What is Life Cover?
You can’t predict what’s going to happen from one day to the next, but you can prepare for it. And while no one likes to think about premature death or terminal illness, it pays to be prepared for the future. Wouldn’t it be comforting to know that, should the worst happen, those closest to you would be able to cope financially? With Life Cover, you can rest assured that financial security is something your loved ones can rely on at such a difficult time.
Why do I need it?
Life Cover pays out a lump sum amount in the event of death, or on diagnosis of a terminal illness.
Unlike any other protection plan in Ireland, with Life Choice, you can set up your Life Cover to pay you a lump sum amount, monthly income amount, or both:
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Lump Sum on death pays out a lump sum on death, or diagnosis of a terminal illness if you die during the term of your plan.
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Income on Death pays out a monthly income on death, or diagnosis of a terminal illness, for the remainder of your chosen term.
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Whole of Life pays a lump sum of up to €50,000 on death. The difference with this cover is that it will be paid out even if death occurs following the end of the term of the plan.
Why New Ireland
Life Choice from New Ireland provides market leading Life Cover:
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If you are diagnosed with a terminal illness, we will pay you 100% of the value of your Life Cover up front.
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The cost of your cover will never increase during the term of your plan (unless you choose to index it).
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We will pay out if you die in an accident from the date we receive your completed application form, while waiting for it to be assessed and accepted.*
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You can increase your cover without having to provide medical evidence within 3 month of an increase in mortgage due to moving house, getting married or having or adopting a child.**
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You can add a variety of optional extras such as Hospital Payment, Accident Payment, Broken Bones Payment and Surgery Payment to your main benefit.
Affordable cover
Life Cover is more affordable than you may think and the younger you start the less it costs.
You could have €200,000 Life Cover for 20 years or €1,500 per month Income on Death cover for just 67 cent a day.***
You can't predict the future but you can plan for it
While we all hope and often believe it won't happen to us, the reality is that families throughout Ireland are affected by these events every day. In 2012 alone, New Ireland paid out over €94 million to customers impacted by ill health, serious illness and unexpected death. Click here to view a summary of claims paid out in 2012.
For a further look at the benefits of having Life Cover in place please read our Life Cover case study or view our Life Choice brochure. Alternatively contact a Financial Advisor.
* This benefit is up to a maximum of €150,000 for Lump Sum on Death or €1,000 per month for Income on Death. It no longer applies once your application has been accepted, refused, postponed, special terms have been offered or 30 days have passed since receipt of your application if sooner. This option only applies if you are under 55 years of age.
** For lump sum on death, the maximum increase is the lower of 50% or €100,000. For Income on Death you can increase the income amount and / or the term of your cover. Maximum cover increase is 50% of original income or €1,000 per month per event. The increase on trading up is available on lump sum on death only.
*** Based on a 35 year non smoker, for life cover of €200,000 for 20 years or for income on death cover of €1,500 a month for 20 years.
Terms and conditions apply. Benefits are subject to underwriting and acceptance by New Ireland Assurance Company plc. It is important to note that certain restrictions, conditions and exclusions apply.