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Voluntary Risk Cover

Voluntary Risk Cover products are offered to unions, representative bodies and large employers with at least 800 members or employees. If an organisation or large body puts one of these schemes in place, members can join on a voluntary basis.

Irish Life Corporate Business's range of Voluntary Cover products includes:

  • Life Assurance Cover
  • Specified Illness Cover
  • Income Protection

We are the market leader in the Voluntary Cover market in Ireland. We insure over 120 voluntary schemes covering 120,000 members across a wide range of companies, trade unions, professional organisations and other groups. We operate income protection schemes for many clients including large trade unions, representative bodies and many more.

The cost of these schemes can be less expensive than if an employee were to apply for cover on an individual basis.

Life Assurance Cover

Life Assurance cover serves to pay out a lump sum on the member’s death. Tax relief may be available on contributions if life assurance cover is written under an AVC plan.

Costs

Due to the large numbers of people applying for this life assurance cover, costs can be significantly cheaper than if a member were to take out life assurance cover on an individual basis. Rates are also applicable for at least two years.


Underwriting

When a large number of people apply, we can adopt an innovative approach to the underwriting process. We forego the need for full application forms with medical questions, instead, members may only need to answer as little as four medical questions.

Specified Illness Cover (Critical Illness Cover)

Specified Illness Cover, also known as Critical Illness Cover, pays the member of a scheme a tax-free lump sum in the unfortunate event of them suffering one of a range of illnesses.The typical range of illnesses covered include the following:

  • Alzheimer's disease = HIV/AIDS as a result of physical assault
  • Angioplasty (two arteries) = Kidney failure
  • Aorta graft surgery = Loss of sight
  • Benign brain tumour = Loss of Speech
  • Cancer = Loss of hearing
  • Coma = Motor neurone disease
  • Coronary artery surgery = Multiple sclerosis
  • CJD = Major organ transplant
  • Emphysema = Parkinson's disease
  • Heart Attack = Paralysis of two or more limbs
  • Heart valve & structural surgery = Severe burns
  • HIV/AIDS from blood transfusion = Severance of two or more limbs
  • HIV/AIDS from needlestick injury = Stroke

Costs

The cost of applying for Specified Illness Cover on a group basis can be significantly cheaper than applying on an individual basis. Rates are also applicable for at least two years.

Child Cover

Every scheme includes €15,000 Specified Illness Cover for each member’s children (aged 1-21). This benefit is FREE OF CHARGE. Children are covered for the same illnesses as the member, with the addition of Bacterial Meningitis.

Underwriting

When a large number of people apply for cover there are no underwriting requirements, therefore no application forms need to be completed or detailed medical questions answered. However, it should be noted that due to this large concession which is not typical, you will be not be covered for any ‘pre-existing’ conditions.

Income Protection

Income Protection is designed to provide an income for employees should they find themselves out of work for a prolonged period of time due to illness or injury. The plan provides a regular income benefit to be paid to an employee following a certain period of time (known as the deferred period) to replace a reduction or loss of earnings caused by their inability to carry out their normal occupation due to illness or injury. The benefit is paid monthly in arrears.The standard minimum deferred period is 26 weeks. Tax relief is available on contributions (subject to certain conditions).

Cost

The cost may be significantly cheaper than if an employee were to apply for similar cover on an individual basis. Rates are applicable for at least two years.

Underwriting

When a large number of people apply we forego the need for the completion of full application forms; instead employees may only need to answer as little as 5 medical questions.

Marketing Support for Voluntary Risk Groups

We will carry out direct marketing campaigns at product launch stage targeted at all members. Each mailing is tailor-made and customised for the specific group. Typical items include endorsement letters from a representative within the group, promotional literature highlighting the costs and benefits of joining the plan, detailed product booklets and application forms.

  • We will send a reminder communication as it comes closer to the campaign closing date.
  • We will provide further supports to the marketing campaign including presenting to potential members, advertising in group magazines/publications, telephone helplines throughout the campaign and the sponsorship of group events.

More Information

For more information please contact your financial advisor, broker, or Irish Life Sales Support on (01) 704 1845 email salessupport@irishlife.ie.

 

Irish Life Assurance plc is regulated by the Central Bank of Ireland.

In the interest of customer service we may record and monitor calls. Irish Life Assurance plc, Registered in Ireland number 152576, Vat number 9F55923G.

Irish Life Assurance is part of the Irish Life and Permanent Group. Registered office is situated at Irish Life Centre, Lower Abbey Street, Dublin 1.

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