Term Life Insurance – Irish Life Assurance
Term life insurance from Irish Life offers a tax-free lump sum pay-out on death during the policy term. The policy also offers added benefits including accidental death benefit prior to policy start date, guaranteed insurability and terminal illness benefit. Free childrens’s also cover applies, including free children’s serious illness cover, where you choose to add serious illness as a main benefit. Details are outlined below.
Complimentary Additional Benefits
Life Care gives you and your family valuable access to MedCare, NurseCare, and ClaimsCare – at no extra cost. These services provide expert assistance, many of which are available 24/7, 365 days a year.
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, and within the first 30 days from application receipt. This benefit is only applicable if you are younger than 55. Once accepted you for life cover, this benefit will stop and your regular life cover starts.
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 policyholder subject to a maximum of €25,000 for full payment illness and €7,500 for partial.
The child cover applies form birth for life cover a and after 30 days for serious illness cover and extends to age 18, or 21 if in full-time education.
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 for • €125,000; • half of your current benefit; or • half of your original benefit; whichever is lower. You won’t have to provide any information about your health.
Partial Life Cover Payment
If you take out life cover and are diagnosed by a Consultant Obstetrician as having one the following five conditions we will make a payment of €5,000 to you. This payment is totally independent of your main life cover benefit which means that you can make a claim for one of these conditions, without affecting your life cover amount. 1. Disseminated Intravascular Coagulation (DIC) 2. Ectopic Pregnancy 3. Hydatidiform Mole 4. Placental Abruption 5. Eclampsia (Under this condition, the following is not covered: Pre-eclampsia.)
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).
Optional Added Benefit
Specified Serious Illness Cover
Where you choose to include Serious Illness cover on your life insurance policy, if you are diagnosed with one of 65 specified serious illnesses during the term of your policy, a lump sum will be paid out. 45 full payment illnesses and 21 partial payment illnesses are covered, including the 3 major full payment conditions of cancer, heart attack, and stroke.
Optional Added Features
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. The maximum age to extend cover is to age 85. If you select the conversion option, you can select any term for your cover from 2 to 50 years for life cover
Where chosen, Inflation Protection ensures that your cover increases by 3% and your premium increases by 4.5% each year. This helps to protect the real value of your cover as time passes.