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What Additional Benefits are Available with Life Insurance?

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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.

Hannah, on the other hand, loves pineapple and anchovy – yep, she’s a wrong un.

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.

Living Benefits of Life Insurance

Personal accident cover

Pays you a weekly amount of up to 50% of your average weekly earnings if you’re unable to work due to an injury resulting from an accident. This payment will be made for a max. of 52 weeks
in total.

In other words, your policy pays you every week you cannot do your job due to an accident.

How does it compare with income protection?

tl/dr Get income protection instead.

Be careful of the exclusion on personal accident cover. For example, I have taken this from the Zurich T&Cs

• Disability which occurs as a result of lifting, twisting, turning or bending cannot be considered as having occurred as a result of external violent and visible means and therefore cannot be considered under this
benefit.

Available on life insurance policies from:

  • New Ireland
  • Zurich Life
  • Irish Life

Surgical cash benefit

This pays up to 12.5% (to a maximum of €32,500) of the Specified Illness lump sum if you have one of the major operations covered. This amount is payable up to 4 times to a maximum total payout of the lower of 50% of the Specified Illness lump sum or €130,000.

In other words, you receive payment of a certain percentage of your specified illness cover should you require major surgery.

The following operations are regarded as Major Surgeries under this policy:

• hip replacement;
• knee replacement;
• surgery to the brain or meninges of the brain;
• surgery to the lungs;
• surgery to the spinal cord or canal;
• surgery to the spinal vertebrae and intervertebral discs;
• surgery to the Cranial Nerves; and
• surgery involving the removal of an eyeball or orbital contents.

You will receive a smaller payout for an intermediate surgery:

The following operations are regarded as Intermediate Surgeries under this policy:

• amputation or replantation of limbs;
• coronary catheter treatment including angioplasty;
• hysterectomy;
• mastectomy and breast reconstruction;
• removal of spinal disc;
• single vessel coronary angioplasty;
• surgery to the pharynx;
• surgery to the cerebral, carotid, iliac or femoral arteries;
• surgery to the pituitary or pineal glands;
• surgery to a kidney;
• surgery to an inner ear;
• surgery to the bile duct;
• surgery to the bladder;
• surgery to the gall bladder;
• surgery to the larynx;
• surgery to the liver;
• surgery to the nerve roots;
• surgery to the oesophagus, stomach, duodenum, jejunum, ileum, colon, or rectum (excluding
haemorrhoidectomy);
• surgery to the pancreas;
• surgery to the parathyroid, thymus, or adrenal glands;
• surgery to the prostate;
• surgery to the spleen;
• surgery to the thyroid; and
• surgery to the ureter.

Available on policies from:

  • New Ireland
  • Zurich Life

Hospital cash cover

If you’re in the 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
  • Aviva

Waiver of premium

If you’re unable to work because of accident or illness for a period longer than 13 weeks, you don’t have to pay your premiums but the insurer will keep you covered.

Available on policies from:

  • Zurich Life
  • Aviva

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 is 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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