Life Insurance Glossary

By Irish Life Assurance

This is a temporary automatic benefit available while you are in the process of taking out life cover. It will pay a set death benefit amount if you die as a result of an accident while applying for cover. Availability of this benefit depends on the type of cover being taken out.

Plan benefits paid to your estate or to whoever is named as the beneficiary where a policy is set up in trust.

A type of cover available from your provider and/or outlined on your plan.

A benefit provided by some employers which pays the family of the employee a lump sum if they die while under the company’s employment.

A plan that covers two lives. If both people die during the term, the payment on death of each life is covered by the policy on death. See: Joint cover

This option allows you to change your benefits without having to provide any medical evidence.

This option allows you to increase your cover without the need to provide any medical information if certain life events occur. This optional benefit if chosen does cost extra. Availability of this optional benefit depends on the type of cover being taken out.

This option allows you to increase your cover in line with inflation so that the relative value of the lump sum that would be paid out stays relatively the same throughout your life. As a result the price you pay increases in line with increasing cover.

A plan that covers two lives but will only pay out once when the first person covered on the policy dies. See: Dual life cover

Cover that pays a lump sum to the plan’s beneficiary on death of the insured person.

This is the individual whose life is insured by the policy. Usually the policyholder and the life assured the same person but they don’t have to be.

A payment made entirely at one time.

This is the person who legally owns the plan. This is typically the same person as the life assured.

The regular payment you make to your insurance provider to have a life insurance policy with them.

An estimated premium based on information presented to a quotation tool or financial advisor.

The length you are covered on your plan.