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Ellis Financial | Life Insurance Plans

Ellis Financial | Life Insurance Plans

Life Insurance Plans

Who, what & why?

Why would I need cover and what type of cover do I need?

Life Term Cover

Level Term Cover

This cover provides a lump sum benefit if you die during the term of the contract. The term of the contract is decided by you at outset.

Convertible term Cover

This cover allows you to convert, at any time during the plan term, part or all of your cover to an alternative cover. When you convert, you will not need to provide medical details or undergo any medical examinations. You can convert into one of the following:

  1. Level Term Cover expiring before age 80
  2. Whole of Life Death Benefit or an Endowment Plan if available at the time of conversion

Cover Term and Age Limit

Life Term Cover has a fixed term, which you select at outset. The maximum term depends on the cover, age at entry and whether or not the conversion option is included.

Premiums

The minimum premium is €12.50 monthly or €125 yearly. Premiums will depend on your age, sex, the term of the contract and whether you smoke.

Cover

Cover can be arranged on a single, dual or joint life basis. Joint life cover provides a lump sum on the first death. The minimum cover is €12,500 for single, dual and joint life policies.

Life Cover
Cover TypeEntry AgeMaximum
FromUp toExpiry Age
Minimum Term 2 Years
Maximum Term 40 Years
Level Term Cover177585
Convertible Term Cover176065

Automatic Benefits of Life Cover

Terminal Illness Benefit

This applies to all level and convertible term policies. We will pay up to 80% of the sum assured (up to a maximum of €2m) on the diagnosis of a terminal illness. The diagnosis must take place at least 18 months before the end of the term and the life expectancy must be of 12 months or less. The balance of the sum assured will be paid on death within the cover term. Premiums will continue to be payable in full after a terminal illness claim has been made.

Accidental Death Benefit

This is an automatic benefit offered in the period when an application form is being processed. The following conditions apply:

  1. Cover commences on receipt of a fully completed application form with a valid direct debit or cheque. The application must be free of any special health, occupation or pursuit risks
  2. Cover will be provided at a level equal to the life cover you applied for, subject to a maximum cover of €125,000
  3. Cover will cease when processing of the application is complete subject to a maximum cover period of 30 days

Optional benefits of Life Cover

Indexation Option

If this option is chosen the death benefit will automatically increase by 5% each year. The premium will increase by 8% each year to pay for the additional cover.

Automatic indexation will continue up to the policy anniversary prior to your 65th birthday (or the 65th birthday of the elder of the two insured if the policy is joint life).

You may decline this automatic increase by writing to us within 10 days of the effective date of any such increase. If two successive increases are declined the Indexation Option will cease.

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Serious Illness Cover

Standalone Serious Illness Cover

This provides a lump sum payment on the diagnosis and certification of a prescribed serious illness as defined in the contract. The lump sum will be paid provided you survive for 14 days after the serious illness event. In the event of death before a serious illness claim is paid, we will pay a death benefit of 5% of the serious illness cover.

Accelerated Serious Illness Cover

This provides a lump sum on the earlier of death or the diagnosis and certification of a prescribed serious illness. In other words, it provides an accelerated payment of the life cover benefit.

Cover Term and Age Limit

Serious Illness Cover has a fixed term which you select at outset. The maximum term depends on the cover, age at entry and whether the conversion option is included.

Premiums

The minimum premium is €12.50 monthly or €125 yearly Premiums will depend on your age, sex, the term of the contract and whether you smoke.

Cover

Cover can be arranged on a single, dual or joint life basis. Joint life cover provides a lump sum on the first serious illness. The minimum cover is €12,500 for single, dual and joint life policies.

Serious Illness Cover
Cover TypeEntry AgeMaximum
FromUp toExpiry Age
Minimum Term 5 Years
Maximum Term 30 Years
Level Term Cover176075
Convertible Term Cover176065

Automatic Benefits of Serious Illness Cover

Benefit Prepayment Facility

Half (50%) of the serious illness benefit will be paid (up to a maximum of €20,000) as soon as you are diagnosed as requiring one of the following:

We will require certification by a consultant that surgery is medically necessary and you must be on the waiting list for surgery The serious illness benefit will be reduced by the amount of this prepayment.

Children's Cover

This provides for the payment of a lump sum in the event of one of your children becoming seriously ill. The lump sum will be 50% of the serious illness benefit, but with a maximum benefit of €25,000, or a death benefit of €2,500. Benefits will only be payable on one occasion in the event of a child contracting a serious illness or dying. Payment of this cover will not affect your main benefit.

Muscular Dystrophy is excluded under the Children's Serious Illness Benefit.

Terminal Illness Benefit (This applies to all level accelerated serious Illness policies)

We pay up to 80% of the sum assured (up to a maximum of €2m) on the diagnosis of a terminal illness. The diagnosis must take place at least up to 18 months before the end of the term and the life expectancy must be of 12 months or less. The balance of the sum assured will be paid on death within the cover term. Premiums will continue to be payable in full after a terminal illness claim has been made.

Note: Definition of Child

A child is defined as, a natural, adopted, or stepchild aged between 1 and 18 years. Where the child is living at home and in third level education, cover continues to 21 years. Foster children are not covered.

Optional Benefits of Serious Illness Cover

Conversion Options

If you choose the conversion option under the serious illness contract you can convert to one of the following, without providing further medical information:

  1. Level Term Cover expiring before age 80
  2. Accelerated Serious Illness Cover expiring before age 65
  3. Standalone Serious Illness Cover expiring before age 65
  4. Whole of Life death benefit, or Endowment Plan if available at the time

The conversion options are subject to the types of covers above being available at the date of conversion. If not alternative covers may be offered. The premium payable on a new policy taken out as a result of conversion will be based on our premium rates at that time, having regard to your age at the time of conversion.

Indexation Option

If this option is chosen the serious illness benefit will automatically increase by 5% each year. The premium will increase by 8% each year to pay for the additional cover.

Automatic indexation will continue up to the policy anniversary prior to your 65th birthday (or the 65th birthday of the elder of the two insured if the policy is joint life).

You may decline this automatic increase by writing to us within 10 days of the effective date of any such increase. If two successive increases are declined the Indexation Option will cease.

Hospitalisation Cover

This is an optional benefit for which you will be paid a cash amount for each night spent as an inpatient in a hospital. You must have been hospitalised for a minimum of 3 consecutive days (72 hours) and the benefit will be payable for a maximum continuous period of 1 year (365 days). Payment of the benefit is backdated to the commencement of your inpatient care.

Hospitalisation while pregnant is covered provided that you are not hospitalised within 6 months of the start date of the policy.

Children are automatically covered for an amount equal to 50% of your benefit.

You must select a benefit amount of either €50, €100 or €150 per day.

Surgical Cash Cover

This is an optional benefit for which you will be paid a cash benefit when you undergo one of a qualifying number of surgeries.

10% of the Serious Illness benefit will be paid for a Major Surgery or 5% for an Intermediate Surgery. This is subject to an overall maximum payment of €125,000 in any 5 year period.

Children are automatically covered for an amount equal to 50% of your benefit subject to an overall maximum of €62,500 over any 5 year period.

If you or your child require a medically necessary surgical procedure or treatment which cannot be performed in any hospital in Ireland, an amount of €10,000 will be payable in addition to any surgical cash payable.

Major Surgeries include procedures relating to: the Brain, Meninges, Lungs, Spinal Vertebrae, Hip Replacement, Knee Replacement, Spinal Cord or Spinal Canal.

Intermediate Surgeries include procedures relating to: the Liver, Gall Bladder, Bile Duct, Kidney, Bladder, Ureter, Prostate, Pancreas, Spleen, Nerve Roots, Thyroid, Larynx, Inner Ear, Surgery of (Oesophagus, Stomach, Duodenum, Jejunum, lleum, Colon, Rectum), Hysterectomy, Mastectomy, Amputation (replacement) of Limbs.

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Serious Illnesses Covered

Serious Illness

Major Surgery

Major Organ Transplant

Disabling Conditions

For full details and definitions please refer to our Serious Illness Definitions Page

Mortgage Protection Cover

Mortgage Protection Life Cover

This provides a lump sum benefit if you die during the term of the contract. This benefit decreases over the term of the contract in line with the outstanding capital on a mortgage.

Mortgage Protection with Accelerated Serious Illness Cover

This provides a lump sum payment on the earlier of death or the diagnosis and certification of a prescribed serious illness. This benefit also decreases over the term of the contract in line with the outstanding capital of your mortgage.

Mortgage Repayment Cover

This provides a monthly payment of 1% of the initial life cover amount if you are sick or disabled and unable to carry out your current occupation. This payment will be made for 2 years. After that, if you are unable to perform certain work related activities the claim will continue to be paid.

Mortgage Repayment Plan

This is a combination of Mortgage Protection Life Cover or Mortgage Protection with Accelerated Serious Illness Cover and Mortgage Repayment Cover.

Cover Term and Age Limit

Mortgage Protection Cover has a fixed term, which you select at outset.

Premiums

The minimum premium is €12.00 monthly or €120 yearly, for Mortgage Protection Life Cover. For Mortgage Protection with Accelerated Serious Illness Cover or Mortgage Repayment Cover the minimum premium is €12.50 monthly or €125 yearly Premiums will depend on your age, sex, the term of the contract and whether you smoke.

Cover

Cover can be arranged on a single or joint life basis. Joint life cover provides a lump sum on the first death or serious illness. The minimum life cover is €12,500 for both single and joint life policies.

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Mortgage Repayment Plan
Cover TypeEntry AgeMaximum
FromUp toExpiry Age
Mortgage Protection178085
Mortgage Repayment Cover176065
Minimum Term 2 Years
Maximum Term 40 Years
Mortgage Protection with
Accelerated Serious Illness Cover
176075
Minimum Term 5 Years
Maximum Term 30 Years

Automatic Benefits of Mortgage Protection with Accelerated Serious Illness Cover

Benefit Prepayment Facility

Half (50%) of the Serious Illness benefit will be paid (up to a maximum of €20,000) as soon as you are diagnosed as requiring one of the following:

  1. Aorta Graft Surgery
  2. Coronary Artery Bypass Surgery
  3. Heart Valve Surgery

We will require certification by a consultant that surgery is medically necessary and you must be on the waiting list for surgery The serious illness benefit will be reduced by the amount of this prepayment.

Children's Cover

This provides for the payment of a lump sum in the event of one of your children becoming seriously ill. The lump sum will be 50% of the serious illness benefit, but with a maximum benefit of €25,000, or a death benefit of €2,500. Benefits will only be payable on one occasion in the event of a child contracting a serious illness or dying. Payment of this cover will not affect your main benefit.

Muscular Dystrophy is excluded under the Children's Serious Illness Benefit.

Note: Definition of Child

A child is defined as, a natural, adopted, or stepchild aged between 1 and 18 years. Where the child is living at home and in third level education, cover continues to 21 years. Foster children are not covered.

Optional Benefits of Mortgage Protection with Accelerated Serious Illness Cover

Hospitalisation Cover

This is an optional benefit for which you will be paid a cash amount for each night spent as an inpatient in a hospital. You must have been hospitalised for a minimum of 3 consecutive days (72 hours) and the benefit will be payable for a maximum continuous period of 1 year (365 days). Payment of the benefit is backdated to the commencement of your inpatient care.

Hospitalisation while pregnant is covered provided that you are not hospitalised within 6 months of the start date of the policy.

Children are automatically covered for an amount equal to 50% of your benefit.

You must select a benefit amount of either €50, €100 or €150 per day

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Guaranteed Whole of Life Cover

Family Protection

The sudden death of a breadwinner can bring undue financial hardship for dependants.

Whole of Life Cover provides funds that can compensate for loss of income, thus ensuring your family's welfare.

Preservation of your Estate

Inheritance tax can deplete the value of your estate. This is particularly harsh after you have worked hard to build up your assets over your lifetime. Whole of Life Cover can be set-up in such a way as to provide a lump sum that can be used to pay any tax arising, thereby maintaining your estate for the benefit of your chosen successors.

Choice of Cover

Cover can be arranged on a single life or on a joint life basis. Where the cover is chosen on a joint life basis, it can be payable on the first death or the second death.

Premiums

€60 per month/€600 per annum for Guaranteed Whole of Life Cover.

Automatic Benefits

Terminal Illness Benefit

Applies to Guaranteed Whole of Life Cover. This is an advance payment of the death benefit where your life expectancy is 12 months or less.

80% of the benefit may be paid in advance up to a maximum of €2m. A further 17.5% will be paid on your death. Premiums will continue to be paid during the intervening period.

In joint life first death cases the benefit is available on the first life becoming terminally ill. In joint life second death cases the benefit is available on the terminal illness of the last survivor.

Marriage/Childbirth/lncrease in CAT liability

On marriage, childbirth or an increase in Capital Acquisition Tax liability (due to a change in tax rates) the cover can be increased without the need to provide medical evidence or undergo a medical examination. An additional premium will be payable on the increased cover and will be based on the rates, based on your age, sex and smoker status at that time. This option is only available to cases accepted at standard rates at outset.

Guaranteed Increasing Benefit Option

For an extra premium you can have the option of increasing your benefit every three years without further medical evidence. The minimum increase allowable is 5% of the initial or previous benefit. The maximum increase is 15% of the initial or previous benefit.

Where the increases are made more than once, the maximum accumulated increase is the lesser of 2½ times the original benefit and €630,000.

The option will cease if not exercised at any third year anniversary and your future benefit will remain level.

Age Limits
Cover TypeMin. Entry AgeMax. Entry Age
Guaranteed Whole of Life1875

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Standard Restrictions

Discontinuance of Premiums

Thirty days of grace are allowed for payment of premiums. If premiums are not received in this period, the plan will lapse. The plan does not acquire a cash value.

Law and Taxation

Each plan is subject to the laws of Ireland and all monies either into or out of the plan must be in Irish currency. Under current legislation, payments to planholders are not subject to personal taxation.

Death Benefit

In the event of death by your own hand (whether feloniously or otherwise) the Death Benefit shall be limited as follows:

  1. Where death occurs before the first anniversary of the Start Date, no Benefit shall be payable.
  2. Where death occurs on or after the first anniversary of the Start Date, then any increases in Death Benefit within one year of death shall not become payable.

However, if you have assigned your Death Benefit, for example to cover a loan, we will pay out the amount of cover required to pay off the loan.

Serious Illness Benefit and Mortgage Repayment Benefit

  1. A Serious Illness Benefit will only be paid provided you survive 14 days after the serious illness event date. I f you have Standalone Serious Illness Cover, a death benefit of 5% of the Serious Illness Cover (benefit) will be payable if you die prior to a serious illness event or within the 14-day period after a serious illness event. This additional death benefit does not apply to Accelerated Serious Illness Cover.
  2. No benefit will be payable if a serious illness or disability results directly or indirectly from:
    1. self inflicted injury or illness or the taking of alcohol or drugs
    2. failure to follow reasonable medical advice
  3. In the case of serious illness or disability, no benefit will be payable if a condition arises as a result of:
    1. war (declared or not)
    2. participation in a riot, insurrection or civil commotion
    3. a self inflicted injury or illness whether you are sane or insane
    4. any Human Immunodeficiency Virus or Acquired Immunodeficiency Syndrome
    5. breach of any law by you
  4. No benefit will be payable if in the opinion of our Chief Medical Officer a claim is made for a serious illness or a disability condition which was known to exist prior to the start date of the policy
  5. Any claim in respect of serious illness or disability shall be invalid if you (or your child, if relevant) are resident outside Western Europe (Andorra, Austria, Belgium, Channel Islands, Denmark, Finland, France, Germany, Gibraltar, Greece, Iceland, Ireland, Isle of Man, Italy, Liechtenstein, Luxembourg, Monaco, Netherlands, Norway, Portugal, San Marino, Spain, Sweden, Switzerland and the United Kingdom), the USA or Canada, Australia or South Africa for more than 13 weeks in any 12 consecutive calendar months
  6. No benefit will be payable in respect of disability arising directly or indirectly as a consequence of participation in any of the following activities:
    Abseiling, bob sleighing, boxing, hang gliding, scuba diving, equestrian events, motor or motor cycle sports, mountaineering, rock climbing, potholing, caving, parachuting, paragliding, boat racing, professional sports and aviation other than as a fare paying passenger
  7. The payment of a claim will be governed by the policy conditions

These definitions are supplied courtesy of Hibernian Life & pensions.

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