Over 50s Life Insurance. Leave your affairs in order

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1 Over 50s Life Insurance Leave your affairs in order

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3 Putting everything in place Few of us dwell on the fact that, sadly, we won t live forever. Having said that there are many people who still want to ensure that their affairs are in order when the inevitable comes. This means different things to different people but typically can include: Having funds to meet the cost of funeral expenses Ensuring outstanding bills and debts are paid Perhaps providing small gifts for family and friends. It feels good to have a plan in place to ensure that money won t be an issue for those who are left behind. Over 50s Life Insurance is a very straightforward way of making sure that the money is in place to meet that plan. What is Over 50s Life Insurance? As the name suggests, it s a life insurance plan designed to pay a lump sum when you die. You choose the lump sum amount, up to a maximum of 30,000, that you would like to be paid to your estate. We will tell you the fi xed monthly cost of your plan (your premium) which is payable until your 85th birthday or death, if death occurs earlier. Your cover will last for as long as you pay premiums, and if you pay premiums until aged 85 your cover will last for the rest of your life. If you die within the fi rst two years, the lump sum paid on your death will be equal to the premiums you have paid to the time of death. Once the plan is up and running for two years the payment on death will be the amount of life cover selected. 1

4 Who is it suitable for? Over 50s Life Insurance is suitable for you if: You are aged 50 or over You want to make provisions for the funeral expenses that arise from your death, ensure outstanding bills are paid and/or you want to provide for some small gifts on your death You can commit to a monthly payment until you reach your 85th birthday The maximum lump sum cover with Over 50s Life Insurance is E30,000. In effect, it s designed to leave your affairs in order. However, if your death would cause significant financial hardship (for example, if you are a breadwinner and you have relatively young children) then there are other solutions which would be better suited to your needs. Please call us on * to discuss these options. Key benefits You ll have the peace of mind knowing that your family will be able to cover funeral and other small expenses after your death You know exactly how much will be paid to your family after your death You can use any other assets you have as you see fit, because Over 50s Life Insurance can provide funds to meet costs arising from death Once you reach 85 (and have paid all your premiums) your cover will always be there Who can apply? Your adviser will ask you a very small number of medical questions and will be able to tell you straight away whether you are eligible or not to apply. He or she will then help you put a policy in place that s right for you. 2

5 Frequently Asked Questions How much does Over 50s Life Insurance cost? This will depend on your age, your smoker status and the amount of cover you apply for. Premiums start from as little as E15 per month. Will my regular payments ever increase or decrease? Your regular payments will not increase or decrease throughout the life of your plan. How does Over 50s Life Insurance work? Your Over 50s Life Insurance policy starts when we receive your first payment. If you die after the first two years of the Over 50s Life Insurance policy for any reason other than a travel accident, the full amount of cover selected will be payable on death. If you die after the first two years of the policy as a result of a travel accident, we will pay double the amount of cover selected. What happens if I die in the first two years of the policy? If you die in the first two years of the Over 50s Life Insurance policy for any reason other than a travel accident, we will pay an amount equal to the monthly payments that have been made to the time of death. If you die in the first two years as a result of a travel accident your estate will receive your lump sum assured. What do you mean by a travel accident? The travel accident amount will only be payable if you die within three months of the accident from injuries sustained while travelling in a private car; as a pedestrian by a motorist; or as a fare paying passenger by road, rail, sea or air; and in the opinion of the insurer the bodily injuries result solely and directly from external violent, visible and accidental means, totally independent of any physical or mental illness or infirmity. 3

6 What if I die after my 85th birthday? Over 50s Life Insurance will cover you for life as long as you have paid your regular premiums until your 85th birthday. Your regular payment stops at age 85 but your cover will continue. How do I apply? You can apply in two ways: M Contact us on * A member of the team will help you with your application Speak with a Bank of Ireland Insurance & Investment Manager available in your local Bank of Ireland branch. A guide to making a claim This will be a difficult time for your family. Our claims team understand this and so will guide them through the claims process in a sensitive and compassionate manner. At Bank of Ireland Life, we have strong experience in claim assessment. Each week we receive an average of 115 new claims to assess. Your family can contact us in any of the following ways to start the claims process: M * H [email protected] F Bank of Ireland Life Claims Nassau Street, Dublin 2 4

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8 For more information: Call * Speak to an Insurance & Investments Manager available at your local Bank of Ireland branch Visit reland.ie/ protection Terms and conditions apply. *To improve our service to you, calls may be recorded. While great care has been taken in its preparation, this brochure is of a general nature and should not be relied on in relation to a specifi c issue without taking fi nancial, insurance or other professional advice. If any confl ict arises between this brochure and the policy conditions, the policy conditions will apply. It is important to note, we won t be able to pay out if you gave incorrect information or failed to disclose all relevant information when you took out your policy. The same applies if you did not tell us about a material fact that would have affected our decision to accept your application and to issue a policy to you. If you are in doubt as to whether any information should be entered on your application form, please include it. As a result, you must tell us everything in relation to your health on the application form. If not, your claim may be invalid. So please check that you answer each question accurately when completing the application form. A Government levy (currently 1%) is payable on all life assurance premiums. Bank of Ireland Life is a trading name of New Ireland Assurance Company plc. New Ireland Assurance Company plc trading as Bank of Ireland Life is regulated by the Central Bank of Ireland. Bank of Ireland Insurance & Investments Limited is regulated by the Central Bank of Ireland. Bank of Ireland Insurance & Investments Limited is a tied agent of New Ireland Assurance Company plc. Members of Bank of Ireland Group V