Pension Term Assurance: Life Cover For Today and Tomorrow
Rob O’Neill QFA
Senior Financial Advisor
We are all aware of the importance of providing for our families for when we die, however, it can be difficult to decide which type of life cover best suits our financial needs in the present day. In our latest blog, Rob O’Neill QFA and Senior Financial Advisor, explains what Pension Term Assurance is and how it is one of the most tax efficient life cover products available on the Irish market today.
Pension Term Assurance provides life cover for your family if you die before you reach retirement, allowing you to put a financial safety net in place for your family if the worst should happen, however, unlike other types of life insurance policies, tax relief is available on the premiums you pay.
How will Pension Term Assurance Benefit You and Your Family?
If you die before you reach retirement, your family will receive a lump sum payment meaning you are secure in the knowledge that their financial future is protected. Unlike other types of life cover, it is possible to claim tax relief on the premiums you pay for pension term assurance making it an especially tax efficient financial product.
If your monthly premium is €50 and you pay tax at the higher rate of 41%, you will be able to claim tax relief of €20.50 per month, this equates to a saving of €246 every year.
How do I know if Pension Term Assurance is suitable for me?
Pension Term Assurance is a suitable if you are self-employed and your earnings are assessed for Income tax under Schedule D or if you are an employee who is not included in their employer’s company pension plan.
To find out more about life insurance and the various policies available talk to Rob, our Life cover expert today, by calling 01 822 8022 or by emailing firstname.lastname@example.org.
To learn more about life insurance and the various options available to you, check out our comprehensive life insurance page.