Life Insurance

Also known as Level Term Cover – this life insurance policy is taken out for a specific term. The main difference between Level term life insurance and Mortgage Protection is that the level of cover does not reduce with term assurance.

Example: Tom & Mary have two children under 4. They want to protect their family’s financial security in the event of one of them dying. They start a Level Term Life insurance plan for 25 years. They decide on a level of cover of €300,000. In year 23, Mary has a major stroke and dies. The life insurance company will pay out the full €300,000 to Mary’s estate.

Convertible Term
Convertible Term Life Insurance is almost the same as Level Term Life Insurance – but it has an added benefit – a Conversion Option. A conversion option is a very valuable benefit which allows you to “convert” your policy to another plan, at any stage throughout the term of your policy, without providing any evidence of health.

Example: Tom and Mary have a Convertible Term Life Insurance policy with 3 months remaining. Mary has been diagnosed with cancer and is very seriously ill. They use the conversion option on the policy to start a new policy for another 20 years. The insurance company do not look for any medical details – they assess you based on your health when the original policy was taken out. The premium payable is based only on their current age. Tom and Mary now have the peace of mind of knowing that they still have life cover.

Income on Death
Also known as Family Income Benefit – This is a frequently ignored form of life insurance, even though it offers appropriate cover for many people, and is cheaper than traditional forms of term assurance. A family income benefit policy will pay a monthly income to your loved ones, rather than a lump sum. This is a big selling point, as you may not want to leave your loved ones having to make complex investment decisions with the lump sum they would get from other policies upon your death. Contact us or a full explanation of family income benefit

Whole of Life Policy
A whole of life policy is taken out with the intention of covering you for all of your life. There is no set term on the policy, it will continue forever. Sounds good eh, but there can be some downsides;

It is expensive. Because you are covering yourself until you die, the cost of cover is more expensive. You could live until you are 110!

The premiums can change. Initially your premium will be guaranteed for 5, 10 or 15 years. Then the insurance company will carry out a “review” of the policy. They will assess the current premiums, level of cover etc and they can increase your premium.

Some insurers offer life policies that insure you for the whole of your whole life, or for as long as you want to keep paying premiums. The premium on these policies is much higher than with basic term insurance and can increase at regular intervals.

You can decide to pay premiums up to your death or for a specified time, for instance until you are 65. Contact us for more

Inheritance Tax Planning
How will your family manage this liability after your death?
Have you made provision for Inheritance Tax?

Inheritance Tax Planning identifies and manages any tax liability in advance and will deliver peace of mind for both you and your family. You can set up a life insurance policy equal to the estimated value of your Inheritance Tax liability and policy proceeds are designed & agreed with Revenue so that they can be used to repay any Inheritance Tax liability due. This ensures that the full estate is passed on to recipients without any additional taxes due by them.

Pension Life Cover (Life cover with tax relief)

Pension Life Cover is a life cover plan that you can take out before you retire. You do not have to have a pension to take out this cover. It pays your family a guaranteed lump sum if you die during the term of the plan. They can use this as they want, to pay bills, loans – whatever matters most. It gives you peace of mind in knowing that if you die during the term of your plan, your family could be protected financially.

The advantage of Pension Life Cover over other life cover plans is that it could cost you less. This is because, if you are eligible, you can claim income tax relief on your payments. Southeast Financial Services will help you decide how much cover you need.

Over 50's Insurance
Guaranteed acceptance – no medical needed
We understand that not everyone wants to go through the details of their medical history to take out a protection plan – we know that some people find this awkward. If you are aged between 50 and 80 and apply this cover, you will not be asked for any medical details or health history and we will not ask you to go for a medical.
We guarantee to accept you no matter what your medical history. However, you are only covered for ‘accidental death’ during the first two years. Please see below for a full definition of ‘accidental death’.

• If you die because of an accident during the first two years, we will pay the life cover benefit shown in your schedule. (Some exclusions apply around the nature of the accidental death, for example we will not pay a claim for suicide.
• If you die during the first two years of your Cover for any reason other than an accident as described above, we will only
• pay your estate a full refund of regular payments you have made. After year two of your 50+ Easy Life Cover you are fully covered for life cover as shown in your schedule.

This plan can give your loved ones a guaranteed lump sum to help pay some of the costs they may face after your death, for example any funeral expenses or bills left to pay. Your Cover starts when we receive your first payment. However, payment of the full cover only made in the first two years if you die as a result of an accident

What is accidental death?
For this plan, ‘accidental death’ means ‘death caused only and directly as a result of an accident caused by something violent, which can be seen and which is not linked to any other cause’.

Negative Equity Insurance
Negative equity insurance is simply using a life insurance policy to fund the difference between the value of a property and the outstanding debt on it should you pass on. This is a very prudent estate planning measure; whilst you may be in a position to manage your affairs on an ongoing basis, would your family be if something happened to you.

Whilst most people have a mortgage protection policy relating to their own home, most do not have any cover on their investment properties. We believe it is a matter of good planning to consider putting cover in place to cover any potential shortfall.

Additional Benefits
There are various additional (rider) benefits that can be added on to life insurance and mortgage protection policies if and when appropriate. These include
•Hospital Cash Cover
•Personal Accident Cover
•Surgical Cash
•Broken Bones
•Indexation of Benefits
•Conversion Option

We can advise you on your current needs and if any of these additional benefits are necessary.