» Frequently Asked Questions

Who are SmartQuotes?
How can I contact SmartQuotes?
What types of Life Assurance are there?
How much Life Insurance cover is needed?
What duration do I need Life Assurance for?
What is the difference between Dual and Joint Life Cover?
Why Switch & Save?
What is a convertible term policy?
What is indexation?
Can I cancel the policy at any time?
When do I receive my Insurance policy?
Will you cover me if I already suffer with a specific medical condition?
How do I pay the discounted amount?
How do you discount my first year's premium?
Income Protection
Who is eligible?
How does income protection work?
How much income will you get after the deferred period?
Specified Illness
Accelerated Specified Illness
Independent Life Cover
Wedding Insurance
Travel Insurance
Pensions

Who are SmartQuotes?
SmartQuotes are Ireland's leading low cost financial services and insurance website. We specialise in low cost pensions, life assurance, mortgage protection, Specified Illness and income protection. We also offer certain types of general insurance. Our technology allows clients to search a variety of providers to find you the lowest insurance quotes. We will also give you up to 70% discount off your first year's premium*

PFP Financial Services Limited (trading as SmartQuotes) are regulated by the Financial Regulator.
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How can I contact SmartQuotes?
If you need any help or want to contact us please call on 01 6853813 or email info@SmartQuotes. Our offices hours are 8.30am – 6.00pm Monday to Friday.
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What types of Life Assurance are there?
There are two main types of cover:

Mortgage Life Cover. This pays of the balance of the mortgage if you die during the duration of the mortgage. Mortgage Life Cover covers the amount of the mortgage outstanding therefore the amount covered decreases over the life of the mortgage. If you take out a mortgage over 20 years, your mortgage life assurance must also be in place for 20 years.  You can however, change providers during that period.

If you have an interest only mortgage which by nature is not decreasing a term life assurance policy will be required.

Term Life Assurance. This is cover to provide a lump sum for you family/ next of kin in the event of your death.    It can also be used for interest only loans where by nature is capital outstanding is not decreasing.

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How much Life Insurance cover is needed?
You decide how much life insurance you require based on your personal circumstances. For Mortgage Life Assurance the balance outstanding on your mortgage at the time will dictate the amount. For Term Life Assurance it is really a personal choice and issues such as personal debt, number and age of dependents and financial security should all be considered
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What duration do I need Life Assurance for?
For Mortgage Life Assurance the term remaining on the mortgage will dictate this.  For Term Life Insurance the most common policy duration is 20 to 25 years or until retirement.
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What is the difference between Dual and Joint Life Cover?
Dual Life Cover is a life insurance policy that provides cover for two people and continues after the first person dies. It pays out benefits on each death.  It could potentially pay out twice during the course of the policy. Joint cover will pay benefits on the first death of either insured person.  As a result joint life cover is usually cheaper.

Mortgage Life Assurance is a joint life assurance product.
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Why Switch & Save?
Any mortgage holder is permitted to organise their own mortgage life assurance.  In recent years term rates have reduced and it may be possible to obtain a lower monthly premium by switching provider.

SmartQuotes compares the market to find you the lowest cost provider.  We offer clients a discount on their first year’s premium. SmartQuotes allows monthly payers to benefit from this discount.
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What is a convertible term policy?
Convertible term option – At the end of the term you have chosen you have the option to continue your life cover without the need for further medical information.
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What is indexation?
Indexation – This option allows you to increase your life cover in line with inflation. The indexation rates vary between providers and clients should always ask what indexation rate applies to their premium and their benefits.
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Can I cancel the policy at any time?
Yes, there is a 30 day cancellation period but remember your life insurance cover will then stop.
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When do I receive my Insurance policy?
When your application has been accepted and you advise us of a start date, the policy documents are posted directly to you or to a bank/ solicitor if requested.
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Will you cover me if I already suffer with a specific medical condition?
It depends.  You must disclose this on the application form in the required field. The insurer may then write to your doctor or request that you attend a medical examination before a final underwriting decision is made.
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How do I pay the discounted amount?
The discount can be applied in full if the policy is paid annually or monthly by direct credit into your account if the monthly payment option is chosen (for the first twelve months of the policy). This allows monthly payers to benefit from the discount.
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How do you discount my first year's premium?
We are paid a commission for acting as intermediary and our first year's discount is a rebate of part of that commission with you. 

From year two onwards all you pay is the normal non discounted annual premium.
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Income Protection
Income Protection Cover pays out a regular cash payment that can replace 75% of your lost income (including state disability benefit), if you have an illness or injury and you can't work. It is sometimes called permanent health insurance or salary protection. Furthermore you may get full tax relief on the premiums.
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Who is eligible?
You must be in full-time paid work as a self employed person or an employee or company director to get and continue to have Income Protection cover. 
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How does income protection work? 
Insurance that pays you a monthly income if you're unable to work due to illness or injury. It will pay you up until you are able to return to work, or retirement, whichever is the sooner.  You get your benefit only after you have been unable to work at your normal job and are not working at any other job for a set period. This is called 'the deferred period'.  When you take out your policy, you can choose what deferred period you think would suit you best, from 8 weeks, 13 weeks, 26 weeks or 52 weeks. If you choose a deferred period of say 13 weeks, which means you must be unable to work for 13 weeks before the Income Protection payments will begin. The longer the deferred period the cheaper the premium will be.

An individual’s occupation will also affect the premium.
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How much income will you get after the deferred period? 
If you have an individual policy, you can set the amount you want to be insured for when you take out the policy. The policy terms and conditions will tell you the maximum amount you can claim. It is usually 75% of your earnings before you became ill or disabled, less any other income you get while out of work, such as sick pay or social welfare disability benefit. 
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Specified Illness
Specified Illness cover is a long-term insurance policy designed to pay a lump sum on the diagnosis of certain life-threatening or debilitating (but not necessarily fatal) conditions such as a heart attack, stroke, cancer, multiple sclerosis and loss of limbs.

You may also choose to add specified illness cover to your to your life assurance policy or take out a standalone specified illness plan. It is also sometimes called...

The illnesses covered will be specified in the policy along with any exclusions and limitations – these differ between insurers.
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Accelerated Specified Illness – Life Insurance cover with attaching Specified Illness Cover under the one policy.

A Specified Illness claim payment reduces your remaining life cover by that amount i.e. advance payment of Life Cover.
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Independent Life Cover – Specified Illness Cover without any life cover attaching.
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Wedding Insurance
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Travel Insurance
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Pensions
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