Life Company Spotlight: Irish Life
This is week 2 of our 5 week series where I highlight our favourite features offered by each life company. For impartiality, I’m writing in alphabetical order. (Aviva, Irish Life, New Ireland, Royal London & Zurich) It is important to note, some features are more impactful than others, some come with additional costs and some are standard policy features. For detailed information, send me a message anytime.
Notable features offered by Irish Life:
Irish Life offer a number of other beneficial features, the below are benefits not offered by other providers.
Convert a Term Life Insurance Policy to Whole of Life: Irish Life will allow you convert to your term policy to a whole of life policy before age 75. This is an undersold feature and invaluable. We do not hold a crystal ball and cannot know whether we will or won’t have a need to continue our life insurance into our later years -many people look to whole of life insurance when they no longer medically qualify for a policy. This feature requires no medical evidence, allowing you to make the choice at a later date regardless of your health.
Pension Cover on Personal Income Protection: If you carry an Irish Life Pension, you can insure your pension payments on your personal income protection plan -a feature that is only otherwise available on an executive income protection policy paid for by your employer. This allows you to continue building your pension pot while out of work on disability whether short or long term.
Maximum Age at Entry 84: Irish Life has the highest maximum age for applying for a new policy, all other providers in the market have a maximum age of entry of 74. The application is still subject to medical underwriting, but allows a healthy person the opportunity to effect cover later in life if they find their existing policy does not extend or if their circumstances change.
Jargon Free Approach: I presume, due to having tied in with a number of banks, Irish Life have invested in useful and easy to understand info-graphics that allow clients to make more informed choices regarding their protection, pension and investments. Their “simple guide to life insurance” is here, their site boasts a number of calculators and additional guides for individuals and business owners. I find that people people are better protected when they understand and engage with their advisor in choosing the various aspects of their protection, pension and/or investments.
