If you were to die before retiring, many of the same bills would still be rolling in, but your family’s income would be drastically reduced.
Why do I need life cover? The most recent Irish Census shows that 5,859 people died before reaching the age of 65.
Life cover will give your family a lump sum that can be used to boost the income they get from the State and so help ease the financial pressure. What’s more, in the same way the Government gives tax relief on pension contributions, they also give tax relief on contributions to certain life plans taken out before retirement. This special form of life cover is called ‘Pension Term/Life Assurance’ and because of the tax relief offers excellent value for money.
This policy can be incorporated into Personal, Executive and Company pension plans. However, it cannot be set up as part of a PRSA but must done as a stand-alone separate policy.
