Understanding Personal Insurance: What You Need to Know

In today's unpredictable world, safeguarding your financial well-being is essential. Personal insurance serves as a protective shield against unforeseen events that could otherwise lead to financial hardship. Throughout our 25 plus years in buiness in Ireland, we get asked many recurring questions. What is Personal Insurnace is one that Irish people, in many cases, still don't fully undersand. This guide delves into the intricacies of personal insurance, focusing on the Ireland, Irish people and the personal Insurance products avaliable to them, to help you make informed decisions.

What is Personal Insurance?

Personal insurance encompasses a range of policies designed to protect individuals from financial losses due to unexpected events. These events can include illness, accidents, property damage, or even death. By transferring the financial risk to an insurance company, policyholders ensure that they or their beneficiaries receive monetary compensation when such events occur.

Types of Personal Insurance Policies

Understanding the various personal insurance options available in Ireland is crucial. Personal insurance is not a one-size-fits-all solution; different policies cater to specific needs, ensuring comprehensive financial protection. Whether you're looking to secure your family's future, protect your income, or safeguard valuable assets, choosing the right type of insurance is essential. The Irish insurance market offers a variety of policies, each designed to address unique risks and circumstances. Below our team has put together a breif overview of the most common types of personal Insurance, along with their key benefits.

Life Insurance 

Life insurance provides a lump-sum payment to your beneficiaries upon your death. This financial support can cover funeral expenses, outstanding debts, or provide income replacement. In Ireland, life insurance is not mandatory but is often considered essential for those with dependents. Often a death in family will mean the death of an income, life insurance offers real protection. Policies can be term-based, covering a specific period, or whole-of-life, offering lifelong coverage. At Dolmen our of Life insurance team is headed by Ainé Derham. Ainé is one of Ireland's most respected experts in her field. Dolmen clients really reep the benefits of Ainé, and her teams, knowledge.

Income Protection Insurance

Income protection insurance insurance provides a continuous income if you're unable to work due to illness or injury. Typically, it provides up to 75% of your regular income until you can return to work or reach retirement age. Given the financial strain of prolonged absence from work, income protection is a valuable safety net. 

Mortgage Protection Insurance

Mortgage protection insurance is a specific life insurance policy designed to repay your mortgage if you pass away during the term. In Ireland, lenders usually require this insurance as a condition for granting a mortgage. It ensures that your family home remains secure, free from the burden of outstanding mortgage debt.

While mortgage protection is crucial, many homeowners make the mistake of purchasing it directly from their mortgage lender. Banks often provide limited options, and policies acquired this way can be more expensive and less flexible. If you switch mortgage providers, you may have to take out a new policy, potentially at a higher cost due to age or changes in health. Instead, working with an independent insurance broker allows you to compare different providers, ensuring you get the best coverage at the most competitive rate. At Dolmen Insruance, we can tailor the policy to your needs, offering better value and flexibility in the long run.

Serious Illness Cover 

Serious illness cover provides a lump-sum payment if you're diagnosed with a specified critical illness, such as cancer or heart disease. This financial support can assist with medical bills, rehabilitation costs, or necessary lifestyle adjustments. Given the rising incidence of serious illnesses, this cover offers real peace of mind.   

Motor Insurance

Motor insurance is mandatory in Ireland for all vehicle owners. It protects against financial loss resulting from road accidents, theft, or damage. Policies range from third-party, covering damages to others, to comprehensive plans that include personal vehicle repairs.

Dolmen Insurance offers a unique opportunity for those who may struggle to find affordable or suitable motor insurance. Whether you are a young driver looking for first-time cover, an owner of a high-performance vehicle or luxury car, or a driver with previous claims or penalty points, Dolmen can provide tailored solutions. Many insurers place high premiums on drivers who carry a loading, but Dolmen's expertise and access to multiple insurance providers mean they can negotiate better rates and coverage. By working with a broker like Dolmen Insurance, you gain access to competitive premiums and comprehensive protection suited to your driving profile.

Home Insurance

Home insurance safeguards your property and belongings against risks like fire, theft, or natural disasters. We often hear, "there's no real natural disasters in Ireland", Remember Storm Éowyn?

While not legally required, it's highly recommended, especially for homeowners. Policies can cover the building structure, its contents, or both, ensuring you're financially protected against unforeseen damages.

Dolmen Insurance offers specialist home insurance solutions for unique properties that may be difficult to insure through standard providers. Our expertise extends to luxury properties, ensuring high-value homes receive adequate coverage for both the structure and the contents within. If you own a home with a flat roof, a thatched roof, or another non-standard construction, Dolmen can provide tailored insurance solutions that reflect the specific risks associated with these properties. 

For homeowners with valuable contents such as high-end art collections, fine jewellery, or even rare wine collections, Dolmen Insurance can arrange policies that provide comprehensive protection. Standard home insurance policies may not offer sufficient coverage for these high-value items, leaving homeowners exposed to financial loss. However, Dolmen works with insurers that specialise in unique and high-value contents, ensuring that your assets are fully protected against theft, damage, or loss.

Whether you live in a period property with historical significance, a modern architectural home, or a house with specialist renovation work, Dolmen's extensive network of insurers ensures you receive the right level of protection for both the structure and its contents. Their tailored approach means your home insurance policy reflects the true value of your property, giving you peace of mind that your investment is secure. There is currently what many commentators in Ireland are describing as an "Under Insurance epedemic", Dolmens tailored approach ensures your protected.

Benefits of Personal Insurance

So why invest in personal insurance offers? Well ther are numerous advantages:

• Financial Security: Insurance ensures that unexpected events don't deplete your savings or plunge you into debt.

• Peace of Mind: Knowing you're protected allows you to live confidently, free from constant worry about potential financial pitfalls.

• Family Protection: Life and Serious or Critical ilness policies ensure your loved ones are financially supported in your absence or during health crises.

• Asset Protection: Home and motor insurance safeguard your valuable assets, ensuring you're not burdened with replacement or repair costs.

How to Choose the Right Personal Insurance for you

Assess Your Needs

Begin by evaluating your personal and financial circumstances. Do you have dependents relying on your income? Are there significant debts, like a mortgage, that need coverage? Understanding your specific needs will guide you toward the right policies.

Research Different Policies

Not all insurance policies are created equal. Investigate various options available in the Irish market. For instance, Dolmen Insurance offers a comprehensive range of personal insurance products, from life cover to motor insurance. Click here to view our full ranage of products

https://www.dolmen-insurance.ie/personal-insurance

Compare Providers

Premiums and coverage can vary between providers. Utilise comparison tools or consult with insurance brokers to identify the best deals. Remember, the cheapest option isn't always the best; consider the coverage details and the insurer's reputation. If you live in Ireland, doesn't it make more sense to deal with an Irish owned and operated Insurance broker, who knows the market, the insurance and legal landscape, and has history of world class service, with the added benefit of no call centre. Thats right, you actually talk to an insurnce advisor in Ireland who knows and understands your policy. 

Read the Fine Print

Always scrutinize policy terms and conditions. Be aware of exclusions, waiting periods, and claim procedures. This diligence ensures there are no surprises when you need to make a claim.

Seek Professional Advice

Consulting with an Irish-based insurance broker can be invaluable. They possess in-depth knowledge of the local market and can tailor recommendations to your unique situation. For example, Mark Fowler, a satisfied Dolmen Insurance customer, shares his experience:

"Choosing Dolmen for my personal insurance was a game-changer. Their expert knowledge and understanding of the Irish market meant I secured comprehensive coverage at a competitive price. It's reassuring to deal with a local broker who truly gets your needs. I had heard horror stories of under insuance problems, they put my mind at ease with a detailed explination of my policy"

Personal insurance is a cornerstone of financial planning, offering protection against life's uncertainties. By understanding the various policies available and following a structured approach to selection, you can ensure that you and your loved ones are adequately protected. Remember, in the realm of insurance, informed decisions today lead to a secure tomorrow.  

For all your insurance needs, from Mortgage Protection to Life Insurance, home insurance or car insurance we have you covered. Contact Us today.