Who Needs Life Insurance?

Thankfully, most of us will live to old age. Life is unpredictable, though. It's a good idea to have a plan in place to provide financial security for your family should something happen to you.

Laya Life Insurance may be suitable for you if:

  • you are aged 18-64
  • are resident in the Republic of Ireland
  • are happy to apply without getting Financial Advice
  • want life cover for a fixed term
  • want life cover only
  • want cover for either one or two people
  • if you meet our underwriting criteria

Laya Life Insurance may not be suitable for you if you:

  1.   are looking for financial advice
  2.   want more than €400,000 of life cover
  3.   are currently having medical treatment
  4.   have had a major medical condition
  5.   have been hospitalised overnight in the past year
  6.   you expect payment in the absence of bereavement
  7.   you can’t afford to keep up the payments throughout the term of the policy
  8.   don’t fully understand the risks of the product
  9.   you are under 18 or over 64

The below may also help you decide if it's something you might need.

If you...

...own property or other assets

Most likely, there will be legal and probate fees, as well as costs associated with selling and distributing what you owned. Life insurance can help cover the costs involved in settling your estate.

...have a partner

Having the right life cover can ensure your spouse or partner can continue to enjoy the same quality of life, no matter what happens.

...have kids at home

We know that being a parent is one of the best experiences in life. We also know that it brings big responsibilities and worries that's only human. You worry that they are happy and getting the right opportunities to flourish. You want to be able to provide for them the way you want to even when you're not there.

...have grown-up children

Even if your children have left home and are standing on their own feet, life cover can make sense. You can protect the lifestyle of your spouse or partner. 

...provide for other dependants or relatives

Many people care lovingly for an elderly parent or someone who is unable to look after themselves. Maybe that's you? Life cover means that their care is secure if anything were to happen to you.

...have a mortgage

Mortgage protection insurance is a life insurance policy designed to pay off your mortgage if you die during the term. It runs for the same length of time as your mortgage. If you die, your insurance company pays the policy benefit directly to your mortgage lender. There are no additional benefits attached to this.

...require joint cover

A ‘joint’ life insurance policy covers two lives, usually on a 'first death' basis. Our joint policies will pay-out once only, on the first person who passes away and a claim is made within the policy term. After this claim, the joint policy will end and the other person on the cover is now without life insurance.

...already have some life cover

Things are changing all the time. Your needs now are probably very different from a few years ago. So it makes sense to take stock now and then, just to make sure that your life insurance covers everything you need it to. You might find you need more so keeping tabs on whether your cover will do the job is a good idea.

We've put together a useful guide to help you work out how much life insurance is the right amount for you: how much life insurance do I need?