Life Assurance
Life assurance protection is a very important part of financial planning because it is regarded as the most practical way to ensure that, if the worst were to happen, your family would have sufficient funds available to maintain their lifestyle.
Who needs Life Assurance?
Life assurance pays out a lump-sum on the death of the life or lives assured, providing peace of mind for your partner and/or dependents who could otherwise be faced with a financial loss to compound the emotional loss that comes with the bereavement of a loved one.
If your partner /dependents only have a small life assurance payout or savings to rely on, this money may not last as long as most people assume.
An essential part of any family's financial plan is to protect against the financial loss that would result from the death of a main breadwinner. However, there can be a significant financial loss resulting from the early death of a homemaker, as the surviving spouse would have significant additional costs to replace the work done in the home and the provision of care for the children. This burden that can result from an unexpected death of a main 'breadwinner' or homemaker can be eased by life assurance.
AIB Life Cover Options
AIB Life Long Cover
AIB Life Long Cover is a simple straightforward plan , guaranteed throughout your life. This means that the plan will provide the level of life cover you choose for your whole life, as long as you continue to make your regular payments. The Plan can be used to help your family or dependents replace lost income, repay debts or protect them from any possible inheritance tax liability, should you or your partner become deceased.
AIB Life Term Cover
The AIB Life Term Cover provides you with the best combination of life assurance and specified illness cover to suit your personal and/or family protection needs. Whether you want Life assurance on its own, or accompanied with specified illness cover you decide! The Plan can help protect you and your family from the financial effects that a death and/or specified illness may bring.
AIB Life Mortgage Cover
Being one of the most economical plans, the amount of financial cover you put in place at the outset reduces over the term of your policy (this is because the amount owing on the typical mortgage also reduces over the mortgage term). This affordable plan can be used to help your family or dependents repay debts, should you or your partner become deceased. You can also include specified illness cover with this plan, which would pay out a lump sum on diagnosis of one of the 38 conditions specified in the plan.
How to put arrangements in place
In AIB, we can help you assess:
- how your family would be affected should something happen to you (or your partner),
- how much cover you have in place already
- how much cover you should have
- the most appropriate type and amount of cover to put in place, based on your unique personal circumstances
Here to help & advise
Click here to arrange an appointment with a specialist AIB Financial Adviser or call in to your local Branch.
For further information, brochures or guides please see the Related Information box on the right hand side of this page.
Allied Irish Banks, p.l.c. is a tied agent of Irish Life Assurance plc, for life and pensions business. Allied Irish Banks, p.l.c. and Irish Life Assurance plc are regulated by the Central Bank of Ireland.