Term Life Insurance – Zurich Life
Term Life Insurance from Zurich Life offers a straightforward tax-free lump sum pay out on death during the policy term. Other benefits include accidental death benefit, while still at application stage and once your policy goes live, free children’s life cover and terminal illness benefit are standard. Guaranteed insurability, also allows for future cover increases free of fresh underwriting and you have the option of adding waiver of premium benefit, to cover your premium payments, if you fall ill. Free cover applies from start date to the first of the following month.
Standard Featured Benefits
Accidental Death Benefit
Your insured life cover amount up to a maximum of 150,000 is payable, if a life proposed dies from bodily injury as a result of an accident, while Zurich Life is processing your fully completed application form, and within the first 30 days from application receipt.
If your child dies during the term of your policy, a sum of €6,000 will be paid out. Children’s are also covered for the same specified illnesses as the policy holder subject to a maximum of €25,000 for full payment illness and €7,500 for partial.
The child cover applies form aged 3 months for life cover and 1 year for serious illness cover and extends to age 18, or 21 if in full time education.
This is an automatic additional benefit. This allows you to increase your Life, Serious Illness and Permanent Total Disablement (Own Occupation) benefits by the lesser of 50% of the original benefit at the start date of the policy and €100,000 without underwriting in the event that you gain approval for a new mortgage, or increase in an existing mortgage and subsequently draw down these funds. The total maximum increase across all options over the life of the policy, is the lesser of €200,000 and the original sum insured at the policy start date.
This is an automatic additional benefit. You have 90 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.
Terminal Illness Benefit
If you are diagnosed with a terminal illness your full life cover sum will be paid out. (This benefit ends twelve months before the end of the term you have chosen).
Long Term Care Conversion
Designed to convert up to 150,000 of your life cover into monthly payments towards long term care, in the event that life assured has suffered long term care disablement. A maximum of 50 payments can be made, but you can only make a claim for this benefit between the ages of 60 and 65, on the proviso that there is 10 years remaining on your policy at the time.
Waiver of Premium Benefit
Waiver of Premium – This is an optional additional benefit. If you are unable to work due to illness or disability, Zurich Life will pay your premiums after a period of 13 weeks has passed. To add this benefit to your quote please call us on: 1890 727 111.
Where you choose to include a Conversion Option as part of your life insurance policy, you can later choose to extend your life cover, without having to provide fresh medical information at the time. The maximum extended term is to age 85.
Where you choose to include Inflation Protection, as a feature of your life insurance policy, on every years policy anniversary, Zurich Life will automatically increase your life cover by 3% and the premium by 4.5%.