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Thinking of taking steps to protect your family in the event of your untimely death? Making the decision about the appropriate level of cover to look after your family properly after you've gone is one of the most important financial decisions you will ever make.
Not everyone needs life cover, but if your children, partner or other relatives depend on your income to cover the mortgage or other living expenses, then yes you probably do need life insurance, since it will help provide for your family in the event of your untimely death.
At Sheridan Insurances we are committed to helping you make the best informed decisions possible so that you have the peace of mind that your loved ones will be looked after.
We want to keep it as simple as possible, with no complicated jargon, to find you the most appropriate level of cover for your situation
Who should consider taking out Life Cover?
- People with family dependents
- People who are thinking about taking out a mortgage
- People over the age of 40 who realise that they are not quite as fit as they once were
- People who are thinking about succession/inheritance tax planning
Life insurance (also known as Life Assurance) is actually quite cheap – and the benefits for your loved ones can be huge!
There are three main kinds of life cover:
a) Decreasing Life Cover (or Mortgage Protection) - your mortgage balance is covered and as it decreases through capital being repaid, so too does the life cover.
b) Whole Of Life Cover – this covers you until you die for the whole of your life. The younger you start paying into this kind of policy, the cheaper the premiums.
c) Term Assurance - this means that the original sum borrowed is covered for the entire term irrespective of what the balance is when the life assured dies.
Only 20% of people actually adhere to their financial plan (source: LIA - Life Insurance Association)
The price you pay for a Life Cover policy depends on several factors, including:
- Your age
- Your health
- Your lifestyle
- Whether you smoke
- The length of the policy
- The amount of money you want to cover
* Protection Continuation allows you to take out a new policy at the end of the term without the need for further medical evidence.
In the examples below the life cover product is Term Assurance for a single person
Name: John Smith
Aged: 40
Smoker: No
Amount Of Cover Required: €150k
Length Of Term: 15 years
= Monthly Contribution: €17
Name: John Smith
Aged: 40
Smoker: Yes
Amount Of Cover Required: €150k
Length Of Term: 15 years
= Monthly Contribution: €37
Name: John Smith
Aged: 50
Smoker: No
Amount Of Cover Required: €150k
Length Of Term: 15 years
= Monthly Contribution: €39
Name: John Smith
Aged: 40
Smoker: Yes
Amount Of Cover Required: €150k
Length Of Term: 25 years
= Monthly Contribution: €42
Name: John Smith
Aged: 55
Smoker: No
Amount Of Cover Required: €150k
Length Of Term: 15 years
= Monthly Contribution: €67
Name: John Smith
Aged: 55
Smoker: Yes
Amount Of Cover Required: €150k
Length Of Term: 15 years
= Monthly Contribution: €139
Notes:
The younger you start, the lower the premiums
The longer the term, the higher the premium as there is an increased chance of a payout
Smokers are also hit with higher premiums as there is an increased chance of a payout
Would you like to discuss your life cover needs in detail?
Use the form below to send us your contact details and we will call you shortly.