FAQs...
...Over 50s Life Insurance
How do I get my year one CashBack on Over 50s insurance?
Our CashBack offer applies to all Over 50s life insurance policies taken out through the onlinelifecover.ie website.
You will receive your CashBack 6 months after the policy has commenced and it is given back assuming that the policy stays in place for at least 12 months.
As quotes are age based the quotes given are as at today’s date and may change before policy issue due to a change in your age.
How can OnlineLifeCover give such an amazing CashBack offer?
As we are extremely efficient at what we do, we are happy to offer you this great offer. The CashBack is paid from the commission we, as a broker, receive from the life insurance companies.
What is Over 50s Life Insurance?
50+ Easy Life Cover is Irish Life’s new guaranteed acceptance life insurance plan for the over 50s. It pays out a guaranteed lump sum to your family when you die - but it never generates a cash value as it is not a savings plan.
With this product, there are no medical requirements, no health history questions and no underwriting. Every application is guaranteed to be accepted. Because you are not asked for any medical information Over 50s Life Cover is slightly more expensive than other protection plans.
The amount of cover provided is based on the regular payments you make (minimum €15 per month). The maximum amount of life cover is €25,000.
You should refer to the benefits table at the back of the 50+ Easy Life Cover booklet to see how much life cover you will receive, based on the regular payments you can afford, your age and gender. The monthly prices for the different levels of cover are outlined on pages 23 and 24 of the booklet. For amounts higher than those, please click here.
Should I seek advice on this product?
Irish Life’s 50+ Easy Life Cover is strictly a ‘non advice’ product. You should read these FAQs and the product booklet. You will then have read all the relevant information and should be ready to complete your application form.
Who can apply for cover?
Anyone aged 50-80 living in the Republic of Ireland can apply for 50+ Easy Life Cover.
Could I be turned down for cover because of my health?
No. Because Irish Life won’t ask you for any medical details or health history, all customers, aged 50-80, are guaranteed to be accepted for cover when they apply for 50+ Easy Life Cover.
What about claiming?
Irish Life makes claiming under 50+ Easy Life Cover as straightforward as possible. They will not ask you for any medical details or health history when you apply. This means they can process claims quicker.
Are there any situations when a claim would not be paid?
Yes. During the first two years you are only covered for Accidental Death. Some exclusions apply. These exclusions are highlighted in the product booklet and the terms and conditions booklet.
Why am I only covered for Accidental Death only in the first 2 years?
The reason for this is to protect Irish Life. As they do not ask you to take a medical examination or for your health history when you apply for 50+ Easy Life Cover, Irish Life can only cover you for Accidental Death within the first two years. For this plan, “Accidental Death” means “death caused solely and directly as a result of an accident caused by violent, visible and external means and independently of any other cause”. (Some exclusions apply around the nature of the accidental death, for example suicide is excluded. Please see exclusions in the product booklet.)
After year two:
If you die after year two of your 50+ Easy Life Cover plan – Irish Life will pay the Life cover benefit as per your schedule.
During the first two years:
If you die because of an accident during the first two years, Irish Life will pay the Life cover benefit as shown in your schedule. Please see exclusions in the product booklet for details.
If you die during the first two years of your Over 50s Life Cover for any other reason, Irish Life will only pay a full refund of all regular payments made. There is no cash value at any stage – it is not a savings plan.
How much cover can I have?
The maximum cover is €25,000. This maximum cover of €25,000 applies across all of the 50+ Easy Life Cover plans you have added together.
What are the regular payments?
Your regular payments depend on your age, your gender and the amount of cover you choose. The minimum regular payment is €15 per month.
Will the regular payments change in the future?
No. Your regular payments are guaranteed never to increase or decrease, assuming the personal information on your application form or any related document is true and complete.
If any of the personal information (your age or gender) you have supplied is not correct, Irish Life may adjust the benefits or Irish Life may end your cover and refuse to pay any claim. If this happens you will lose all rights under the plan and Irish Life will not refund your payments. If your details are incorrect when you receive your welcome pack, you should follow up with us immediately.
Will my 50+ Easy Life Cover change in the future?
No. Your cover is fully guaranteed and cannot be increased or decreased. As the cost of living increases each year (inflation) – your cover will remain the same. This means the amount of cover you choose today may be worth less in the future. You should check your 50+ Easy Life Cover from time to time since inflation will affect what your guaranteed benefit will be worth in the future.
Irish Life’s 50+ Easy Life Cover is guaranteed, so customers cannot make any changes to the plan. However, if you want additional cover, you can take out more than one plan if you want to, as long as your total cover is not more than the maximum limit of €25,000.
How much will 50+ Easy Life Cover pay out?
This depends on the amount of cover you choose. When your 50+ Easy Life Cover begins, your cover is guaranteed to remain at a fixed amount, so you know from the start how much will be paid out when you die.
When does the plan start?
Your 50+ Easy Life Cover starts when Irish Life receives the first payment but the cover in the first 2 years will be only paid if you die as a result of an accident.
How long do I make regular payments for?
You must continue to make regular payments to your 50+ Easy Life Cover until your 90th birthday. From the age of 90 onwards you will not have to make any more payments and your cover will continue for the rest of your life.
Your plan ends if you stop making regular payments before age 90 or if a claim is made. This means that after your 90th birthday or your death, no further payments need to be made.
Can I change my mind?
Yes, of course. After taking out your plan, if you feel it is not suitable, Irish Life guarantee to refund all payments made within the first 30 days after Irish Life send you the details of your plan. The 30-day period starts from the day Irish Life send the welcome pack.
How do I apply for 50+ Easy Life Cover?
You just contact OnlineLifeCover at info@citylife.ie or 021 4358533 for an application form. Just fill it in and send it back to us.
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