Term Life Insurance – New Ireland

New Ireland Life Insurance & Serious Illness cover

Term Life Insurance from New Ireland, 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 passtimes, they may represent a good choice. Optional benefits include serious illness cover, whole of life payment, hospital payment, accident payment, broken bones payment and surgery payment, where you have included serious cover under your policy.

Featured Benefits

Children’s Cover

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 Seriosu 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 Benefits

Life Income Benefit

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.

Serious Illness Cover

If you are diagnosed with one of 66 specified serious illnesses during the term of your policy, a lump sum will be paid out. 47 full payment illnesses and 19 partial payment illnesses are covered.

Whole of Life Benefit

This pays a lump sum amount of between €10,000 and €50,000 on death. The benefit remains in force even after the term of cover for other benefits and premiums have ceased. If for example, your term of cover ends at age 65 for other benefits and you die at age 90, this benefit will still be paid out provided that you have paid all the premiums during the policy term. You can add this benefit to Lump Sum on Death or Income on Death.

Accident Benefit

Pays you a weekly amount of up to 50% of your average weekly earnings if you are unable to work for more than 2 weeks due to an injury resulting from an accident. This payment will be made for a maximum of 52 weeks in total.

Hospital Benefit

Pays you a daily amount of up to €300 if you are in hospital for 3 days or more. This payment will be made for a maximum of 365 days in total.

Broken Bones Payment

Pays you a fixed lump sum of between €1,000 – €3,000 if you suffer one of the injuries we cover. Further details are provided on page 40 of this brochure.

Surgery Payment

Available only if you have added Serious Illness cover as a main beneefit, it pays you up to 12.5% (to a maximum of €32,500) of your Specified Illness lump sum, if you have to undergo one of the major surgeries we cover. This amount is payable up to 4 times to a maximum total payout of the lower of 50% of your Specified Illness lump sum or €130,000.

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