We offer a range of life insurance and mortgage protection solutions. From Guaranteed Mortgage and Term Protection to Whole of Life plans. These protection plans are available on a Single, Joint and Dual Life basis. Once you have had time to consider your options, you should speak to a financial broker or advisor.
Guaranteed Mortgage Protection
Guaranteed Mortgage Protection is suitable for mortgage holders who require cover in the event of death or, if selected, the diagnosis of a particular serious illness during a specified term. The cover provided decreases over the term of the plan, broadly in line with the capital outstanding on your mortgage.
The benefits:
- It protects your home by helping to clear your mortgage if you die.
- It protects your family from a substantial financial burden.
- You can add cover for many serious illnesses and disabilities.
- You can add cover for your partner on the same policy.
- You can increase cover on certain life events e.g. birth of a new child.
Guaranteed Term Protection
Guaranteed Term Protection is life insurance cover for those who wish to provide for themselves and/or dependants if a specific event was to occur over a specified time period. This plan can also be used to provide funds towards existing loan pay-offs.
The benefit amount is available in two forms – a lump sum payment or as a regular income (see below).
Lump Sum: This life cover makes a one-off payment (chosen by you at the outset) if you die during the term of your policy. Your dependants could use this money to live on for a period of time, or to pay for substantial costs such as childcare costs, college fees or outstanding medical bills.
Monthly Income: This life cover pays a guaranteed monthly income from the time you die until the end of the policy term. For example, if you passed away ten years into your 20 year plan, your dependants would receive a monthly income for the remaining ten years.
The benefits:
- It protects your family from a substantial financial burden.
- You can add cover for many serious illnesses and disabilities.
- You can obtain cover for your partner on the same policy.
- You can increase cover on certain life events e.g. birth of a new child.
Convertible Mortgage Protection
This is an additional benefit which you can add to your Guaranteed Mortgage Protection plan at the outset. This option allows you to either:
- Extend the benefits provided by your plan at any stage during the term, or
- Convert your Guaranteed Mortgage Protection policy to a Guaranteed Term Protection policy.
Whether you decide to extend or convert, you can do so without having to undergo a medical examination or supply evidence of good health at the time of the conversion.
The benefits:
- Greater flexibility and ability to extend the term of cover without being medically assessed.
- If your needs change, irrespective of your health at that time, you can convert to another, similar cover option.
Whole of Life Insurance
Whole of Life Insurance or whole of life cover, as you'd expect, is an insurance plan that lasts for a whole lifetime and is not limited to a specific term. If you pass away, this policy will provide a lump sum payment to your family. It can also provide tax-efficient inheritance planning cover for your family, so as not to impact their inheritance.
The benefits:
- Whole of Life Insurance means your loved ones are financially protected if misfortune strikes.
- This plan can cover the inheritance tax your family may be liable for if you die.
- You can choose optional benefits for additional peace of mind.
- Lump sum payment can be used to cover funeral expenses.
Dual and Joint Life Cover
Dual or Joint Life Cover might be the best option for you depending on your personal circumstances. This enables two people to be covered on the same policy.
For Guaranteed Term and Mortgage Protection, Joint life cover insures two lives, but a claim can only be paid out on the first death. The cover ceases when the first life dies.
For Guaranteed Whole of Life Protection, Joint life cover insures two lives, but a claim can only be paid out on the death of one of the lives. You decide, at the outset, which life that is.
Dual life cover also insures two lives, but a claim can be paid on the death of each life. The cover ceases on the death of the second life.
Serious illness cover
People are living longer than ever before. As a result, the chance of being diagnosed with a serious illness at some point in your life is greater. Many illnesses that were once incurable can now be treated successfully. However, this can lead to additional expenses while you recuperate. Serious Illness Cover pays a once off lump sum if you are diagnosed with a specified serious illness (including cancer, heart attack and stroke – the principal reasons for claims) or if you need to undergo specific surgery.
The benefits:
- It protects you and your family financially if you become seriously ill.
- A wide range of illnesses are covered.
- Your policy can cover more than one person.
- It gives you time to focus on what really matters... getting better.
How much mortgage protection cover will you need?
How much cover will you need? How much will you need to pay for mortgage protection? Our advisors are on hand to talk you through your options and to help you find the product that suits you the best. Find an advisor in your area, or call us directly at 1850 804 164.
The information contained herein is based on Zurich Life’s understanding of current Revenue practice as of 1st March 2024 and may change in the future.