Mortgage protection is life insurance you take out while opening a mortgage with your provider. Usually, it is for the same term length as the mortgage, i.e. 20 years or more.

It offers protection for the mortgage in the case of your death before the mortgage is finished. You will have the peace of mind of knowing that if you do die, the family is safe in a mortgage-free home.

Business protection is a life insurance policy that offers protection to the business you own or run. You can take it out to cover expansion or significant investment in the company.

When the business relies on your steering it to success, it cannot afford to lose you. The company can collapse if you die and there is not anyone to take up the reigns.

Business protection life insurance covers the company in the case of losing key individuals.

Cover for dependent children is life insurance that every parent should have in their portfolio. Your children depend on you and your partner until they are financially independent.

If one of you dies, can the other afford to support the family on their own? No is the answer when the mortgage, school fees, medical care, college costs and childcare need to be paid.

Life insurance to cover for dependent children usually has a term life of until the youngest reaches 23 or 25.

Future planning protection offers cover for your loved ones who may be dependent on you for life. It can provide care for adult children with special needs, which can be very expensive.

You never know what can happen to you in life. A serious illness or accident comes out of the blue, and your loved ones could be left with nothing.

Everyone needs future planning protection life insurance to help those left behind.

Life assurance is insurance without a term limit to the cover. Your life assurance policy covers you until you die, regardless of when you took out the cover.

There is not a fixed term for a life assurance product, and when you die, the policy pays out the agreed lump sum. Life assurance has many benefits, and you take out a policy to look after loved ones when you pass away.

Life assurance is often known as whole of life insurance or whole of life cover.

The benefits of life assurance are:

Protecting loved ones is a major reason behind taking out a life assurance policy. Without any term limits or such clauses, the life assurance policy will pay out a lump sum whenever you die.

You can relax knowing that whatever is around the corner your family is protected. Even when you finish your working life, the life assurance policy is there to leave something for them.

Insurance policy add-ons are easy to include on a life assurance policy. With flexible reviews every few years, you may benefit from add-ons to help the family.

Add-ons may include funeral insurance costs or even increasing the lump sum due on the policy. You may need to discuss what add-ons are allowed with your provider when taking out a policy.

Tax efficient insurance can help clear unwanted Revenue bills for those left behind. Often inheritance tax eats into the assets you leave in your will, leaving little for the family.

The lump sum of your life assurance policy can clear the tax bill due on your death—an extra benefit to the family at a time they least need to hear more bad news.

Covering funeral expenses is another unseen benefit of a life assurance policy. Funeral expenses can be high in Ireland and are a cost most families do not wish to face.

The life assurance lump sum clears the funeral expenses bill, so they won’t have to worry about paying.

Funeral directors are usually happy to wait for the policy to pay their bill and not put pressure on the family.

The difference between life insurance and life assurance is that life insurance has a fixed term, and life assurance is until the policyholder dies.

You take out a life insurance policy for a specific purpose, and it will be valid for a named number of years. The policy will pay out if you die during the fixed term.

If you die after the term passes, it will not pay out, and your family will receive nothing.

When you have a life assurance policy, it covers you until you pass away, whenever that may be. There is not any fear of the family being left empty-handed nor of you worrying about providing for them.

Life insurance and life assurance offer similar protection for policyholders. Do not make the mistake of thinking they are the same and regret your error later in life

There is also a cost difference between life insurance and life insurance. A Life Compare calculator is an excellent guide to what is available and which one to choose.

The right insurance policy for you is the one that best suits your needs. Without the right advice, it can be difficult to know if you should take out life insurance or life assurance.

Life insurance is good for when you only need cover for a fixed term. There may not be a need for a large lump sum, and the amount insured can go straight to paying off the mortgage or business loan.

Life assurance is ideal for when you want to leave a lump sum for the family. It covers you for life, and the family will benefit when you pass away, hopefully at a grand old age.

Who needs what type of insurance depends on the circumstances of the individual.

You need life insurance when taking out a mortgage or a large business loan. 

Life insurance is also a great way to provide for the family on your death until they are financially independent.

Life insurance is for a fixed term. It is an ideal policy to cover your life for a certain number of years when there are still bills to be paid. 

You need life insurance for the unexpected twists of life so you can look after those left behind you.

All consulationats are 100% cost and commitment free.

You need life assurance to leave a lump sum for the family when you pass away. Life assurance is excellent for providing a tax-free inheritance to the children or your partner.

Life assurance is a whole of life product. It stays with you and only pays out on your death. Cover does not expire after a number of years, and the family will always benefit.

You need life assurance to leave the family with a lump sum whenever you pass away.

Contact us at Life Compare to help you with your insurance questions and plans. Our experts can advise you on the best life insurance or life assurance to suit your needs at any stage of your career.

Life Compare deals with the biggest names in the life insurance market in Ireland. We are constantly searching out the best policies and premiums. Knowing what you want and for how long you need it will help you make up your mind.

Contact Life Compare today for all your life insurance needs.