Is it possible to get tax relief on Life Insurance Premiums? -Yes
What is Pension Term Protection?
Pension Term Protection is life insurance that covers the period of time up until retirement. If you die during this term (i.e. before retirement), your family will receive a payment to ensure they do not suffer financial hardship. Tax relief is available at the marginal rate of tax on the premiums you pay, as the plan is structured as a pension product.
How does Pension Term Protection work?
Pension Term Protection is life insurance designed to protect your family financially if you die before you retire. Under this plan, you pay a set amount on a regular basis (usually by direct debit) until you retire. If you die during this specified term, the policy will pay out so that your dependents are cared for financially.
Pension Term Protection product features
- Secure: Protection for your family during the key years before retirement.
- Tax-efficient: Tax relief on life insurance premiums (up to Revenue limits).
- Peace-of-mind: Your family will receive a lump sum if you pass away or become seriously ill.
- Cost-effective: Life cover at a very reasonable price, depending on your age and circumstances.
Who is Pension Term Protection for?
This kind of life insurance is suitable for people who are looking for cover up to their retirement age. It will appeal to those who want to ensure that their family will be cared for financially, should they die during their working life.
Help and Advice
How much life cover do I need? How much will I have to pay per month? Who will the life cover protect? You’ll have lots of questions when it comes to choosing the right kind of life insurance. Anthony is on hand to talk you through your options and to help you find the product that suits you the best give us a call on 01 6853818 to discuss your options.
Low Cost Life Cover is an independent broker with agencies with all the major insurners Zurich, Royal London Ireland, Irish Life, Aviva and New Ireland. It is our job to provide you with the best independent advice that is the most suitable for your needs. I would be happy to discuss your individual needs if you have any questions give me a call 01 6853818, I’m from Donegal I love to talk!
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