Family & Life Insurance

Knowing how much life insurance you need is a one of the main questions asked. The answer is different for everyone because it depends on your situation and where you are in your life. Someone who has a family is going to want to make sure that if anything were to happen to them, that their family is going to be financially covered. Are you going to cover your kids? Is your spouse going to get life insurance? These are all questions that come into consideration when you have a family and begin looking into life insurance.

First you are going to want to figure out how much you can afford. More coverage is going to cost you more each month, so make sure to run the numbers and see what price will best fit you and go from there to figure out how much coverage that price can get you. Remember that working with an insurance broker can help you to get the best price on coverage that will fit your needs.

Now you will need to figure out …

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What does an insurance broker do that you can’t do?

When weighing your choices between going with an insurance broker or trying to figure it out on your own, make sure you know all the perks of using an insurance broker. Think of the time they can save you while offering you their expertise, guidance, and recommendations.

Insurance brokers who have been in their position for some time and know how the business works can use their knowledge to get you the best coverage possible. If you are new to the insurance world, there may be a lot that you are unaware of when it comes to getting the coverage that you need. There are many different possible types of coverage and if you do not know which one you are looking for, you may get overwhelmed in the beginning of the process. This is where an insurance broker can be perfect for you. They can recommend the best coverage for you at the right price from the right company. Even if you know about coverage, they are able to work with multiple companies quicker than you can on your …

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Get the best deal on your life insurance

Getting the best deal on your life insurance is extremely important to help you to save money in the long run. With so many different companies ready to offer you life insurance, you have to make sure you find the right one for you. Don’t settle for the first one that you talk to just because it sounds like a good deal. Look around and weigh your options. Get quotes, or even better find a broker. They are able to compare quotes from multiple companies to find you the deal for you.

When looking into different companies, you may want to see what type of deals they have going. Perhaps they have a free first month or a certain number of weeks free. Anything like that will be a way to save some money. Even with these types of offers, you will still want to compare the price to other companies. Just because you may get a free month, they may be charging you a higher premium per month than other companies that don’t offer you the free month.

Do …

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Irish Insurance Brokers

Insurance brokers can offer a wide variety of services to customers. Some brokers specialize in certain areas of Insurance, investments, Pensions and other financial products. The main benefit of using the services of a broker over say a bank is that with a broker there are a number of different services offered to the client. In most cases banks are tied to an insurance agency so the client can only get 1 quote with them. In a brokerage, you will find a number of different providers with multiple different quotes and rates. This gives the broker some leverage over the insurance agencies in order to get the client the best deal available to them. 

For a potential client, the most time efficient way to price the market for a policy is to use a broker. The broker will offer the most suitable product available at the best price and in many circumstances improve on the policy already in place through a bank. 

There are a variety of insurance products on the market to suit every need. Life assurance on the …

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Savings of €635 a year to be made in Mortgage Protection

We were mentioned in an article by Charlie Weston writing in the Independent about mortgage protection. The point was raised (figures supplied by the Competition and Consumer Protection Commission) that savings of up to €635 were possible.

The parts mentioning Irish Mortgage Brokers are what follows next: It’s normally done on a “joint life, first event” basis which means that if two people take out the policy and die simultaneously it only pays out once and the sum is usually engineered to cover only the balance of the loan.

It does this because it’s created as a “decreasing-term” policy, which means the amount it pays out decreases over time, the same as your mortgage does as you pay it.

It has a set term, in line with the mortgage term, according to Karl Deeter of Irish Mortgage Brokers.

So if you take out a mortgage for €250,000 over 25 years then this policy should track it fairly closely, so that if the policy holder or holders die the mortgage is cleared.

Typically, it’s the cheapest type of life …

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RTE Talking Money on Life Insurance

Back in June (sorry for the delay, we had the recording but didn’t post it!) we did a piece on life insurance and both how and why it matters.

As usual, Jill and Karl didn’t always agree on everything but the need to insure against your greatest risk was universally accepted and how to do it sensibly is really straight forward.

You can catch us again ‘Talking Money’ every Monday on RTE Drivetime at about 18:15.

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RTE Drivetime: ‘Talking Money’ on good versus bad insurance, 2nd March 2015

Talking Money is a segment every Monday on RTE’s Drivetime show where Karl Deeter and Jill Kerby talk about big financial issues. This week it was about insurance, and how to tell the difference between the ‘good’ kind, the ‘bad’ kind and how much each one matters and costs.

This is an important topic because too many people have too much of the wrong type of cover and not enough of the good type.

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Return of Payments (Insurance Undertakings) Regulations 2011 (S.I. No 641 of 2011)

These regulations were introduced in 2011.  They require Life companies to make returns to Revenue on an annual basis, where payments have been made to policyholders in respect of savings and investment policies.

The first returns were made to Revenue by Irish Life in September 2012.  In future years, the returns must be made by 31st March each year.

Revenue may follow up in respect of some of the cases reported in the returns.  This may involve follow up queries to Irish Life to seek clarification of the information returned.  It may also result in queries being directed by Revenue to customers who receive the payment. Depending on the nature of the queries raised by Revenue, the customer may need to contact Irish Life to clarify details relating to the payment.

With effect from 1st January 2013, an additional requirement comes into effect arising from the new regulations.  This requires Irish Life to ask customers for their PPSN/tax number at the point of sale and to record this on our systems.

When payments are made out to customers in respect …

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Group Mortgage Protection Cover

The housing loan lender is obliged under the Consumer Credit Act 1995, section 126(1) to arrange at least one group or block policy with a life company to cover those borrowers who do not have their own protection cover.

The lender is the legal owner of the policy however the cost of each borrowers cover is passed on to them by means of increasing their loan repayments accordingly. While the lender is obliged to attempt to cover all its housing loan borrowers there are  some exceptions allowed under section 126(2) of the Consumer Credit Act 1995. a: when the house under loan is not intended to be the principle residence of the borrower or their dependants. b: borrowers who are not acceptable to the insurer or would only be acceptable at significantly higher premium rate than normal (i.e. high risk individuals or are in bad health). c: borrowers who are over 50 years of age at time of loan approval. d: borrowers who at the time the loan is made have sufficient life assurance cover that can be assigned to …

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