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. Joint cover policies will pay-out once on the first person to claim, whereas dual cover policies allow separate claims on both people. The policy provides the flexibility to increase the cover amount, free of medical information under the guaranteed insurability described below. The policy is suitable for both family protection and business protection needs and comes with a unique “Helping Hand” service, as well as offering the first month free.
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.
Tis is also known as a ‘Guaranteed Insurability Option.’ Tis beneft provides the option to increase the level of Life Cover (if any applies) and/or Specifed 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
Te 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 beneft. Te 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 beneft.
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.
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 70. (If you are on a Joint, or Dual policy, you can use this option up until the oldest person on the policy turns 70). The maximum age to extend cover is to age 90, 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.