For advice in relation to the best Lifecover & Serious Illness Cover please contact us. We will need to complete a simple factfind document for you to ensure that the best cover for your circumstances is attained. We have set out below the types of cover available to you with an explanation in plain English the various types of cover available on the Irish Market.
When you have chosen a plan we will use the most up to date search engine to quote the market to ensure you attain the most competitive price available.
When we quote for you we will send you a quote with the various types of cover a brief explanation of each one for your information. The next section goes through the various types of cover available on the market for your information.
Types of Life and Serious Illness cover briefly explained
LTA ¨C Level Term Assurance.
This cover remains the same for the term of the contract, as does the premium. Premiums and benefits will remain level over the term of the contract. The contract finishes when cancelled or at the end of the term.
This contract can used for to protect your Mortgage or Family Protection when the cost of Unit Linked cover is an issue.
CTA ¨C Convertible Term Assurance
The cover is the same as for level term assurance, but at the end of the term there is an option to continue cover without any further medical evidence being submitted. The terms at which the cover will continue are not specified. The price you will convert to is not guaranteed only the fact that you will be able to renew the contract without supplying medical evidence. The Convertible Protection Plan is a Level Protection Plan with the added option to convert all or part of the benefit into an endowment or whole of life type contract during the term without further evidence of health or occupation.
This contract can also used for to protect your Mortgage or Family Protection when the cost of Unit Linked cover is an issue but with an added security benefit.
DTA ¨C Decreasing Term Assurance. Mortgage Protection
This cover reduces each year, and is generally used in conjunction with a mortgage, to repay the outstanding mortgage balance. The interest rate assumed is 6.00%. Premiums will remain level and the benefit will decrease over the term. The contract finishes when cancelled or at the end of the term.
Single Life Cover
One person dies the amount of cover is paid to next of kin.
Joint Life Cover
One person dies the amount of cover is paid to the other policyholder and the contract finishes.
Dual Life Cover
One person dies the amount of cove is paid to next other policyholder and the contract continues for the other policyholder if required.
Dual cover means that both lives are covered independently, that separate payouts are possible on the death of both lives assured. Joint life means that there is only one payout possible, which will be paid on the first death.
Serious Illness Cover / Critical Illness Cover
This is a payment to the life assured whilst still alive. It is paid on diagnosis of a specified serious / critical illness. There are again different types of cover choices when serious illness cover is chosen.
Accelerated Serious Illness means that all or part of the life cover will be paid earlier if you are diagnosed to be suffering from one of the illnesses covered by the policy. Once paid the lifecover is reduced by the amount of Serious Illness paid.
Stand Alone Serious Illness Cover
The serious illness cover is paid and the lifecover is maintained independently of this claim. There is no surrender value ever to a Term Assurance contract of any of the above types. The premiums simply pay for the cost of the cover.
Unit Linked Life & Serious Illness Cover
This is a more expensive product than the above Term assurance. It is also a more complicated structure which we would need to sit down and explain in detail with you the type of contract it is and the reason it is more expensive in terms of premium spend.
It is suitable for some people to take out this plan as it is more flexible throughout your changing life span.
In essence you contribute to a plan which on one side invests your premiums into a fund from which a cost for the Life &/or Serious Illness cover is deducted. This plan will have a surrender value after 2 years and thereafter, depending on the performance of the fund underlying the plan and the cost of the benefits requested.
A detailed quote will be given to you on request showing the various potential values throughout the life of the plan. Also it will show the cost of the cover at the end of the contract and will give an estimation of the cost to continue the plan at the end of the term requested. It is an open ended plan with a specified term but the precified term only relates to the initial costing of the plan. IE how much you pay at the start.
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