As we age, financial planning becomes increasingly important. For individuals 50+ in Ireland, securing life insurance can be challenging due to health concerns or other factors. ​

So, What is Guaranteed Life Cover?

Guaranteed Life cover,  also known as guaranteed acceptance life insurance, is a type of policy specifically designed for individuals aged 50+ The key feature of this policy is that acceptance is guaranteed. This means that even if you have pre-existing conditions or other health issues, you can still secure coverage without the fear of being denied.​

Key Features

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• Fixed Premiums: Most guaranteed life cover policies offer fixed premiums for the duration of the policy. This means that you won't have to worry about rising costs as you age.

• Payout for Funeral Costs and Other Expenses: The primary purpose of guaranteed life cover is to provide a lump sum payout upon your passing. This payout can be used to cover funeral expenses, outstanding debts, or to leave a financial gift for your loved ones.​

• Peace of Mind: Knowing that your family will have financial support when you’re no longer around can bring immense peace of mind. Guaranteed life cover ensures that you won’t leave behind a financial burden for your loved ones.​

Benefits of Guaranteed Life Cover for Seniors

1. Financial Security for Loved Ones

The average cost of a funeral in Ireland has risen to over €6,250, reflecting a 14% increase in two years. A recent survey by An Post Insurance revealed that nine out of ten over-50s in Ireland are worried about funeral costs and the financial burden on their families. Guaranteed life cover provides a lump sum that can alleviate this financial pressure.​​

2. Fixed Premiums for Budgeting

With fixed premiums, seniors can plan their finances without worrying about increasing insurance costs. This predictability is especially beneficial for those on a fixed income.​

3. Simplified Application Process

Simplified application process, making it more accessible and less time-consuming for seniors.​

4. Peace of Mind

Knowing that your family will be financially supported after your passing provides peace of mind. This assurance allows seniors to focus on enjoying their golden years without financial worries.​

How to Choose the Right Guaranteed Life Cover Policy

Selecting the appropriate guaranteed life cover policy involves careful consideration of several factors:

1. Coverage Amount

Determine the amount of coverage needed to cover funeral expenses and any other financial obligations. Consider current funeral costs and any outstanding debts.​

2. Premium Affordability

Ensure that the monthly premiums fit within your budget. While fixed premiums offer predictability, it's essential to choose a plan that won't strain your finances.​

3. Policy Terms

Review the policy terms, including any waiting periods before the full benefit is payable. Some policies may have a waiting period of one to two years.​

4. Provider Reputation

Research the insurance provider's reputation, customer service, and claim settlement history. A reliable provider ensures that your beneficiaries will receive the intended benefits without complications.​

5. Additional Benefits

Some policies may offer additional benefits, such as terminal illness cover or the option to increase coverage. Evaluate these features to determine their value to your specific needs.​

Common Questions About Guaranteed Life Cover

Is guaranteed life cover more expensive than traditional life insurance?

Guaranteed life cover may have higher premiums compared to traditional life insurance due to many factors. However, for seniors with health issues, it provides an accessible option for coverage.​

Can I have multiple life insurance policies?

Yes, you can hold multiple life insurance policies. However, it's essential to ensure that the total coverage aligns with your financial goals and that premiums remain affordable.​

What happens if I miss a premium payment?

Missing premium payments can lead to policy cancellation. Some providers may offer a grace period, but it's crucial to understand the policy's terms regarding missed payments.​

Is the payout from guaranteed life cover taxable?

In Ireland, life insurance payouts are generally not subject to income tax. However, they may be subject to inheritance tax depending on the beneficiary's relationship to the deceased.​

Can I cancel my policy if I change my mind?

Most policies offer a cooling-off period, typically 30 days, during which you can cancel the policy and receive a full refund of premiums paid. After this period, cancellation terms may vary.​

Guaranteed life cover offers a valuable solution for individuals aged 50+ in Ireland, providing financial security for loved ones and peace of mind for policyholders. By understanding the benefits and carefully selecting a suitable policy, seniors can ensure that their final expenses are covered, relieving their families of potential financial burdens.​

For personalised advice and to explore the best guaranteed life cover options for your needs, contact Dolmen Insurance today. Our experienced team is here to guide you through the process and help you secure the coverage that best fits your circumstances.

Protect What Matters, Contact the Dolmen team today, straightforward Life Cover for Ireland’s Seniors, No Hassle.

Along with offering great Life cover expertise, at Dolmen Insurance we have a comprehensive suite of insurance products. Get in touch today to discuss your car insurance options and explore the benefits of bundling your insurance cover. From Private Pensions, and Mortgage Protection to Home Insurance, Car Insurance and more, we have you covered.