You finally did it – life insurance sorted
You head out for lunch, feeling like an official grown up, having done the right thing and applied for life insurance online…and you did it on company time 👊
It’s been a lonnnng process what with all the different options available from the various insurers, but your broker patiently answered your questions and walked you through the minefield that is life insurance.
You take your phone out of your pocket to call your partner with the good news (they’ve been at you for ages to get the life insurance sorted)
You look down at your phone to redial, stumble onto the road and…
What happens now?
If your policy has issued, i.e. if you have a piece of paper called a policy certificate with your name on it, then yes, you’re fully covered.
But in this case, you never got to issue your policy; all you did was sign the application form and send it to the insurer.
What happens now?
That, my recently departed friend, depends on whether your policy had Temporary Accidental Death Benefit.
Temporary Accidental Death Benefit, let’s call it TADB, is an automatic additional benefit with some life insurance companies.
It will cover you for €150,000 on accidental death for 30 days (90 days with Zurich 👍) from the time the insurer receives your application (together with a completed direct debit), or the insurer accepts or declines your application.
Here’s the legalese:
TADB 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.
And of course, there are some restrictions:
You can get TADB on the following types of cover from some life insurance providers:
Nope, if included, it’s a free benefit. And I mean “free”, not “included in the price”. TADB can pay out before the insurer gets any money from you.
This is an easy one to answer – all of them bar Royal London, which is a shame. I predict they’ll amend this on the next revamp of their cover…or when they read this blog post 👋
Are you sooooo close to free cover?
Have you completed an application form but are mulling over whether to sign it?
Hopefully, this gives you the impetus you need. You might as well have €150,000 free cover while you think about it.
Tis a no brainer as the fella says.
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