Life Choice FAQs

Life Choice FAQs

• Why choose Life Choice?

  Life Choice is a market leading protection product from New Ireland with unrivalled flexibility and affordability. You can use it to protect your home, your income, your family, even your business or investment property. Find out more

• How long does it take to get cover?

  We will process your application as soon as it is received. If the application form is fully completed and no further information is required (e.g. from your doctor) we will then issue you with a policy document within 10 business days.

• What is the difference between single, dual and joint life insurance?

  Single Life – Covers only one life insured.

  Joint Life – A Joint Life insurance policy covers two lives. For Life Choice joint life cover will only pay out a benefit on the first claim for that benefit of either insured person. The cover in respect of that benefit will then cease for both lives.

  Dual Life – Covers two people independently. Dual cover could potentially pay out two separate payments for each benefit covered.  In the event of a claim by one of the lives insured, the cover on the other life insured will continue as before.

• Will I be required to undertake a medical examination?

  For the large majority of applications, a medical examination is not necessary. Depending on the level of cover sought or information provided in your application, we may ask you to have a medical examination with an independent doctor or nurse.  The medical can be arranged at a convenient location and New Ireland will cover the cost.     

• What happens on acceptance of my application? / When do I receive my policy document?

  When your application is accepted and if you have already indicated when you want the cover to start we will put the policy in-force and send you a policy document.  If you have not indicated when you want the cover to start you will be contacted for that information and the policy document will be issued once we have received confirmation of the intended start date.   

  The policy document (or a copy of your policy document) will be posted to you.  It includes a policy schedule which contains the specific details of your cover (type and amount of cover, term of cover etc) and the policy conditions which set out the standard policy terms and conditions (e.g. definitions of terms, when the cover is payable etc.). You should keep the policy document in safe place for future reference. 

• How soon should I apply for my policy if it will be used as security against a loan / mortgage?

  We recommend that you apply for your cover at least 6 to 8 weeks in advance of the date you plan to draw down your mortgage.  When your application is accepted we will let you know and we can keep your application on hold until you draw-down your mortgage. 

• My policy has recently lapsed and I wish to restart the policy, is this possible and if so, how can I do this?

  Yes, it is usually possible to re-instate your policy within one year from the date that the first unpaid premium was due. Restarting your policy is subject to the payment of all outstanding premiums. We may also require that each life insured completes a Declaration of Health Form.  Please contact our Customer Service Team or your Financial Advisor and they will be happy to assist you.

• I want to amend the cover on my Life Choice policy, how can I do this?

  If you wish to amend your benefits, please contact our Customer Service Team or your Financial Advisor, and they will be more than happy to assist you with this and advise what will be required in order to alter your policy.

• How do I assign my policy to the lender?

  Once you receive your original policy document, you should forward this to your lender. Your lender will then instruct us, by means of a Notice of Assignment, to transfer the legal ownership of the policy to them. We will note this on our records and whilst the policy is held under assignment, we will require authority from the assignee (the lender), for any amendments that you may wish to make to the policy, until the assignee confirms that they no longer have an interest.

• Will the amount I pay change during the term of my Life Choice policy?

  No, the premium is fixed throughout the term of your Life Choice policy and will remain the same once the benefits are not amended during the policy term. However; if you have chosen the Increasing Cover option (Indexation) then provided premiums have been paid, we will increase the premium and the protection benefits on each policy anniversary by 3% per annum; if you have chosen Increasing Cover then this will be stated on your original policy schedule.

• What happens if I stop paying or New Ireland does not receive my premiums?

  It is your responsibility to ensure that your premiums are received by New Ireland when due.

  If New Ireland does not receive your premiums when due or you stop paying your premiums or cancel your policy during the term, then your policy and any protection benefits it offers, will cease and no benefits will be payable.

  In the case of Life Choice New Ireland will allow you 30 days for payment from the date that the premium is due. If the premium is not received within 30 days of being due your policy and protection benefits will cancel immediately without further notice and you are no longer on cover for any protection benefits. If you have assigned your policy, we are obliged to notify the assignee (the lender) that premiums have not been paid and that cover no longer applies.