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What Additional Benefits are Available with Life Insurance?

little known benefits of life insurance text on an image of a sign pointing to the word "more"

But what if I don’t die? Isn’t life insurance a waste of money?

Some people find it difficult to see the value of life insurance if they outlive their policy.

And I could bang on about things like peace of mind and the value of knowing your loved ones are OK should the worst happen

But instead, let’s look at what I call “living” benefits of life insurance (or what you can get while you’re still above ground)

Life Insurance and Pizza

When it comes to pizza, I’m a Farmhouse man – ham and mushroom does it for me.

My other half, on the other hand, goes for pineapple and anchovy – that’s just plain wrong if you ask me.

We both love pizza but when it comes to the toppings we can’t agree. Fortunately our pizza guy caters for us both. He doesn’t care what goes on the pizza as long as the euros go in his pocket.

We all have a universal idea of what a pizza is – dough base covered with toppings.

Life insurance is similar but here the dough is the basic payout on death we’re all familiar with while the toppings are the riders or extras.

Riders help you customise your policy until it’s just right for you.

Living Benefits of Life Insurance

Personal accident cover

Your policy pays you every week you cannot do your job due to an accident. How does it compare with income protection?

Available on life insurance policies from:

  • New Ireland
  • Zurich Life
  • Irish Life

Surgical cash benefit

You receive a payment of a certain percentage of your specified illness cover should you require major surgery

Available on policies from:

  • New Ireland
  • Zurich Life

Hospital cash cover

If you’re in hospital for a certain number of days, the insurer will pay you an agreed amount of cash per day.

Available on policies from:

  • New Ireland
  • Zurich Life
  • Irish Life
  • Friends First

Waiver of premium

If you’re unable to work because of accident or illness for a period longer than 26 weeks, you don’t have to pay your premiums but the insurer will keep you covered.

Available on policies from:

  • Zurich Life
  • Friends First

Broken bones payment | Sports injury cover

 

Pays you cash if you suffer one of the following injuries:

  • Fracture of upper leg €3,000
  • Fracture of ribs/collar bone €1,000
  • Fracture of lower leg/ankle €1,700
  • Open fracture of skull €3,000
  • Closed fracture of skull €1,700
  • Fracture of arm €1,700
  • Fracture of wrist €1,300
  • Fracture of jaw/cheekbone €1,300
  • Fracture of foot €1,300
  • Dislocation of hip €1,700
  • Dislocation of ankle €2,500
  • Dislocation of elbow €1,700
  • Dislocation of shoulder €1,300
  • Fracture of Vertebrae, shoulder blade or sternum €1,300

New Ireland are the only insurer offering broken bones cover.

Free medical second opinion for You and Your Family

If you or someone in your extended family (children, spouse/partner, parents, spouse/partner’s parents) becomes unwell, you can have an independent review of your diagnosis.

Available on policies from:

  • Aviva
  • Irish Life
  • Royal London

One‑to‑one personal support from your own nurse adviser

Available on policies from:

  • Irish Life
  • Royal London

Bereavement and personal counselling services

Available on policies from:

  • Irish Life
  • Royal London

That’s a breakdown of what you can get from your life insurance even if you don’t make a death claim.

You can also add other living benefits such as a payout for a specified serious illness.

Of course, income protection insurance only pays out while you’re alive and that’s why I think it’s the most important policy you can buy.

Over to you…

Got a question on how any of these additional / living benefits work?

Complete the quick outline form below and I’ll be right back.

Nick McGowan
lion.ie | making life insurance easier

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