Life Assurance

At Safe Life & Pensions Ltd we offer the complete range of Life cover from the following life Companies: Aviva Life & Pensions, Caledonian Life, Irish Life, New Ireland Assurance Plc, Zurich Life.

Life cover pays your family a lump sum if you die giving them security when they need it most or it can be used to ensure the financial survival of your business in the event of the death of a director or key employee.

It can be used to pay bills, loans, buy out a deceased partners share of the business on death, pay for inheritance Tax or whatever is considered to matter most .

Most importantly, Life cover gives you peace of mind that your family or your business will be secure financially when you are gone.

The following are the types of Life Assurance currently available in the marketplace.


1. Term Life Assurance.

Term Assurance is life Assurance cover for a specific period in time.

There are 2 forms of term Life Assurance

A)     A lump sum to be paid on death.

B)     Income on death where a specified income is paid for the remaining term of the policy.   This is effectively a form of decreasing term assurance as the potential payout under the policy reduces with each passing year, eventually reducing to nil at the end of the policy term.(available with Zurich Life & New Ireland)

Stand-Alone Specified Serious Illness or Accelerated Specified Serious Illness can be added to a Term Life Assurance Policy.

Some Companies allow ‘rider benefits’ to be added to a term assurance policy. These benefits are hospital cash, accident (Irish Life, Zurich Life, New Ireland)

surgical procedures, total & permanent disability(with specified serious illness)

waiver of premium,( all companies)

broken bones , whole of life continuation (New Ireland).

Term Assurance can be convertible which means the policyholder can convert the cover under the policy into a new policy running for a longer period without the life assured having to undergo a medical examination or supply evidence of good health at the time of conversion.

The premium is fixed at the outset and varies according to the term, level of cover, age, smoker status, health status, nature of cover( life and or Specified Serious Illness), indexation.

Policy can be on single, joint or dual life basis.


2. Mortgage Protection.

Life Mortgage Cover gives you peace of mind that if you die during your mortgage term you should be able to pay off whatever is left on your mortgage.

This is the cheapest form of Life Assurance as your cover is reduced each month to reflect the decreasing amount you owe on your mortgage.

Provided that your mortgage payments are kept fully up to date and your mortgage interest rate does not exceed the level specified in your policy document, your life assurance benefit will reduce each month in line with your outstanding mortgage.

‘Rider benefits’ can be added to a mortgage protection policy.(as term assurance except whole of life continuation is not available on mortgage protection policies)

Policy can be on single, joint or dual life basis.

In addition to normal Mortgage Protection, 2 Life Companies Irish Life & New Ireland for a slightly higher premium currently offer a convertible Mortgage Protection Policy, where one can convert from a Mortgage Protection Policy to a Term Assurance Policy and vice versa if the need arises.

i.e. if the need to switch to an interest only mortgage for a period.


3. Guaranteed Whole of Life

Life cover that lasts until death and not for a specific term.

The policy can only provide Life Cover.

Can be on a single, dual, joint life 1st death, joint life 2nd death, basis

currently available with Irish life & Zurich Life.

Can cover inheritance tax on death of policyholder


4. Over 50’s Life Assurance

Over 50’s Life Assurance is for persons between 50 & 80 who want to leave their loved ones a guaranteed lump sum of up to €25,000 when they die. This cover lasts until death and not just a specific term with guaranteed acceptance & no medicals or health questions.

The policy can only be an ‘own life’ policy i.e. the policyholder & life assured are the same person.

This policy is available with Irish Life.


5. Pension Term Life Assurance (section 785)

The premium for Pension Term Life Assurance is tax efficient as it tax deductible at marginal rate tax relief. An individual can only take out a Pension term policy if:

  • They are currently self-employed or an employee in non-pensionable employment, or
  • They were previously self-employed or an employee in non-pensionable employment and previously paid a premium to a personal Pension Plan or a Pension Term Life Assurance policy.

Note this policy cannot be assigned for a mortgage or loan.

The policy can only provide Life Cover to the maximum age of ones 75th birthday.

The policy can only be an ‘own life’ policy i.e. the policyholder & life assured are the same person.

This policy is available with all the major life companies.(executive pension term assurance is not available with Caledonian Life).


We only advise on Product Providers whom which we hold an appointment in writing, Safe Life & Pensions Ltd will advise you of the most appropriate level & type of cover @ the most competitive premium to suit your individual circumstances.


Safe Life and Pensions Ltd

Registered in Ireland, Registration Number 508071

Address 9 Firgrove Park, Bishopstown Cork City

Safe Life and Pensions Ltd is regulated by the Central Bank of Ireland