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Executive Benefits Limited |
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Engineer's Group Life
Cover Plan Details
The Engineer's Group Life Cover plan is a life assurance policy which is underwritten by Irish Life Assurance plc. (the largest and most experienced insurer of group risk insurance in Ireland). The plan is administered by Executive Benefits Limited who market the plan to the members of Engineers Ireland and their spouses. The plan offers you straight-forward life assurance cover at a very straight-forward price - just €15.65 per month for €65,000 cover regardless of age, sex or smoker status. From 1st August 2009 life assurance premiums became subject to a 1% Government levy, and the Engineer's Group Life Cover premium of €15.65 per month is inclusive of the Government levy. The cost of the plan is kept down by effectively stripping away some of the layers from a life assurance policy. For example: - Members of the plan receive a membership certificate instead of an individual policy document. - You can only have cover of €65,000 and you cannot opt for a higher or lesser amount. - Premiums must be paid by monthly direct debit. - The cover cannot be formally assigned to a lender to cover a loan. But of course, in its most important respect it works just like an individual life assurance policy - in other words, if you die during the term of the policy it will pay out €65,000. As a death benefit only policy it does not have any investment or savings element, and if you stop paying your premiums before age 65 you will not receive any encashment value. The premium structure of the plan will be reviewed every two years in order to ensure that the claims experience and age profile within the group are within the norm. The underwriters reserve the right to increase or decrease the premium rate at the review dates, but the premium rate is guaranteed between review dates. The cover ceases at age 65, or earlier if you stop paying your premium. All Engineers Ireland corporate and non-corporate members under the age of 60 can apply to join the plan, and if you are a member of the plan your spouse can apply to join on similar terms. If you wish to join the plan, please contact us. |
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