Term Life Insurance – Royal London
Term Life Insurance from Royal London pays out a tax-free lump sum if you die within the term of the policy and comes with a host of featured benefits as standard. Two person dual life policies allow separate pay-outs on both people and the policy also provides the flexibility to increase your cover free of medical information under guaranteed insurability. Royal London term life insurance is suitable for your family protection needs and comes with a unique “Helping Hand” service and swift funeral payment as well as offering the first month free.
Complimentary Additional Benefits
Children's Life Cover
All of your children between the ages of 3 months and 18 (21 if he/she is in full-time education) are covered during the term of the policy for €5,000 in life cover. Where serious illness is included is up to €25,000 to max up 50% of the parent’s serious illness cover amount.
This is an automatic additional benefit. You have 100 days to reinstate your policy after your first missed premium payment. Furthermore, it can be reinstated even if a claim has arisen. However, it cannot be reinstated if Zurich Life has received a written request from you to cancel the policy.
This is also known as a ‘Guaranteed Insurability Option.’ This benefit provides the option to increase the level of Life Cover (if any applies) and/or Specified Serious Illness Cover (if any applies), without providing further medical evidence, following any of these events:
• Increase in your mortgage, either to purchase a new main residence or for home improvement of your main residence.
• Birth or adoption of a child.
The maximum increase you can make following any one of these events is the lower of €100,000 and 50% of the original level of cover for that benefit.
The maximum total increase you can make for all events over the policy term is the lower of €200,000 and the original level of cover for that benefit.
This option ends when you reach age 55, or when the older person reaches age 55 for a Joint Life policy.
Terminal Illness Benefit
If Life Cover is included as part of your policy, in the event that you are diagnosed with a terminal illness and have less than 12 months to live, we will pay the full amount of your Life Cover as at the date of diagnosis. A terminal illness is an illness where, in the opinion of the attending Consultant and Royal London’s Chief Medical Officer, you will not survive the next 12 months.
Funeral Expense Payment
For life insurance claims which are accepted, but delayed due to probate, Royal London will now provide an advance payment of up to €10,000 to cover funeral costs of the deceased. This feature is limited to death claims and only covers Funeral Director costs.
Optional Added Benefit
Specified Serious Illness Cover
Where you choose to include Serious Illness cover on your life insurance policy, if you are diagnosed with one of 85 specified serious illnesses during the term of your policy, a lump sum will be paid out. 52 full payment illnesses and 33 partial payment illnesses are covered, including the 3 major full payment conditions of cancer, heart attack, and stroke.
Optional Added Features
Where chosen, this option allows you to convert your cover to another policy without having to provide new evidence of health. You can use this option at any point over the course of your policy, up until the age of 86. (If you are on a Joint, or Dual policy, you can use this option up until the oldest person on the policy turns 86). The maximum age to extend cover is to age 91 next birthday, the highest on the Irish market.
Where chosen, Inflation Protection ensures that your cover increases by 3% and your premium increases by 4% each year. This helps to protect the real value of your cover as time passes.