Mortgage Protection – Level – Life & Serious
Level Mortgage Protection – Level Life & Serious Illness from Zurich Life is suited to those who don’t already have adequate life and serious illness insurance cover and want to take this opportunity to protect themselves and their dependents, beyond just their lender’s minimum requirement for reducing cover life insurance. Standard features with this policy include accidental death benefit, terminal illness benefit, guaranteed insurability and free children’s cover. You can also get the first month free.
Should a death claim occur during the cover term a tax-free payment will be made. Joint life claims pay-out on the first claimant only, whereas dual cover means both parties can claim separately.
Specified Serious Illnesses
If you are diagnosed with one of 70 specified serious illnesses during the term of your policy, a tax-free lump sum will be paid out. 47 full payment illnesses and 23 partial payment illnesses are covered.
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.
Children’s Life & Serious Illness Cover
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 a 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).
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: 01 845 0049.
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%.