Life insurance:  This is a plan that pays out a lump sum to your family after you die. Most life insurance plans are for a fixed period of time and will only pay out if you die during that time period. Whole of life cover is more expensive but will pay out a lump sum whenever you die. Life insurance will help protect your family financially after you die, in a number of ways including:

Income protection: Income protection provides you with a replacement income if you cannot work as a result of an illness or injury after a certain period of time. You can take out income insurance if you are in full-time work or are self-employed and earn an income. It protects you only in these circumstances – it will not be paid if you become unemployed. You must keep up your payments to stay on cover.

Benefits
It pays you a regular monthly income, replacing some of your earned income. Cover continues until age 65 or you return to work. Payments on your plan are eligible for income tax relief at your marginal rate of tax. However, if you do claim on this plan, your incapacity benefit will be treated as normal income and so is assessed for income tax, PRSI and the Universal Social Charge.

Serious Illness Cover: Some illnesses can have a major impact on your life. They can stop you from working and recovery may require assistance, and time. That’s where serious illness cover comes in. Serious illness cover (sometimes called critical illness cover) provides you with financial support if you are diagnosed with a serious Illness. You can talk to us about the list of illnesses covered.
Even a small amount of serious illness cover can go a long way. If you need €2,500 every month (€30,000 in a year) to cover your household expenses, the good news is that it’s relatively inexpensive. The table below shows how far even a small amount of cover could go and the monthly cost.