3 Month Payment Deferral on your Term Assurance Policy1

FAQs

We want to help support you during this challenging time and to ensure that you keep your vital protection policy in place. If you have a Term Assurance policy that is not assigned to a mortgage, you can request to have 3 months of your protection payments deferred until you are back on your feet. During this time you will still receive the same great benefits and cover you currently have on your policy while deferring your premium for 3 months.

Who is this available for?

The 3 month payment deferral is available for customers who currently have a Term Assurance policy and who currently pay their protection premiums monthly by direct debit. However, if you have a Term Assurance policy that is not paid monthly by direct debit, you can contact us and we will be happy to discuss options available for you.

This offer has been extended until the 30th of September 2020.

Bank of Ireland Life reserve the right to withdraw this offer at any time

What happens after the 3 month deferral period is up?

It is important to note that in order for you to remain on cover and to keep your vital protection policy in place, you will be required to pay the 3 months deferred payments at your next payment due date, after the 3 month deferral period is up. This means that when your direct debits automatically restart after the 3 month deferral period, 4 months payments will be collected on the payment due date instead of 1.

It is important that you consider your options based on your own financial circumstances before deciding if this is the best option for you. If you don’t repay the deferred payments after the 3 month period is up, it may result in you losing your vital protection cover. However, please contact your Wealth Manager who will be happy to help or alternatively phone us 01 523 9810 or email us at info@bankofirelandlife.ie.

Further Options available for your Term Assurance policy

If the 3 month premium deferral is not suitable for you right now, we have other options which may help.

For example, if you have a Life Choice protection policy with us, your policy has the flexibility to allow you to reduce your level of cover and benefits to suit your current needs. This may help reduce your policy payments while still keeping an essential level of cover in place. Your Wealth Manager would be happy to advise you on the best option for you and your protection needs. Alternatively, for more information, please call us on01 523 9810 or email us at info@bankofirelandlife.ie to speak to our team who will be happy to help.

For all Term Assurance customers, if your policy is not assigned to a mortgage you have 30 days after your premiums become unpaid, during which time you will still remain on cover. If premiums continue to remain unpaid after this time, you will no longer be on cover but you will have a further 60 days to reinstate your policy without having to provide up to date medical information.For more information, please click here.

1 Terms and Conditions apply. If we agree to make a change that you request, we are assuring you that we will not be enforcing the terms of your policy, if the policy provides otherwise and in so far as the terms of the policy apply to the change requested and made by us. It is important to understand however the options being presented to help you in the short term are not to be taken as a general waiver of Bank of Ireland Life’s rights under the policy in the future. Policy conditions will continue to apply in full and the rights and obligations of both Bank of Ireland Life and the policyholder will remain the same under the policy.