Life Cover offers you and your family a safety in the event of tragedy. In 2009 the Central Statistics Office showed that around 23% of deaths recorded that year were people who had not reached 65.
It’s important to protect your family’s income if you die. State benefits are limited, and because the regular bills will still be rolling in, your family could suffer financial hardship if you die.

The average death claim paid out by Irish Life was over €65,000 in 2010. That might sound like plenty, but if you died, how long would €65,000 last for your family?
Life Insurance provides a lump sum so that if you die your family will not have to struggle financially. The amount of insurance you need may vary as your circumstances change, and our financial advisers can provide you with expert advice on how to keep yourself and your family protected.

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 thefirst 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.

Confused about the different Life Insurance policies on offer? Here is a simple guide to our three main policies and what they cover.

* Product flexability may allow for changes to the term of your policy, subject to certain conditions, during the term of your plan.
** Provided the plan has not been assigned or placed in trust for the benefit of an organization or an individual.
*** May not be suitable for interest only mortgages.
**** A government levy of 1% applies to all life assurance premiums

If you die during the term of your plan, whatever is left of your mortgage will be paid off, as long as your mortgage repayments are up to date and your mortgage interest rate has not, on average, risen above the interest rate assumed.
Normally, you will transfer ownership of your Mortgage Protection plan to your mortgage lender. And, as you pay off your mortgage, your cover will fall to reflect the reducing amount you owe on your mortgage. The fact that the level of cover reduces over the term of your plan helps to keep the cost of this plan lower than other forms of life assurance.

Guaranteed protection
The payments and benefits under this plan are guaranteed. That means you will always know how much you are paying and how much we will pay out. The amount of life insurance you need and the length of time you should be protected for will depend on the amount of your mortgage and how long you have left to pay it off.

The amount you pay will depend on:

• your age
• your sex
• your health
• whether you smoke
• how much protection you want, and
• how long you want the cover for.

This is not possible. We have kept the plan as simple as possible to keep costs down.

• Life cover Pays your family a lump sum if you die.
• Specified illness cover.
• Pays you a lump sum if you are diagnosed with one of the 38 conditions we cover.

You pay by direct debit, every month, every three months, every six months or annually. This will also depend on the provider you choose.

Term Life Insurance is life insurance over an agreed term (length of time you choose to be covered for) which pays a cash lump sum if you die during the term of your plan. It is particularly important to have for the key years that you might have dependants who rely on your income.

Anyone who is looking to protect their family, from financial problems if they die or become seriously ill.

• Life insurance cover that protects the well-being of your family
• Helps them cope financially when you are not able to help them
• We cover the widest range of illnesses in the Irish market
• Can cover more than one person on the same life cover policy
• Increased cover at times when you need it

Whole of Life Insurance provides the level of life insurance you choose for your whole life, as long as you continue making your regular payments. It can also provide tax efficient inheritance planning cover for your family so as not to impact their inheritance.

Anyone looking to protect loved ones from a large inheritance tax bill when they die.

Whole of Life Insurance offers you guaranteed cover against the following incidents which could affect your family’s future income:

• Death
• Terminal illness*
• Accidental death
• Children’s death*

Sometimes it's easy to forget when building a career, a home and a family, how important it is to protect your family and business interests against the many ways they can be put at risk.

It is not pleasant to think about what would happen if you (or your partner) were to die or suffer a serious illness. Worse still, if one of your children were to suffer a serious illness or need to travel abroad for treatment, would you be in a position to cope financially?

If you are the sole earner in the household and were to die or suffer a serious illness, who would pay the mortgage and who would pay for your children's education? Who would provide for those special future events such as your son's or daughter's wedding? And of course, day-to-day bills, such as electricity, heating, transport, clothes and food, all need to be paid.

With life and serious illness cover, you can protect the well-being of your family and allow them to cope when you are not able to help them. Life and serious illness cover are essential elements of protecting the essence of your family or business.

This depends on your own financial circumstances. A good basis to use is your current salary or earnings. The cover should be a multiple of this amount, taking into account the number of years your family or business will need your financial support.

Your Vision Financial Solutions Limited financial advisor can help you to make these calculations.

It can make good sense to get insured as young as possible and while you are in good health. The cost of both life and serious illness cover rises as you get older. You also run the risk that your good health will decline as time goes by. It is important to understand that deteriorating health can result in significant loadings on your premium (i.e. higher premium), and in some cases, you may not be able to get cover at all.

You can protect:

• yourself (single cover)
• you can protect you and your partner (joint cover)
• You can also protect your children if you take out specified illness cover. We will cover each of your children aged one to 21, for €25,000 or half your specified illness benefit amount, whichever is lower, for as long as you are covered.

There have been 38 identified conditions, these may vary slightly from insurer to insurer.   
What conditions are covered under the Specified Illness Policies:

1. Alzheimer’s disease
2. Aorta graft surgery
3. Aplastic anaemia
4. Bacterial meningitis
5. Benign brain tumour
6. Benign spinal cord tumour
7. Blindness
8. Cancer (malignant)
9. Cardiac arrest - with insertion of a defibrillator
10. Cardiomyopathy
11. Coma
12. Coronary artery bypass graft
13. Creutzfeldt-Jakob disease
14. Deafness
15. Dementia
16. Encephalitis
17. Heart attack (diagnosed)
18. Heart-valve replacement or repair
19. Heart structural repair with surgery to divide the breastbone.
20. HIV infection caught in the European Union, North America, Australia and New Zealand (from a blood transfusion, a physical assault or at work in an eligible occupation)
21. Kidney failure
22. Liver failure
23. Loss of independence
24. Loss of limbs
25. Loss of speech
26. Major organ transplant
27. Motor neurone disease
28. Multiple sclerosis
29. Paralysis of limbs
30. Parkinson’s disease (idiopathic)
31. Primary pulmonary hypertension
32. Progressive supranuclear palsy
33. Pulmonary artery surgery
34. Respiratory failure of specified severity
35. Severe burns or third-degree burns
36. Stroke – permanent symptoms
37. Systemic lupus erythematosus
38. Traumatic head injury