Life Insurance for Northern Ireland Residents

Taking care of family and loved ones is paramount for most of us, but what would happen if we were no longer here? Who would support them, pay the mortgage and cover the funeral costs? Life Insurance in Northern Ireland needn't be too costly these days as over the past few years rates have fallen. Life Insurance provides invaluable peace of mind that things will be taken care of after we are gone.

Life Insurance cover is essentially protection for you, your family and your lifestyle. Here are some examples of how life insurance can ease the financial burden in the case of death.

• Pay off your mortgage.
• Help finance your dependants' present and future education costs.
• Provide finance to help your family maintain their lifestyle.
• Pay off any credit card or personal loan debts.

There are two main types of non investment fixed term life insurance for Northern Ireland, Level Term Life Insurance and Decreasing Term Life Insurance. These are generally the cheapest form of protection and can offer high levels of life insurance cover for relatively low premiums.

Level Term Life Insurance is designed to pay out a fixed cash lump sum in the event of your death, on this type of policy the sum insured remains constant throughout the term of the policy. A level term life insurance policy can be set up as either a single life plan or as a joint life first death policy, where the sum insured is payable on the first death. Most policies include cover for diagnosis of a terminal illness during the plan term at no extra cost.

Decreasing Term Life Insurance can help care for your family's financial situation by paying off the outstanding balance of the mortgage on your home with a cash sum should you die before the end of the term of your policy. The level of coverage is designed to decrease in line with the outstanding balance on a standard repayment mortgage.

Like Level Term Life insurance you can take out Decreasing Term Life Insurance on a single or joint life basis, with the cash sum being paid out on the first claim only. You choose the number of years the policy will be in place and the level of mortgage life cover your require at the outset of the plan, policies normally include cover for diagnosis of a terminal illness during the plan term at no extra cost.

Critical Illness benefit can also be added to most level term life insurance and decreasing term life insurance policies for an increased premium. By adding Critical Illness benefit the policy will pay out either on death or the diagnosis of a specified critical illness, whichever occurs first.