Life Assurance
You need to have comprehensive life assurance which covers you for a specific time period and pays a guaranteed lump sum to your loved ones if you deceased during policy term. This provides financial protection for your family until such time they are independent in their own right. With a Term Assurance Plan you simply choose the amount of cover you need and the length of time you need it for. Best to call us and get the specific advice required for your personal circumstances from one of our experienced advisors.
Overview
The amount of life cover and the monthly cost to provide this cover remain fixed for the policy term. You can choose from Life Cover only or Life Cover with serious illness benefits and income continuance benefit. It can be used as security for mortgage borrowings. Indexation Benefit is available which means that you have an option to automatically increase the amount of cover annually. This also increases the premium annually. Indexation option can be declined. One of the benefits of indexation is that there no need for medical underwriting on the increased benefit. A Conversion Option is available meaning that your policy can be converted at any time during its term into a new Term Life Assurance Plan or Mortgage Protection Plan (applies to Life Benefit only) without any additional medical underwriting. Automatic children’s life cover may be included. The sum assured is payable to your estate on death or diagnosis of a terminal illness.
Specified Illness Cover – pays a lump sum amount on diagnosis of any 1 of 69 illnesses covered including cancer, heart attack and stroke.
Optional Benefits Total & Permanent Disability Benefit – pays you a lump sum if you are totally, permanently and irreversibly unable to carry out work as a result of injury or illness before your 60th birthday.
Hospital Cash Benefit – pays you a daily amount of up to €200 if you are in hospital for more than three days.
Increasing Cover Option – your cover amount and premium increases by 5% each year to offset the effect of inflation.
Conversion Option – this option allows you to convert your current policy to a new Term Assurance plan or Mortgage Protection plan without having to provide evidence of health.
Income Protection – This pays you a replacement salary each month if you are ill or injured and cannot work, until you are fit to return to work again. Income or salary continuance allows you to be able to support yourself and your family financially. You might be entitled to sick pay from your employer for a limited period or have some savings in the bank to fall back on, however mortgage outlays, bills and weekly food shopping still need to be paid.
