Life Assurance

In reality, your life is your most important asset – especially if you have dependants. If you have people dependant on your income generating ability such as a spouse and children you really ought to be taking measures to ensure that their financial wellbeing is secured in the event of your untimely death.

As Life Insurance pays out a lump sum after your death, they are free to use this money to clear debts, pay off the mortgage or do whatever it takes to secure their futures.

Life Insurance comes in different forms and here at Cleere Life & Pensions we can explain the benefits of each one. We can also help you select and source the level of Life Insurance that suits your needs and the needs of your family and the cover that suits your affordability.

Mortgage protection
Mortgage protection clears the remaining balance on your mortgage in the event of your death. If you’re getting a mortgage on a residential home, you’ll need mortgage protection. You can cover a Single Life or a Join Life which covers two people and pays out when the first person dies.

Level Term
Protects your family’s main income for a period of time which is specified by you, usually until all dependents are grown up and financially self-sufficient. This cover applies for a certain period of time, usually between 5 and 40 years, and pays out a lump sum if you die during that period. You can cover a Single Life, Dual Life which covers two people and pays out when each dies, or Joint Life which covers two people and pays out when the first person dies.
Convertible Term Life Insurance
Can be a good option if you are not sure how long you want the protection policy to last, as it can be converted to a new policy before the plan reaches its end date.

Whole of Life
Unlike Term/Convertible Term Life Insurance this type of policy has no specific end date. It continues throughout the life of the policy holder and only ends when they eventually pass away. This cover applies for as long as you keep paying the premiums and is guaranteed to pay out when you die. If you cancel the cover before dying you may be entitled to an encashment value.
Inheritance Tax Plan
This is a life assurance contract also called a Section 72 plan. It is designed to pay out a lump sum on the death of the policyholder equivalent to the Capital Acquisitions Tax (CAT) Bill faced by his or her estate.
Pension Term Assurance
Also known as Pension Life Cover and Self Employed Term Assurance (SETA), although this does not mean that it is exclusively available to self-employed persons. This is basically a level or convertible term life assurance plan that someone can take out up to their chosen retirement age (up to age 75 with some companies), and the premiums payable are eligible to receive tax relief @ up to 41%. This is, broadly speaking, the same product as term assurance, it just costs up to 41% less. You can add the indexation and conversion options into this plan.