life insurance instant quote comprehensive cover blackrock financial planning
Get an instant quote today

How to Get the Best Life Insurance Quote for Your Situation

November 21, 2022

No one likes to think about their own mortality. For many, end of life planning can be a stressful ordeal and, as a result, people end up putting off making the necessary preparations. However, the fact of the matter is, when your time comes, you'll want to ensure that your loved ones are taken care of financially. That's where life insurance comes in. A life insurance policy can provide financial security for your loved ones in the event of your death either when your family is young or as you age. But with so many different types of policies available, it can be difficult to know which one is right for you. Your needs and wants for coverage will be based on your unique family situation and financial planning goals. There are a few things that all consumers should keep in mind when shopping for a policy. In this blog post, we will discuss some of the key considerations you need to be aware of when looking for a life insurance policy. We will also give you some tips on how to get the best life insurance quote for your financial planning goals.

Different Types of Life Insurance

There are three main types of life insurance policies: Term life insurance, Whole of life insurance, and Mortgage protection insurance (sometimes called Decreasing Term Insurance). Term life insurance is a basic and affordable type of coverage. It provides protection for a specific period of time, typically 10-30 years. Whole of life insurance is a more comprehensive type of coverage. Mortgage protection insurance is a type of life insurance that is specifically designed to pay off your mortgage in the event of your death. 

When shopping for a life insurance policy, you need to first decide what type of coverage you need. Do you want coverage for a specific period of time? Do you want lifetime coverage? Once you've decided on the type of coverage you need, you can start shopping around for quotes.

Term Life insurance is the most popular type of policy. This is because it can be the most affordable assuming the term is short and there are no conversions or serious illness added to the policy. But without any conversion options, when the term ends, the policy ends. This is a good reason to talk to your insurance expert at FitzGerald Flynn especially if you are building Term Assurance into your Financial Plan.

While Mortgage Protection, also known as Decreasing Term insurance, is generally taken out to cover the amount of a mortgage on a property, many people with young families take out these types of policies to get an increased amount of cover to ensure their family is protected if they were to pass away unexpectedly while their family was still young. Decreasing Term policies can be a great option for many people just starting their family and career. Be sure to reach out to our life insurance experts here at FitzGerald Flynn if this sounds like the type of policy that might work for you. 

Whole of Life insurance is a more comprehensive type of coverage that does not have a set term, and coverage lasts for the policyholder's lifetime. They are often taken out by people later in life to cover any potential residual costs or debts that may linger after they die e.g. funeral costs. There can be variations on Whole Life insurance policies, for instance, they can be used for savings or reducing tax bills on death. So it's always important to contact an expert when looking at these types of policies so they can explain the variations on these policies and how it can affect your financial plan.

Reducing the Terms of your Policies

A life insurance policy is there to protect you through all of life’s changes, and it’s meant to be with you for the long haul. Term life insurance lasts anywhere from 2 years to 51 years and a permanent policy lasts your entire lifetime if you keep up with the payments. But a lot can change during that time. You might no longer have kids depending on you, or you might have paid off the house. If you bought life insurance for those reasons, does it make sense to reduce your coverage? And will reducing your life insurance policy help you save money on rates? 

If you have a term life insurance policy, you may be able to reduce the amount of coverage you have without penalty. This could be a good option if your needs change over time and you no longer need as much coverage. For example, if you have a €500,000 policy but your mortgage is paid off and your kids are grown and out of the house, you may want to reduce your coverage to €250,000. If your term life policy expires before your death, there is no pay out so this must be considered if you are searching for a more flexible set of options. All this can be teased out with your Financial Planner at Fitzgerald Flynn, as part of a comprehensive Financial Plan.

You don't need coverage for every possible scenario. 

When you're shopping for a life insurance policy, it's important to remember that you don't need coverage for every possible scenario. For example, you probably don't need to insure yourself for €1 million if you only have a €100,000 mortgage. Instead, focus on getting enough coverage to take care of your loved ones in the event of your death. It is important to scale your plan to suit your financial situation and not to go too broad with your coverage. There are a few things you need to keep in mind when shopping for coverage, including the following:

Family Protection – If something happens to you, your loved ones need to be taken care of financially. Make sure your policy will provide for them in the event of your death

Children – If you have children, you will want to make sure they are taken care of if something happens to you. Many life insurance policies include provisions for minors and are a valuable way of contributing to childcare costs or future education costs

Financial Planning Tool – A life insurance policy is a valuable part of your overall financial planning strategy. It can provide peace of mind and security for you and your family when used as a financial planning and savings tool

Getting the wrong policy can be costly. 

If you choose a policy that doesn't fit your needs, you could end up paying more than you need to. For example, if you choose a policy with too much coverage, you'll be paying for coverage you don't need. On the other hand, if you choose a policy with too little coverage, your loved ones could be left with financial burdens in the event of your death. There’s no sense in overpaying for coverage. If you have way more life insurance than you need, those excess premium payments could be going toward emergency savings or another goal. Reducing your policy, instead of cancelling it completely, lets you count on the protection life insurance provides and potentially lower your costs. Therefore consulting with an experienced financial planner at Fitzgerald Flynn is of paramount importance before you even open your wallet. 

Additional Things to Consider

How many years to retirement? 

If you're close to retirement, you may not need as much life insurance coverage as you did when you were younger. You may want to consider reducing your coverage or cancelling your policy altogether. If you have a whole life insurance policy, you may be able to cash it in and use the money for retirement income. 

Serious Illnesses 

You can take out a serious illness policy or add a serious illness to a life policy when taking it out. This will cover you in the event of becoming seriously ill. There are terms and conditions attached to this policy and some illnesses may not even be covered or only pay out partially. However, serious illness policies can help to make sure your loved ones are taken care of financially if something happens to you as well as cover any potential medical costs that may incur over the course of any illness. There are a broad range of life insurance policies available, so be sure to get in touch with us at FitzGerald Flynn, or try out our brand new life insurance quotation system to find the policy that's right for you, in what may become a difficult time.

Income Protection 

Income Protection is a type of life insurance that can help to replace your income if you are unable to work due to an illness or injury. This type of insurance pays a maximum of 75% of your salary ( there is a maximum) on a monthly basis to you until you are able to return to work or until the policy expires. There are normally annual medicals to confirm you cannot work. This type of coverage can be a good way to make sure you and your family are taken care of financially if you are forced out of work. If you're looking for income protection, there are a few things you need to know. First, you'll need to decide how much coverage you need. This will depend on your income and your family's financial needs. You'll also need to decide how long you need the coverage for. Normally, a policy will go to retirement age, which can range from 65 to 70 depending on the insurance company. The longer your retirement age the dearer the policy.

When you're looking for income protection, it's important to get quotes from multiple companies for the best value. This will help you find the policy that's right for you. 

With so many different types of life insurance policies available, it's important to take the time to find the one that's right for you. We recommended you talk to one of our Financial Planners here at Fitzgerald Flynn to compare quotes from different companies and make sure you understand the coverage you're getting. The professional advice you receive can be built into your financial plan. 

When you are looking for the best life insurance quote as part of a financial plan, be sure to check out our new life insurance quotation system and get your instant quote today!

Get in contact with professional Financial Planners at FitzGerald Flynn for the best advice for your specific situation.

Our insights

Over the years we have gained some experience. Every month we like to share them with you. Check in with our blog.


Before you call us, maybe your questions have already been answered.

Contact Us
Call us now
01 2122 895
Contact form