Irish Life – Mortgage Protection Insurance
Irish Life mortgage protection insurance offers free added features including accidental death benefit, guaranteed insurability and terminal illness benefit. Free children’s cover also applies, including free children’s serious illness cover, where you choose to add serious illness as a main benefit. All featured and optional benefits are outlined below.
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 Irish Life is processing your fully completed application form. To qualify you must be you must ne under age 55 and your policy accepted at standard rates within 30 days.
This benefit is available on both life and specified illness cover plans. If you start life cover and before the age of 55 you then get married, or become a registered civil partner, have a child, take out a new, or extra mortgage, or get an increase in salary, you can ask us to set up a new life cover plan, with providing fresh medical information.
If you take out life cover, each of your children under aged between 30 days and 21 are insured for €6,000 life cover for as long as you are covered and if you have included serious illness cover on you, your children between the ages of 30 days old and 21 years old are covered for up to €25,000, or half of your specified illness benefit amount, whichever is lower, for as long as you are covered.
If you are diagnosed with a terminal illness, your life cover will be paid out, so long as there are 12 months or more until the policy is due to end. A terminal illness is an illness that, according to the attending Consultant, has no known cure, has progressed to a point at which it is deemed incurable or is expected to lead to death within 12 months.
Serious Illness Cover
If you are diagnosed with one of 65 specified serious illnesses during the term of your policy, a lump sum will be paid out. 44 full payment illnesses and 21 partial payment illnesses are covered.
Guaranteed cover again, also known as a conversion option allows you to convert your cover to another Mortgage Life Insurance plan(or equivalent) at any stage throughout the term of your plan.If you wish to avail of this option, you must take it
at the start of your plan. Then you will not have to provide any new evidence of health for your new plan. The payments you make will reflect this.
The purpose of including this option is to protect you against a change in your future financial circumstances, where you may need to extend your mortgage term.