Nice and Clever Heading Here. About Caring For Your Close Ones.
To give all variety of Life Insurance Laferla has three Protection Plans. And Savings/Pension Plans to help you care about your future.
Whole of Life Insurance
Plan Overview
The Loan Protection Plan is a type of life insurance policy that pays out if you pass away before you finish paying your loan or mortgage. This ensures that your spouse and dependents don’t need to worry about the monthly repayments.
Your life insurance policy will provide a reducing sum insured, in line with your outstanding loan repayments. The term of a loan protection must be the same as the duration of your loan, or higher. Also, your initial Sum Insured should be equal to or higher than your loan amount. Some banks also request an additional Sum Insured in the case of a reducing life insurance policy, such as 10%.
You may use the Loan Protection Plan as security for your personal loans or business loans. You may apply for this plan individually or with a joint-applicant, depending on the requirements of your loan.
Protection Plans
A regular premium Plan that provides for the payment of a guaranteed Death Benefit in the event of death of one or more Persons Covered by the Plan.
The Plan provides protection only and does not have a cash value. You choose the amount of the guaranteed Death Benefit and the duration of the Plan.
The Plan ensures that if the Person(s) Covered die within the term of the Plan, the amount of chosen cover will be paid to the person(s) legally entitled to it.
The Protection Plan provides a level Death Benefit, which means that the amount of money that we pay is the same irrespective of when death occurs during the term of the Plan.
The Loan Protection Plan provides a decreasing Death Benefit, which means that the amount of money that we pay is designed to decrease roughly in line with your outstanding loan balance depending on the amount of cover you choose at the outset.
Its Aims
To provide cover for the period of time that you choose, subject to your age and the options included in the plan.
To pay a Death Benefit to you, your estate or a designated beneficiary upon the death of the Person Covered.
Your Commitment
To pay the required premium at the frequency you choose during the period of cover.
To give us all the information we ask for in the application process and if you have to make a claim.
Risk Factors
If you do not truthfully provide all the information we ask for, we will not pay the guaranteed Death Benefit.
If you stop paying the required premiums your cover will stop after 30 days from the date that the premium is due.
The Plan has no cash-in value.
Key Features
Premium Payment Frequency
Annually, half-yearly, quarterly or monthly
Basis of Life Cover
Single Life only or Joint Life First Death
Duration of the Plan
A minimum of 5 years
Age limits of Person Covered
The Person Covered must be between the ages of 18 and 70 when the Plan starts, and cannot be older than 75 when the Plan finishes.
Policy Owner
The Policy Owner can be any natural person aged at least 18 years old or any corporate entity.
Beneficiary
You can appoint one or more beneficiaries to receive the benefit under the Plan, when this is due. There is no charge for this arrangement to be implemented and it requires only the completion of a simple form. The appointment of a beneficiary (and acceptance thereof) under a life insurance contract does KEY FEATURES DOCUMENT PROTECTION PLANS not need to be confirmed in a will and it also supersedes the provisions of a will if there is any conflict between the two.
Plan Benefits
Death Benefit
Payment of the guaranteed lump sum (which is fixed under the Protection Plan but decreasing under the Loan Protection Plan) that you choose at the start of the Plan in the event of death of the Person Covered during the term of the Plan.
Terminal Illness Benefit
Payment of up to 75% of the Death Benefit as a pre-payment of the Death Benefit if the Person Covered is diagnosed to be terminally ill before the Plan finishes.
Funeral Expenses Benefit
Payment of the cost of funeral expenses [subject to a maximum of €2,500] in the form of a partial prepayment of the Death Benefit.
Guaranteed Insurability
If you take out a Protection Plan, you have the option to increase your life cover without further evidence of health upon the following events, subject to applicable limits and terms
- Marriage
- Birth/Adoption of a child
- House Loan/Business Loan
Additional Benefits
All Additional Benefits will cease when the Person Covered attains the age of 65. At this time, your premium will be reduced by the amount charged for the Additional Benefit.
Accidental Death Benefit
Payment of an additional amount equal to the Death Benefit if death occurs as a result of an accident.
Permanent Total Disability (including Waiver of Premium)
If you are unable to work due to an accident or illness, then we may consider payment of the Death Benefit Sum Insured. After a waiting period of 6 months from the event, we will waive the premium until we are able to confirm your condition. We will advise you within 24 months of the event whether we are satisfied that you are peramently and totally disabled. Upon payment of this benefit, the Plan will be terminated.
Injury Benefit
Payment of a percentage of the Level Term Rider Sum Insured in the event of accidental injury. The level of the benefit depends on the severity of the injury, as follows:
- Catastrophic Injury Benefit (Loss of both eyes OR loss of 2 or more limbs OR loss of 1 eye and 1 limb) - payment of 100% of the Sum Insured.
- Severe Injury Benefit (Loss of 1 eye OR loss of 1 limb OR loss of hearing or speech) - payment of 50% of the Sum Insured.
- Moderate Injury Benefit (Loss of thumb or index finger) - payment of 10% of the Sum Insured. Any payment made under any of the Injury Benefits will be in the form of a pre-payment of the Sum Insured which is then reduced by the amount of the Injury Benefit paid.
Critical Illness Benefit
Payment is made if an insured person is diagnosed with a critical illness defined under the Plan. This benefit may be on a Prepayment or Additional Payment Basis and is only available if the basis of life cover is Single Life:
- Prepayment: Any payment made for a Critical Illness Claim will reduce the Sum Insured for the Death Benefit
- Additional Payment: Payments of a Critical Illness Claim will not affect the Sum Insured of the Death Benefit.
- Moderate Injury Benefit (Loss of thumb or index finger)
Any benefits selected will expire when the Person Covered reaches the age of 65.
Plan Documentation Downloads
Key Features Document
DownloadCommonly Asked Questions
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