Pension Term Assurance
What is a Personal Pension Term Assurance plan?
A Personal Pension Term Assurance plan is a Revenue approved plan designed to provide a lump sum payment in the event of death during the term of the plan.
What benefits does the plan provide?
Life Cover Benefit: The main benefit provided under the policy is life cover benefit which provides for payment of a lump sum amount in the event of death during the term of cover. Life cover is provided to a specified date, usually your normal retirement age.
Contributions to an approved Personal Pension Term Assurance plan may qualify for tax relief. It is important to note that tax relief is not automatically granted; you must apply to and satisfy the Revenue requirements. Revenue limits, terms and conditions apply.
If you are self-employed and your income is assessed for Income Tax under Schedule D; or in paid employment but not included in your employer’s company pension plan, this plan may be suitable for you. You need to be resident in Ireland, between the ages of 18 and 65 and can only take out life cover on your own life.
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