Term Life Insurance – New Ireland Assurance
Term Life Insurance from New Ireland pays out a tax-free lump sum on death. The policy also includes free children’s life cover, as well as terminal illness benefit as standard. Unlike other providers, they do not have automatic exclusions for high risk pursuits, such as scuba diving, mountaineering and motor sports, so if you are involved in these pastimes, they may represent a good choice.
Complimentary Additional Benefits
An amount of €4,000 is payable on the death of a child during the term of your policy. This applies to all the natural and/or legally adopted children of a Life Insured who are aged between 6 months and 18 years at the date the benefit is payable and also to those who are aged between 18 and 21 years who are in full-time education.
If you have added Serious Illness Cover to your policy, it also pays 50% of the specified Illness lump sum to a maximum of €25,000 if one of the life insured’s children are diagnosed with a specified illness between 6 months and 18 years of age (or up to age 21 if they are in full-time education).
Life Events Benefit
Life Events – Increase the lump sum amount by the lower of 50% or €100,000, without having to provide evidence of health, within 3 months of a mortgage increase due to moving house; getting married; having or adopting a child. The max increase over the term of the policy is the lower of 100% of the lump sum amount or €200,000 (expires age 55).
Monthly Income on Death – Pays a monthly income on death for the remainder of the chosen term. The monthly amount will be paid out for a minimum term of 3 years should death occur within the last 3 years of the benefit term. Income on Death benefit must be selected for a minimum term of 10 years for this to apply.
Terminal Illness Benefit
If you are diagnosed with a terminal illness within 18 months of the end date of your policy, your full life cover sum will be paid out. A terminal illness is defined as one with which you are given less than 12 months to live.
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 67 specified serious illnesses during the term of your policy, a lump sum will be paid out. 47 full payment illnesses and 20 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, before reaching age 65.
Where chosen, Inflation Protection ensures that both your cover and your premium increases by 3% each year. This helps to protect the real value of your cover as time passes.