New Ireland Assurance is part of the Bank of Ireland Group. Established in 1918, New Ireland Assurance was the first wholly Irish owned life assurance company to transact business in Ireland. New Ireland has over 560,000 customer contracts and €18.2 billion in funds under management (December 2019).
New Ireland has a solvency ratio of 148% (as at 31 December 2019). This shows that as well as having enough capital to pay all their liabilities, including predicted future claims, they have 1.48 times the capital required under Solvency II rules.
Here’s Nick’s take on New Ireland:
Mortgage protection is a type of life insurance policy that will clear your mortgage if you die before you have it paid off. If you’re getting a mortgage in Ireland you need mortgage protection insurance unless:
In any of these 4 instances, your bank can allow you to go ahead with mortgage protection under S126 of the Consumer Credit Act 1995.
If you have any health issues, please get in touch with us before you choose an insurer. We’re the experts in finding the insurer that will cover you at the lowest price.
Otherwise, if you’re in good health, you should choose the best insurer.
So, are New Ireland the best insurer for mortgage protection?
You can use this to extend the term of your mortgage protection or turn it into a life insurance policy at any point during the term of cover without having to answer health questions.
And that’s really it, New Ireland keep it simple.
They don’t offer dual life cover.
Nor do they have any value-added benefits like Aviva, Irish Life or Royal London.
As you can probably tell, they’re not our first choice for mortgage protection.
It’s important that you know you have placed your money with a dependable company that we trust.
New Ireland provide a very helpful claims brochure (PDF) which is well worth a read.
1) Whole of Life Continuation Option (WOLCO)
I 💗 WOLCO!
The universal complaint people have about life insurance is that it’s dead money if they don’t die.
You may scoff at such a notion but deep down, I’ll wager you agree.
You could pay thousands of euros in premiums into a 30-year policy, drop dead after 30 years and one day….and get nothing.
WOLCO is here to change that.
With WOLCO, when your policy ends, you get free cover for the rest of your life and you don’t have to pay a cent.
You can structure this in such a way that your policy will always pay out more than you pay in.
Sounds too good to be true?
Have a read of this article where we look under WOLCO’s hood: The Whole of Life Assurance (that pays for itself)
2) Monthly Income Benefit
Imagine your partner passed away, and the insurer gave you a cheque for a cool million.
Would you know what to do with it to make it last say 25 years or would you freak out at the responsibility?
Instead, would you prefer to receive €3k into your account every month for the next 25 years?
If you fall into the “monthly please” category, then monthly income benefit is for you-hoo.
So yeah, New Ireland is a great match for some people, you’ll pay more for their cover but at least it’s guaranteed to pay out eventually.
Before I answer that, let me tell you what serious illness cover is.
Serious illness cover is what we call living insurance as in it pays out while you’re still above ground.
If you get a serious illness as defined on your policy, the insurer will pay you a one-time tax-free lump sum to the value of your serious illness cover. You can use the money as you wish – e.g pay medical bills or pay for structural adaptations to your home that is required as a result of the illness.
If you get a serious illness, you’re unlikely to be working for a while so the payout you receive will replace this lost income until you’re well enough to go back to work. The last thing you want when you’re trying to get better is money worries.
When considering who to choose for serious illness cover, you should read this article first – how to compare serious illness cover providers.
Yeah, good story Nick, so are they the best or not?
They cover more illnesses than any other insurer and their definitions are fair so it’s easy to claim.
So are they the best??
We recommend New Ireland and Zurich Life for serious illness cover.
Nothing to see here, move on.
Similar to their life insurance, New Ireland has something on their income protection that’s not available elsewhere.
It’s called the Confirmed Income Option and again 💗
Basically, it lets you put a floor under the minimum amount the insurer will pay out regardless of how much you earn in the future.
With the other insurers, if your income falls, your payout will also fall.
With New Ireland, your payout will be based on your income when you originally took out your policy.
If your income is irregular or bonus driven, you should consider the Confirmed Income Option.
Their premiums are higher than the other insurers.
I recommend Specified Illness Cover and Income Protection from New Ireland. Click on the image below to learn more.
You can get a discounted quote for New Ireland (along with the other 4 providers) below: