Types of life cover, term assurance and whole of life

Temporary Assurances

Temporary assurances (term assurance) provides life assurance and /or serious illness cover for a fixed period (called the term) usually for a fixed premium. These policies are called temporary because they provide life and serious illness protection cover, when the policy term ends there is no cash pay out and the policy ceases.

The policy pays out a capital sum if the insured event happens, that is death or serious illness. Of course should the policy holder stop paying the premiums the cover will cease. The policy term is from 1 year upwards, typically 30 – 40 years, some life companies have an upper age limit on temporary assurances of 75 – 80 years.

There are five types of temporary Assurance Policies. a: Term Assurance b:  Convertible Term Assurance (CTA) c: Section 785 Assurance d: Family Income benefit (FIB) e: Mortgage Protection (MPP)

Whole of Life Assurances

Whole of life assurance policies have no fixed term, they do not cease at a fixed point in time, they provide cover throughout life. However this cover might not be guaranteed. …

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The ‘Rich Man’ died a ‘Pauper’… LTV’s and Life Cover

There is a risk creeping into the lives of many that they are not aware of, one that every generation has continually faced and also one that is the greatest wealth destroyer of all, namely death and debt. Nothing kills wealth quicker than death and in particular in circumstances where the estate is not settled correctly in advance or where there are large debts that were not covered.

Every person I know is bulletproof in theory but corporeal in practice and that means that many of us have risks that we are not covering, you can’t cover 100% of the bases 100% of the time but some do need to be covered and it doesn’t have to be rocket science.

How did the rich man die a pauper? We’ll take an example of a person with a home and two RIP’s (residential investment properties), We’ll say that the lady of the house is a solicitor earning €120,000 a year her name is Jane Doe, and the man of …

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The 'Rich Man' died a 'Pauper'… LTV's and Life Cover

There is a risk creeping into the lives of many that they are not aware of, one that every generation has continually faced and also one that is the greatest wealth destroyer of all, namely death and debt. Nothing kills wealth quicker than death and in particular in circumstances where the estate is not settled correctly in advance or where there are large debts that were not covered.

Every person I know is bulletproof in theory but corporeal in practice and that means that many of us have risks that we are not covering, you can’t cover 100% of the bases 100% of the time but some do need to be covered and it doesn’t have to be rocket science.

How did the rich man die a pauper? We’ll take an example of a person with a home and two RIP’s (residential investment properties), We’ll say that the lady of the house is a solicitor earning €120,000 a year her name is Jane Doe, and the man of …

Read More