FAQ

1. Am I funding enough into my pension?
2. Why do I need life cover?
3. Can Irish pension plans accept transfers from an overseas pension scheme?
4. What is Level Term Assurance?
5. What is Convertible Term Assurance?
6. What is Whole Life Assurance.
7. What is Permanent Health Insurance?
8. What is Serious Illness Cover?
9. What is Mortgage Protection?

1. Am I funding enough into my pension?

The research Aviva has conducted into Ireland’s pension position indicates that as a nation, we are not saving enough for our retirement. Aviva has developed Mind the Gap – a simple calculator to enable you to work out your own retirement position.

http://www.mindthepensiongap.ie

* The above calculator is subject to underwriting criteria.

2. Why do I need Life Cover?

The ironic thing about Life Assurance is that it doesn’t normally benefit the person who pays for it. In a normal situation the Life Assurance provides financial assistance for the remaining family members upon the unfortunate death of the policy holder. Therefore the question one should be asking is if I die are my family be financial protected?

3. Can Irish pension plans accept transfers from an overseas pension scheme?

Irish Revenue will permit transfers into an Irish pension arrangement provided
(a) the individual is a tax resident inIreland
(b) the foreign scheme / policy / facilitates the transfer, and
(c) the relevant Revenue authority in the host state approves the transfer

Points (b) and (c) are a matter for the overseas trustee / administrator to confirm

4. What is Level Term Assurance?

Level Term: With level term, the value of cover remains the same for the term of the cover. In the event of the policyholder’s death, the full amount that has been insured will be paid out.

5. What is Convertible Term Assurance?

Convertible Term: This is similar to level term, but it gives the added option of continuing the policy at the end of the term – with no further medical examinations required.

6. What is Whole of Life Assurance?

Whole of Life: This is a more flexible approach to life cover as there is no policy term. The policy continues until the death benefit is paid providing you continue to pay the premiums.

7. What is Permanent Health Insurance?

Permanent Health Insurance: If you become unable to work due to a medical condition or accident, this type of cover will provide you up to two-thirds of your income until you can return to work, or until your pension starts working.

8. What is Serious Illness Cover?

Serious Illness Cover: In the event you are diagnosed with a medical condition which is covered under your policy, you will receive a tax-free lump sum.

9. What is Mortgage Protection?

Mortgage Protection: This runs along side your mortgage, and decreases over time in line with your mortgage. In the event of your death, the life insurance company will pay off the remaining balance owed on your mortgage.

 

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