Understanding life insurance

Types of life insurance explained

• Life Insurance

  This policy pays your family a lump sum if you pass away during the term of the policy during the term, of the policy. You can choose the coverage period based on your life stage and needs. For example, a young family might opt for a 30-year plan.

• Income Protection

  This policy provides you with a regular monthly income if you’re unable to work due to serious illness, injury, or accident. It can replace up to 75% of your monthly income, starting from 8, 13, 26 or 52 weeks after the incident from the date you’re first unable to work. The main benefit is that it offers financial stability until you’re able to return to work or reach retirement age.

• Mortgage Protection

  This type of insurance is essential for homeowners, as it ensures that the outstanding mortgage on your home will be paid off in the event of your passing, providing financial security and peace of mind for your loved ones.

• Specified illness benefit (or critical illness cover)

  This policy pays you a lump sum if you’re diagnosed with a specified illness covered by your plan. You can use this money however you need to maintain your standard of living or support your family financially during this challenging time.

Tip:

If you’re part of a group pension scheme, take some time to regularly review your employee benefits. Understanding the supports and financial benefits available to you can help you identify any gaps where additional protection might be needed. This proactive approach ensures you’re well-informed and better prepared.

Your employee benefits might include:

• Death in service payment (A form of life insurance)
• Income protection for long-term sick leave

What is life insurance?

Understanding your insurance needs and how to protect your lifestyle can be difficult. A financial advisor can give you personalised advice to help you take care of yourself and those who depend on you. That’s where we can help. Tap below to start your life insurance protection journey today.

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Terms & conditions apply. Benefits are subject to underwriting and acceptance by Bank of Ireland Life. Life assurance premiums are subject to a Government levy (currently 1% of the premium amount).

While great care has been taken in its preparation, this document is of a general nature and should not be relied on in relation to specific issues without appropriate financial, insurance, investment or other professional advice. The content of this document is for information purposes only and does not constitute an offer or recommendation to buy or sell any investment or to subscribe to any investment management or advisory service. While the information has been taken from sources we believe to be reliable, we do not guarantee its accuracy or completeness and any such information may be incomplete or condensed.

Life assurance and pensions products are provided by New Ireland Assurance Company plc., trading as Bank of Ireland Life. New Ireland Assurance Company plc., trading as Bank of Ireland Life is regulated by the Central Bank of Ireland.

Advice on Bank of Ireland Life products is provided by Bank of Ireland, trading as Bank of Ireland Insurance & Investments. Bank of Ireland trading as Bank of Ireland Insurance & Investments is regulated by the Central Bank of Ireland.

Bank of Ireland is a tied agent of New Ireland Assurance Company plc trading as Bank of Ireland Life for life assurance and pensions business. Members of Bank of Ireland Group.