Protection Brochure - New Ireland Assurance

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Life Choice Home is a highly flexible mortgage protection plan which allows you to • Increase or reduce your cover • Extend or reduce the term of your cover • Add or remove benefits • Increase the amount of cover within 3 months of moving house, getting married or having or adopting a child without having to provide evidence of health • Move to a new mortgage or family protection plan without having to provide evidence of health if the “Medical Free Conversion” option is selected • Avail of a children’s protection package Life Choice Home can provide great value mortgage protection for life 14
Life Choice Home Case study John is 30 years of age. He has just bought his first home with a mortgage of €200,000. He earns €2,500 a month and his monthly mortgage repayments are €800. He wants to ensure that he can easily change his cover in the future as he plans on moving to a bigger home in about 5 years time. In the event of serious illness or death John knows he must have mortgage protection to clear his mortgage so it won’t be a burden to his family in the event of his death. He also wants the security of knowing he will be able to meet his mortgage repayments and maintain his current standard of living if he became ill over the long term and was unable to work. If this happened his employer would pay him 50% of his salary (€1,250) for the first six months and he will be entitled to the State Illness Benefit of about €10,000 a year. This would be insufficient to meet his monthly mortgage repayments, maintain his current lifestyle and pay his bills. The solution John takes out €50,000 Accelerated Specified Illness Benefit along with his €200,000 Lump Sum on Death cover. If he becomes seriously ill, the bank to which the policy is assigned will use the €50,000 Accelerated Specified Illness Benefit to meet his monthly mortgage repayments. John also takes the “Medical Free Conversion” option as he plans to trade up in about 5 years time. This option allows him extend the term of his mortgage at a future date, without being medically assessed. This means that if his health deteriorates, he can get future cover at normal rates and not be declined because of his poor state of health at that time. 15
Page 1: Life Choice Financial Protection ta
Page 4 and 5: Why Choose New Ireland Founded in 1
Page 6 and 7: What Is Protection Many people do n
Page 8 and 9: You can use Life Choice to protect
Page 10 and 11: You can get a good idea of how much
Page 12 and 13: 12 Life Choice Home
Page 16 and 17: 16 Life Choice You & Family
Page 18 and 19: Life Choice You & Family It can sup
Page 20: In the event of serious illness or
Page 23 and 24: Your Income Protection Life Choice
Page 25 and 26: Life Choice Income is a highly flex
Page 27 and 28: The solution James takes out cover
Page 29 and 30: Your Business & Asset Protection Li
Page 31 and 32: Life Choice Assets is designed to s
Page 35 and 36: Your Cover Details Explained Compre
Page 37 and 38: Main Specified Illnesses Alzheimer
Page 39 and 40: Surgery Payment If you have to unde
Page 41 and 42: Accident Payment Although the time
Page 43 and 44: Main Benefits Lump Sum on Death Thi
Page 45 and 46: Optional Benefits Medical Free Conv
Page 47 and 48: Standard Benefits For Life Choice I
Page 49 and 50: Frequently Asked Questions Protecti
Page 51 and 52: Income protection claims Our experi

Protection Brochure - New Ireland Assurance

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