What does level term cover mean?
This is also called Term Life Insurance. With this policy, you choose how much life cover you would like (Sum insured) and how long you would like the cover for (the Term). You can insure one person or two people on this policy. If the person insured dies during the term of the policy, a pay-out is made and the policy ceases. If you do not die before the end of the term of the policy, the policy will also cease. There is no savings element to these policies.
What is convertible life insurance?
Convertible Term Life Insurance is similar to Level Term Life Insurance but with an added benefit. This type of cover gives you what is called a ‘Conversion Option’. This allows you to extend the cover beyond the term at any time before the expiry of your existing policy without medical underwriting.
In effect, you are setting up a new life insurance policy without having to supply any medical information. It is slightly more expensive than Level Term Assurance as you are paying a higher premium for the option of extending your cover in the future regardless of your state of health.
How soon should I apply for mortgage protection?
You should apply for your mortgage life insurance as early as you can. This is because you will need to give the bank your policy documents a few days before you are going to draw down the mortgage loan from them. Things such as a doctors report being required can mean you don’t get your keys.
If you are not sure of the exact date you will be getting your loan cheque, you can still submit your application for approval and advise us of the start date as soon as you are sure of same. There is no cost as payments only commence after the policy has started i.e. gone live.
Top tip: You can always get Level Term Life Cover, add an extra year on your term and assign that to the mortgage when the time comes closer to drawdown stage.
Will I have a dedicated advisor?
Absolutely, you’ll have your own personal advisor. At Low.ie, we’re all about building a strong, one-on-one connection between you and your advisor. We know everyone’s financial situation is different, so we pair every client with a dedicated advisor who’s focused on getting to know you and helping you protect your family at the lowest price available to you.
