Life Choice Option – a policy that may pay for itself
Let’s face it. Nobody likes to pay insurance premiums.
But what if we could offer a Life Insurance policy that may ultimately pay for itself?
Life Choice Option from New Ireland Assurance
Here is how it works:
- The policy is a combination of Term Insurance and Whole of Life Insurance.
- You choose a Term Insurance sum assured (min. €25,000).
- You choose a Whole of Life sum assured (max. €50,000).
- You can choose level or indexing benefits.
- You pay premiums for the chosen term of the policy e.g. 10 years.
- Should you die during the chosen term of the policy, then the combined Term Insurance sum assured and Whole of Life sum assured lump sums are paid to your Estate.
- Should you still be alive when the policy term lapses, then no further premiums become payable. However, the policy will pay out the Whole of Life sum assured whenever you eventually die.
Let’s look at two examples below:
Example 1:
Male, 44 years 11 months, Non-Smoker, 20 year term, benefits and premiums not increasing.
| Term Life Sum Assured | €100,000 |
| Whole of Life Sum Assured | €50,000 |
| Monthly Premium | €86 (1% levy included) |
| Maximum Premium Outlay | €20,640 (20 years of premiums) |
| Maximum Life Cover Payout | €150,000 (if death occurs within 20 year term) |
| Minimum Life Cover Payout | €50,000 (pays whenever death occurs) |
So in this example, a male 45 next birthday decides to purchase coverage for a term of 20 years that will bring him to age 65 approx. Were he to die before 65, then €150,000 will be paid to his Estate. Should he live to 65, then the policy ends with no further premiums payable. But he has the peace of mind to know, that whenever he dies, his Estate will receive €50,000, even though only €20,640 was paid in to the policy.
Example 2:
Female, 54 years 11 months, Non-Smoker, 10 year term, benefits and premiums not increasing.
| Term Life Sum Assured | €50,000 |
| Whole of Life Sum Assured | €50,000 |
| Monthly Premium | €221 (1% levy included) |
| Maximum Premium Outlay | €26,520 (10 years of premiums) |
| Maximum Life Cover Payout | €100,000 (if death occurs within 10 year term) |
| Minimum Life Cover Payout | €50,000 (pays whenever death occurs) |
In this example, a female 55 next birthday decides to purchase coverage for a term of 10 years that will bring her to age 65 approx. Were she to die before 65, then €100,000 will be paid to her Estate. Should she reach 65 then no further premiums will be payable after that. But she has the peace of mind to know, that whenever she dies, her Estate will receive €50,000, even though only €26,520 was paid in to the policy.
Benefits:
- Maximum premium outlay is known at the policy outset.
- Premiums are non-reviewable.
- Guaranteed lump sum pay-out allows you to plan for funeral costs or to gift to a favourite niece/nephew or grandchild(ren).
- Valuable insurance cover to own.
Points to note:
- Both examples shown are for illustration purposes only and assume acceptance at standard rates.
- This is not an offer of cover or a recommendation. Cover is subject to completion of a proposal form, medical underwriting and the issuing of acceptance terms by the insurer.
- Premium rates are correct as at December 2021 but may change in the future.
- Premiums quoted via Broker Information Systems (BIS) quote system.
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