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What is Term Assurance

Term Assurance will pay out a lump sum if you die during the term of the plan or develop one of a number of Specified illnesses. The cover and premium remain fixed for the term of the policy unless indexation is chosen.

No payment is made if you survive to the end of the policy term, however you can choose to include the continuation/conversion option. This allows you to take out a new policy without further medical evidence and the premium is the subject only to your then age and smoking status.

Benefits

  • Helps them cope financially when you are not able to help them
  • Can cover more than one person on the same life cover policy
  • Increased cover at times when you need it
Business Insurance - Neiland Financial Services

Optional Benefits which can be added to your Policy (additional costs apply):

Hospital cash benefit


Hospital Cash benefit helps you cope with the financial burden of a hospital stay. If you are admitted to an Irish hospital as an in-patient for more than three days (72 hours), the relevant company will pay the amount of Hospital Cash Benefit you have chosen multiplied by the number of days (24 hours) you are in hospital up to one year (365 days).

Personal accident benefit


This benefit covers you if you unable to continue at work because you have become temporarily disabled due to an accident. The benefit begins 14 days after the accident and the amount paid for each week you are unable to work in your current occupation is either approximately half of your weekly earnings or the amount of benefit you decide to set up (whichever is the lower amount). The benefit can be made for a maximum of 52 weeks but stops on your recovery, 60th birthday or death, whichever is earliest.

Waiver of premium benefit


This benefit gives you the added security of knowing that if you are unable to work because of injury or illness, the insurance company will pay your premiums after a period of 26 weeks has passed. This means that you will not fall behind in maintaining your life cover and/or Specified illness cover. Payments will stop on your recovery, at the end of the term, your 60th birthday or death, whichever is earliest.

Continuation / Conversion Option

Most term insurance policies finish when the specified term comes to an end. By adding the Continuation/ Conversion Option to your policy, you will give yourself the benefit of choice as you grow older.
This option allows you to extend the term of the protection benefit provided by your policy without providing further medical evidence of good health. The Specified illness covered (and definitions applicable) will be those covered by the relevant company’s Specified Illness product at the time the protection benefit is extended. This can be a valuable option if your health deteriorates over the course of the policy.
The Protection Continuation/Conversion option must be selected on the application form at the start date of the policy. If the policy has been assigned to a loan and the term of the loan has been lengthened, then you can exercise the option before the end of the policy term. You will have the option to convert your policy into a new policy of longer term without further medical evidence. The maximum period for which this continued protection can run will be the lesser of 40 years and age next birthday 90 (75 if Specified Illness is chosen) minus the age of the older life (at their next birthday) when the option is exercised.

Inflation protection option


It is worth remembering that over time, inflation will have an impact on the value of your cover.
If you add the Inflation Protection option to your policy, your insurance company will write to you every year giving you the option to increase your benefits by specific amounts to protect against inflation. This option is available up to the Life Insured’s 65th birthday but stops if you refuse two consecutive offers of increase.

Broken Bones Payment


While not life-threatening, a broken bone can stop you from working for weeks or even months. This could put a Specified strain on your finances. Just because you aren’t working, doesn’t mean the bills stop coming in, so why not protect yourself with Broken Bones Payment? It will pay you a lump sum of between €1,000 and €3,000 if an accident results in one of the injuries covered
With broken bones cover you can claim up to €25,000 in total over the term of your plan. If you suffer from two or more of these injuries at the same time, the life company will pay the higher amount only.