1. What are the different types of products you offer?

a. Mortgage protection insurance. This is typically required by a lending institution such as a bank or building society. This type of life cover is a low cost form of life insurance. The life insurance amount reduces over the term of the policy, generally in line with the loan amount outstanding on a mortgage. On this website, a mortgage interest rate of 6% is assumed for the purposes of the life cover. Mortgage protection cover ceases at the end of the term and no savings value will ever attach to the policy.

b. Level Term Assurance. This assumes a level amount of life insurance over the term of the policy. Level term assurance ceases at the end of the term, and no savings value will ever attach to the policy. In the event of death this policy can be used to cover an interest only mortgage or to provide financial security for your dependants.

c. Convertible Term Assurance. This is exactly like level term assurance, but with an extra benefit - a convertible term assurance policy holder has a "conversion option", which he or she can exercise at any time during the term of the policy. This option to "convert" the cover at the end of the term means that you can extend the period of cover by setting up a new policy, without having to undergo a medical examination or supply evidence of good health at the time of the conversion.

d. Accelerated Serious Illness Insurance. This is an option available under Mortgage Protection Insurance, Level Term Assurance and Convertible Term Assurance. This option, which increases the premium, ensures that in the case of certain serious illnesses, the life insurance amount will be paid out early. On payment of such an accelerated serious illness insurance benefit, the policy ceases. No savings value will ever attach to this type of policy.

e. Indexation option. This option, available on level term assurance and convertible term assurance policies, will allow your life insurance to rise in line with inflation. Your premium will rise each year accordingly.

2. Who can be covered by the life insurance policy?

Life insurance can be taken out for personal use to cover the financial needs of a family who would suffer a financial loss on the death or serious illness of a particular person. Life insurance can also be taken out by those arranging a mortgage with a lending institution (this is known as mortgage protection insurance).

Life and serious illness insurance can also play a vital part in managing a business, whereby a company would suffer a financial loss following the death or serious illness of key personnel (this is called key person insurance). Key person insurance is exactly the same as personal term assurance, the only difference being that the policy is owned by the company (the premium is paid by the company), rather than by an individual. Please contact Online Life Cover directly for further information on this type of life insurance.

Each insurance policy can be set up on the following basis:

a. Single Life Insurance - Covers one person only.

b. Joint Life Insurance - This type of policy covers two people and has a single payout on the first death (or serious illness in the case of serious illness insurance). Once the benefit is paid out the policy is terminated.

c. Dual Life Insurance - This type of policy covers two people independently and has a payout for either deaths, (or serious illnesses in the case of serious illness cover). Each life can be covered for a different amount.

3. How soon should I apply for my mortgage protection policy?

You should apply for your life insurance as early as you can, but no longer then three months in advance of requiring cover to be in place. In the case of mortgage protection insurance, you will need to give the bank your policy documents a couple of days before you are going to draw down the mortgage from them.

As soon as we receive your completed application form we will submit your details to the life insurance company to be processed. If the application form is completed correctly and there are no underwriting requirements, your application will be accepted and the policy documents will be issued in a couple of days. Sometimes the life insurance company will require clarification of some medical details. This could involve attending at your GP or getting a medical report. If a report is required it could take a week or two longer to get your application fully processed.

For mortgage protection insurance, if you are not sure of the exact date you will be seeking your loan cheque you can still submit your application for approval and advise us of the start date as soon as you are sure of same. Just remember, it will still take a couple of days to get the policy documents in your hand so be sure to let us know the start date at least a week before you require the policy documents.

4. How do I apply for Mortgage Protection/ Term Assurance?

i. Tell us the type of cover you require, whether it's mortgage protection insurance, level term assurance or convertible term assurance.

ii. Give us some basic details regarding age, sex and smoking status.

iii. Review the life insurance quotes as produced by our online system.

iv. Decide on your preferred life insurance company and accept the quote for that life insurance company.

v. When you select a quote a form will be automatically submitted to us.

vi. On receipt of this form we will do up a case specific disclosure notice and forward this, together with the application form for you to complete and return to us.

vii. On receipt of the application form we will look after the setting up of your life insurance policy from that point forward. We have an online link within our office to the life insurance companies, so we undertake to make sure the insurance underwriters see your application details rapidly.

viii. On occasion a life insurance company will require medical reports before they will give cover. Online Life Cover will make sure this information gets back to the insurance company quickly on your behalf.

ix. Once the life insurance company accepts your application we will get the policy certificate to you or your lending institution without delay.

5. What happens if I change my mind and want to cancel the policy after it has been issued?

Upon receipt of your life insurance policy documents you have 30 days to review your policy and ensure that it is exactly what you require. If you decide to cancel the policy during this period you can let us know that you wish to cancel the policy and you will receive a full refund. After this 30 day grace period has passed, you can cancel the policy at any stage by informing the life insurance company in writing. If at any time you stop paying the premiums due, your life insurance policy will also stop.

6. Who can help me make sure I have filled in the application form correctly?

Please ring us on when you are filling in your life insurance application form. We are happy to help you make sure it is filled in correctly. Remember, if the application form we receive is not completed correctly we will have to send it back to you to be amended – one quick phone call can save you this hassle and make sure that you get your policy in place quickly.

7. What is buildings insurance?

Buildings insurance covers anything that you cannot usually take away with you if you move home. These include the structure of your home including domestic outbuildings and any fixtures or fittings.

8. How much buildings cover should I have?

You should insure your home for the rebuilding cost and this is the reinstatement value. You can find the home-building cost figures in the Guide to House Rebuilding Insurance available from the Society of Chartered Surveyors value of your property.

9. What is contents insurance?

Contents insurance covers household goods and personal effects belonging to you or belonging to members of your household and domestic employees permanently residing with you, all in the private house and domestic outbuildings.

10. How much contents cover should I have?

You should insure your contents for the amount it would cost you to replace them if they were stolen or damaged.

11. What is accidental damage?

Accidental damage covers accidental events giving rise to a loss for example a spillage on your carpet or if you or a member of your household hammers a nail into a pipe.

12. Is accidental damage covered under buildings insurance?

Yes, we offer free accidental damage cover under your buildings insurance for owner occupied properties only.

13. Is accidental damage covered under my contents insurance?

We offer free accidental damage cover to audio and audio visual equipment up to a limit of €1,300 under your contents insurance with an option to pay a higher amount to include accidental damage cover on all your contents within the home for owner occupied properties only.

14. What is all risks cover?

All risks cover protects against loss, theft of, or accidental damage to items outside your home as well as in. The unspecified all risks section of your policy covers items such as jewellery, photographic equipment, personal effects, clothing and sports equipment up to a maximum sum insured as shown on the schedule with a limit of €2,000 for any one item. The specified all risks section of your policy covers specified items with a minimum value of €2,000.

15. Will I need to provide a valuation for specified items covered in the all risks section?

Yes, a valuation will be required for items valued more than €5,000. These items will not be covered unless we receive the valuation from you.

16. Is this a new for old policy?

Yes, this policy is on a new for old basis subject to the terms and conditions of the policy.

17. Are timber-framed properties covered?

We are able to provide cover for timber-framed properties on the basis that the manufacturer is registered with the National Standards Authority of Ireland. A list of registered manufacturers can be found here.

18. What is an excess?

The excess is the amount of each claim that you will have to pay for yourself. The standard excess on the policy is €125 however, the following discounts are available should you wish to choose a higher excess 10% for choosing a €500 excess and 15% for choosing a €1,000 excess. The subsidence excess is €1,500.

19. How can I pay my premium?

By credit card or laser card at no extra charge processed through a secure SSL server.

By cheque, bank draft or postal order made payable to 123.ie

By direct debit over 10 months (interest charged @ 8% APR 23.19%)

20. Can I view the Policy Booklet?

Yes, a sample policy booklet can be found on our website.

21. Why should I choose Sheridan Insurances & Financial Services for my home insurance needs?

We offer instant cover online and over the phone.

We do not require a proposal form to be completed.

We provide a fast, efficient and professional service.

We offer value for money.

Accidental damage is automatically covered on buildings for owner occupied properties

Accidental damage on audio and audio visual equipment up to €1,300 is automatically covered for owner occupied properties.

Alternative accommodation or loss of rent due to you is covered as a result of the premises being rendered uninhabitable following damage by an insured cause.

Architects/surveyors and legal fees are covered with Insurers consent in the reinstatement of the premises following loss or damage covered by this policy.

The contents sum insured is automatically increased by 10% during the months of December and January.

Breakage of glass and sanitary fittings is covered under the buildings insurance as standard.

Trace and access is covered up to €650 under the buildings insurance as standard.

Accidental damage is covered for service pipes and cables for which you are legally responsible.

Fire brigade charges are covered up to €2,000.

Following the escape of oil clean up expenses are covered up to €2,000.

Fraudulent use of credit/debit/charge/cheque and/or cash card belonging to you or your spouse is covered up to €1,300.

22. What are the differences between the Life and Protection products you offer?

With Level Term Life Insurance, the sum assured remains at the same level throughout the term of the policy. With Mortgage Protection, the sum assured reduces throughout the term of the policy, aiming to cover the outstanding amount of your mortgage. Serious Illness Benefits are paid on diagnosis of specific illnesses.

23. Explain your Special Offer, what happens in the second year?

The Special Offer means that you only pay half of the first year's premium. In the second year (and subsequent years) the premium reverts to the full quoted premium which may be paid monthly or annually. This offer may only be taken up once and is only available for customers who pay for 12 months cover in advance.

24. Are there any penalties if I cancel my policy?

There are no penalties if you choose to cancel, cover ceases when you stop making payments, however it is very important to talk to a financial advisor before cancelling your policy or allowing your policy to lapse.

25. Single, Joint or Dual cover?

Single cover covers one insured person. Joint cover will pay benefits on the first death of either insured person. Dual cover will pay benefits on the death of both insured persons, almost as if they each had single policies. We offer online quotes for single and joint, if you would like a dual quote then please contact us.

26. How long will my application take to process?

Your application will take a few days to be processed by the company providing the cover. At that stage they will either accept your application or ask for further medical information. This might include a medical from your G.P, a visit to a consultant or may only require clarification of some of the details you have given.

27. Do I need to note my mortgage lenders interest?

No. Having arranged the policy you then send the policy to your lender along with an assignment form which your lender will give to you.