No idea how life insurance works

Deathbytaxes

Hi all , long time lurker first time poster.

As the title suggests I have no idea how life insurance works, I have a daughter and we will be having a baby in January and I have come to the conclusion that I definitely need to be covered if I die.

Bit of background I am 28 a smoker and am I in full time employment, I could be in better shape but I work nights and hard to find the time to go to the gym. I am just looking for information on what I need to expect when I apply really so here goes.

Do I need to go to a doctor when I apply ? , Which type of cover should I get term or whole life ? I don’t have a mortgage nor will I ever need one does this matter ?.

I probably have a lot more to ask but I am hoping for these answers first. Thanks in advance for any help I get.

Atlantic Dawn

If you have no previous health issues and are not awaiting any test results generally at your age you will be accepted with no additional tests unless you are morbidly obese or seriously underweight. Being a smoker you will pay more than a non smoker.

Term insurance until your both kids hit the age when they can earn themselves might be best overall option.

Deathbytaxes

Atlantic Dawn wrote: »

If you have no previous health issues and are not awaiting any test results generally at your age you will be accepted with no additional tests unless you are morbidly obese or seriously underweight. Being a smoker you will pay more than a non smoker.

Term insurance until your both kids hit the age when they can earn themselves might be best overall option.

Ok , I don’t think I’m morbidly obese but I am overweight, I will have to go in and enquire in a brokers see what comes of it , I have been reading up online but can’t make any sense of it . Thank you for your help.

Geuze

Term life insurance is simple.

It pays out if you die in the term.

Get a quote here:

https://www.labrokers.ie/

Good value, execution only broker.

Geuze

Deathbytaxes wrote: »

Do I need to go to a doctor when I apply ? , Which type of cover should I get term or whole life ? I don’t have a mortgage nor will I ever need one does this matter ?.

I probably have a lot more to ask but I am hoping for these answers first. Thanks in advance for any help I get.

Go to doctor = NO, not usually

You need to answer lots of health questions.

Mortgage doesn't matter.

It is the case that people getting a mortgage must buy a type of life insurance called MPP.

Deathbytaxes

Geuze wrote: »

Term life insurance is simple.

It pays out if you die in the term.

Get a quote here:



Good value, execution only broker.

I will look in to this thank you.

Deathbytaxes

Geuze wrote: »

Go to doctor = NO, not usually

You need to answer lots of health questions.

Mortgage doesn't matter.

It is the case that people getting a mortgage must buy a type of life insurance called MPP.

Will it be about family history etc ? I know my family have a history of heart disease , I hope that doesn’t screw me over.

Geuze

Deathbytaxes wrote: »

Will it be about family history etc ? I know my family have a history of heart disease , I hope that doesn’t screw me over.

Yes, the application forms will ask about family history.

You can get a quick quote in a few mins, no health info required.

Then later you fill in the detailed form.

The premium may increase if you have health issues.

Liam D Ferguson

Term insurance is probably the most suitable type of policy for someone looking to protect their children against the financial consequences of their death. You take out a policy that covers you for a fixed term, until your children are old enough to be up and running on their own and no longer financially dependent on you. Term insurance is relatively cheap, especially if you start it in your 20s. If you're still breathing at the end of the policy term the policy expires without value. This is not a bad thing - it's the same as paying your car or house insurance for years and never having a claim. You don't expect to get your money back. But for some reason some people have a problem with this principle when it applies to life insurance.

The alternative is Whole of Life cover which will pay out a claim whenever you die. The policy doesn't expire until you die. So you'll be sure that there will definitely be a claim paid out, even though you won't be around to enjoy it. But because there will definitely be a claim, Whole of Life cover is always dearer than Term Insurance. You pays your money and you takes your choice...

I replied to another post today about how to figure out how much cover you need. https://www.boards.ie/vbulletin/showpost.php?p=108789186&postcount=15

Deathbytaxes

Liam D Ferguson wrote: »

Term insurance is probably the most suitable type of policy for someone looking to protect their children against the financial consequences of their death. You take out a policy that covers you for a fixed term, until your children are old enough to be up and running on their own and no longer financially dependent on you. Term insurance is relatively cheap, especially if you start it in your 20s. If you're still breathing at the end of the policy term the policy expires without value. This is not a bad thing - it's the same as paying your car or house insurance for years and never having a claim. You don't expect to get your money back. But for some reason some people have a problem with this principle when it applies to life insurance.

The alternative is Whole of Life cover which will pay out a claim whenever you die. The policy doesn't expire until you die. So you'll be sure that there will definitely be a claim paid out, even though you won't be around to enjoy it. But because there will definitely be a claim, Whole of Life cover is always dearer than Term Insurance. You pays your money and you takes your choice...

I replied to another post today about how to figure out how much cover you need. https://www.boards.ie/vbulletin/showpost.php?p=108789186&postcount=15

Sorry about the late reply , this is a big help thank you , I am going to a broker tomorrow and getting it started , going to go with term as it makes sense at the moment I hopefully won’t be dead in the next 18 years but if I am it’s money well spent and if I’m not then I won’t be too upset.
Thanks all for the help.

Henry Ford III

Geuze wrote: »

Term life insurance is simple.

It pays out if you die in the term.

Get a quote here:

https://www.labrokers.ie/

Good value, execution only broker.

Poor advice.

The OP hasn't a clue about life assurance and therefore won't be able to brief an execution only Broker.

As always get proper advise.