Protect your family while saving on tax

As the year winds down, many of us start thinking about our finances—whether it’s optimising tax relief by topping up pension contributions or reviewing insurance policies. But did you know there’s a way to combine both? It’s called Pension Term Assurance (PTA), and it could help you protect your family while saving on tax.

What is Pension Term Assurance?

Pension Term Assurance is a type of life insurance that offers financial protection for your loved ones if something happens to you. What makes it different? You can claim tax relief on the cost of your premiums, making it more affordable than regular life cover.

There are two types of PTA, depending on your work situation:

If you’re self-employed or in a job without a pension: personal PTA

With Personal PTA, you take out the policy yourself and pay the premiums. If you’re self-employed or in a job that doesn’t offer a pension, you may be eligible to claim income tax relief on your premiums. This means that if you’re a higher rate taxpayer, you may be able to claim back up to 40% of the cost of your premiums.

For Pension Term Protection - the applicable limit for tax relief on premiums covers both the contributions you make to your pension and your Personal PTA premium.

You can find more detailed information about these tax relief limits at Revenue.ie.

How much could you save?

Here’s a quick look at how tax relief can reduce the cost of life cover. The table below simulates the monthly cost of cover for a 40-year-old non-smoker.

The example shows simulations of monthly premiums for different sums assured for a 40-year-old accountant (non-smoker) for a 24-year term with a marginal tax rate of 40% and shows the impact the tax relief can have on the cost of cover. Premiums include the 1% insurance levy as at November 2025, this may change in the future.

If your employer pays: executive PTA

In the case of Executive PTA, the policy is taken out by a company for an employee. It is arranged under a one-member occupational pension scheme and is available to employees whose employer wishes to put such an arrangement in place. The company pays the premiums and can claim corporate tax relief on the cost.

What if you change jobs?

Life changes—so should your cover. With Zurich’s Protection Continuation Option, you can keep your PTA even if you switch jobs or become ineligible for tax relief. You won’t need to provide medical evidence again, and you can convert your PTA into a regular life policy to maintain protection.

Schedule an appointment with one of our financial advisors to see if Pension Term Assurance is right for you.

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This publication has been prepared for general guidance on matters of interest only and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice.

The information contained herein is based on Zurich Life’s understanding of current Revenue practice and Zurich’s current product terms & conditions as at November 2025, which may change in the future.