Term Assurance will pay out a lump sum if you die during the term of the plan or develop one of a number of specific serious illnesses. The cover and premium remain fixed for the term of the policy unless indexation is chosen.

No payment is made if you survive to the end of the policy term, however you can choose to include the continuation option. This allows you to take out a new policy at the end of the term without further medical evidence.

Benefits
- Helps them cope financially when you are not able to help them
- Can cover more than one person on the same life cover policy
- Increased cover at times when you need it

Hospital cash benefit
Hospital Cash benefit helps you cope with the financial burden of a hospital stay. If you or a member of your family is admitted to an Irish hospital as an in-patient for more than three days (72 hours), the relevant company will pay the amount of Hospital Cash Benefit you have chosen multiplied by the number of days (24 hours) you are in hospital up to one year (365 days).

Personal accident benefit
This benefit covers you if you unable to continue at work because you have become temporarily disabled due to an accident. The benefit begins 14 days after the accident and the amount paid for each week you are unable to work in your current occupation is either aproximately half of your weekly earnings or the amount of benefit you decide to set up (whichever is the lower amount). The benefit can be made for a maximum of 52 weeks but stops on your recovery, 60th birthday or death, whichever is earliest.

Waiver of premium benefit
This benefit gives you the added security of knowing that if you are unable to work because of injury or illness, the insurance company will pay your premiums after a period of 26 weeks has passed. This means that you will not fall behind in maintaining your life cover and/or serious illness cover. Payments will stop on your recovery, at the end of the term, your 60th birthday or death, whichever is earliest.

Protection continuation option
Most term insurance policies finish when the specified term comes to an end. By adding the Protection Continuation option to your policy, you will give yourself the benefit of choice as you grow older.

This option allows you to extend the term of the protection benefit provided by your policy without providing further medical evidence of good health. The serious illness covered (and definitions applicable) will be those covered by the relevant company's Serious Illness product at the time the protection benefit is extended. This can be a valuable option if your health deteriorates over the course of the policy.

The Protection Continuation option must be selected on the application form at the start date of the policy. It can be exercised at the end of the original term. If the policy has been assigned to a loan and the term of the loan has been lengthened, then you can exercise the option before the end of the policy term, You will have the option to convert your policy into a new policy of longer term without further medical evidence. The maximum period for which this continued protection can run will be the lesser of 40 years and age 85 (75 if Serious Illness is chosen) minus the age of the older life (at their next birthday) when the option is exercised.

Inflation protection option
It is worth remembering that over time, inflation will have an impact on the value of your cover.

If you add the Inflation Protection option to your policy, your insurance company will write to you every year giving you the option to increase your Life, Serious Illness and Permanent Total Disablement sums insured by specific amounts to protect against inflation. This option is available up to the Life Insured's 65th birthday but stops if you refuse two consecutive offers of increase.

Permanent total disablement benefit - own occupation (available with Serious Illness cover only)
This benefit is payable if you or someone covered on your policy becomes permanently, totally and irreversibly unable to perform a number specific of daily activities.

You do not necessarily have to be suffering a serious illness; a significant bodily injury may be enough for you to claim Permanent Total Disablement benefit. As a rough guide, a period of twelve months must normally pass in order to establish that a claim is payable. The benefit ceases on your 65th birthday.

This option is always paid as an acceleration of the Serious Illness sum insured.

Surgical cash benefit (available with Serious Illness cover only)
While basic Serious Illness cover will pay out a lump sum if you suffer one of the specified serious illnesses under the policy, on many occasions, surgery may be necessary to prevent a serious illness. It is important not to underestimate the cost of undergoing surgery.

With surgical cash benefit a payment will be made if you need require either any of the major or intermediate surgeries listed in your policy.