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 Life Assurance Overview

Life Assurance policies typically consist of a small premium paid each month for the duration of a policy. In some instances you will not need to take out a policy, as it may already be included in your mortgage (as in the case of some endowment policies).

As a first step, you should ask your mortgage provider. If you don’t have it included, your mortgage company may offer you their own or an associate’s policy. As with everything in life, it is always worth shopping around.

How much will I have to pay?

Initially you will need to supply the following information which effects the value of the  premium you pay each month:

  • Your age.

  • Your sex - women live longer on average.

  • The size of the initial sum assured - the higher the sum the larger your premium.

  • The duration you want covered.

  • Whether you smoke - medically a higher risk to the insurer.

  • Your general state of health. (Click here to find out more about providing medical information).

  • Occupation - occasionally some companies will charge different premiums depending on your job, especially if it is viewed as hazardous (stuntmen take note!).

What about my partner?

You can apply for either a single or joint policy. The joint policy will cover both yourself and your partner, and you will also need to provide the above information on your partner as well. The benefit is paid on the first death, so long as the death occurs before the policy expires.

What happens if I become unemployed?

On the 1st October 1995, the government altered legislation which effected the unemployed. Now, anyone taking out a mortgage will not be eligible for State assistance with their repayments for a full nine months.

What is more, even after the first nine months have passed, your benefits will still be restricted to half the monthly cost.

To find out about which type of policy is best for you, read the Types of Life Assurance guide.

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