Term Life & Life Long Insurance 

Benefits of AIB Term Life Insurance

Term Life Insurance cover is designed to pay your family a lump sum if you die (if you choose Life Cover) or if you are diagnosed with a specified illness (if you choose Specified Illness Cover) during the agreed term of your plan. It is particularly important to have in place over the key years that you might have dependants who are relying on you and your income.

Additional benefits included in the policy are: life cover partial payments, children’s cover, terminal illness cover and guaranteed insurability. When purchasing the policy, other optional benefits are also available such as: hospital cash cover, accident cash cover, indexation and guaranteed cover again.

• Additional Information about AIB Term Life Insurance:
  • You must be aged between 18 and 77
  • Only available if you are living in the Republic of Ireland
  • Term for Life cover is 2 to 40 years or up to age 80, whichever is earlier
  • Term for Specified illness cover is 5 to 40 years or up to age 75, whichever is earlier
  • The amount of the monthly premium that you pay is guaranteed to stay the same for the entire period that you are insured for unless you choose the indexation option
  • If you stop paying your monthly premium, you will no longer be protected and we will not return the premiums that you have paid to us
  • The minimum monthly premium is €15 (price exclusive of the 1% government levy)
  • For full information describing the benefits, restrictions and exclusions, please read the AIB Term Life Insurance booklet and terms and conditions booklet

Benefits of AIB Life Long Insurance

• You will be insured for your whole life and your estate will be provided with a lump sum if you die. Because cover is for your whole life, you may pay more for this cover and must continue to make payments even after you retire
• It is a guaranteed protection plan for life with premiums that don’t change – unless you choose the indexation option
• It can protect assets against inheritance tax
• Added benefits include:
  • Early payment if you are diagnosed with a Terminal illness (This is not available if you are using AIB Life Long Insurance to plan for inheritance tax as these benefits could affect the plan’s eligibility for inheritance tax relief Section-72)
  • Accidental death benefit
  • Children’s life cover (This is not available if you are using AIB Life Long Insurance to plan for inheritance tax as these benefits could affect the plan’s eligibility for inheritance tax relief Section-72)
  • Guaranteed insurability
  • LifeCare range of services -  NurseCare, MedCare and ClaimsCare

• Additional Information about AIB Life Long Insurance:
  • You must be aged between 18 and 74
  • Only available if you are living in the republic of Ireland
  • If you stop paying the premiums, your plan will also stop and you are no longer covered for life cover
  • If you take this plan out to qualify for Section-72 inheritance tax relief, you must continue to make your regular payments and you must make them on time. If you stop making regular payments, you cannot restart the plan and your plan may no longer qualify for Section-72 relief
  • For full information describing the benefits and restrictions and exclusions, please read the AIB Life Long Insurance booklet and terms and conditions booklet