everyday living costs, childcare, education or medical bills. It means a death in the family does not become a financial crisis on top of everything else.
Serious illness cover, also called critical illness or specified illness cover, pays a tax-free lump sum if you are diagnosed with a serious, life-altering condition such as cancer, a heart attack or a stroke. You can use the money however you need, for specialist treatment, day-to-day living costs, household bills, or adapting your home. You can take it as a standalone policy or add it to a term assurance plan, so the cover fits your own circumstances.
A serious diagnosis brings physical, emotional and financial strain all at once, and being unable to work while treatment costs mount can become overwhelming quickly. Having this cover in place means you are not worrying about how to pay for care or how the household keeps running. Whether you are covering only yourself or you have people depending on your income, it gives you room to focus on recovery rather than money.
Cancer cover is designed specifically for a cancer diagnosis of a specified severity. Because it focuses on cancer alone rather than a long list of conditions, it is usually a more affordable option than full serious illness cover. If you are diagnosed with a qualifying cancer during the term, you receive a tax-free lump sum. You can buy it on its own or add it to a life insurance policy.
Cancer is one of the most common serious illnesses in Ireland, and few families are untouched by it. A diagnosis brings real financial pressure, from treatment costs to lost income and everyday bills. Cancer cover gives you a financial cushion so you can concentrate on getting well rather than on money.
Pension term protection is life cover designed for people still working towards retirement. It pays a lump sum if you die before retirement age, and it is structured to qualify for tax relief under pension rules. A few things to know:
It is built specifically for pre-retirement protection. The premiums qualify for income tax relief under pension rules. It is pure protection, so it does not build any investment value. And it offers focused, affordable cover for families and dependants.
Whole of life cover under Section 72 of the Capital Acquisitions Tax Consolidation Act 2003 is a planning tool for inheritance tax in Ireland. The policy is designed to cover the tax bill your heirs may face when your estate passes to them. Without it, families, especially where property values are higher, as in parts of Dublin, Meath and Kildare, can be left with a substantial tax liability. The main features:
It pays a guaranteed lump sum on death, whenever that happens. Because it is structured under Section 72, the proceeds can be used to settle inheritance tax due to Revenue. That can remove the need to sell property or other assets to pay the bill. Terms, conditions and underwriting criteria apply.
Most people end up with a combination rather than a single policy: term cover for the working years, perhaps serious illness cover alongside it, and Section 72 cover where there is an inheritance tax bill coming down the line. The right mix depends on who depends on you, what you owe, and what you want to leave behind. That is the conversation we have with every client, and there is no cost to having it.
They do different jobs, so many people have both. Mortgage protection clears what is left on your mortgage if you die, and a lender usually requires it. Life insurance pays your family a lump sum they can use for anything, the income you would have brought in, childcare, education or everyday costs. One clears the debt, the other supports the people left behind.
A life insurance lump sum is usually paid without income tax. Between spouses, life cover is generally tax free. For children and other beneficiaries, inheritance tax thresholds may apply depending on how the policy is structured. A Section 72 policy is designed specifically to help cover an inheritance tax bill. We can talk through how this applies to your own situation.
Life insurance pays out when you die. Serious illness cover pays out while you are alive, on diagnosis of a listed condition such as cancer, a heart attack or a stroke. Many people hold both, so their family is protected whether they survive a serious illness or not.
It depends on what you would want the money to do, clear the mortgage, replace your income for a number of years, cover childcare and education, or all of these. A good starting point is the debts and the people who rely on you. We can work the figure out with you rather than leaving you to guess.
Yes. We are based in Celbridge, County Kildare, and work with clients across Dublin, Meath and the rest of Ireland, in person or by video call.
We arrange life insurance for clients across Kildare, Dublin and the rest of Ireland, comparing cover across the insurers we work with and setting it at the right level for your family. Call us on 01 627 9495 or request a callback.
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(+353) 01 627 9495