In the event of your death, financial support may be a significant issue for your family. Mortgage payments, day-to-day living expenses, credit card bills and so on, will still have to be met by those you leave behind. This is why the benefits of the POA Group Life Plan are so valuable for POA members.
If a member of the Plan dies, a lump sum of €135,000 will be paid.
If a member’s spouse or partner dies, a lump sum of €67,500 will be paid.
If a retired member of the Plan dies, a lump sum of €67,500 will be paid. If a retired member’s spouse/partner dies, a lump sum of €33,750 will be paid.
Why is it important to fill out a Partner Nomination Form?
Single members of the plan, who are not married or in a civil partnership, need to complete this form if they wish to avail of the Spouses'/Partners' Benefit.
If this applies to you, please contact us on (01) 408 4195.
In order to be entitled to Spouses'/Partners' Benefit, you must have co-habited with your partner for at least 12 months prior to the date of death of your partner and you must not have a lawful spouse or civil partner. If your nominated partner dies and you also have a spouse, no benefit is payable in respect of your nominated partner. In this circumstance, a benefit is only payable if your spouse or partner dies. This benefit is only payable once per member irrespective of the number of spouse/partner deaths the member experiences. Forms must be completed in advance of the death of your partner.
To nominate your partner for this benefit, call us on (01) 408 4195.
Cornmarket and the POA work together to secure the best price and benefits for members. When it comes to cost, you benefit from the group purchasing power of the POA.
The cost of the Plan is €7.35 gross per week, and the majority of your premium is eligible for tax relief.
Cornmarket negotiate with insurers to obtain the most competitive rates and to secure the best possible benefits for members.
People are living longer, which puts more financial pressure on their retirement. For this reason, they need a level of Life Cover to make sure their loved ones are financially secure if they die and are no longer there to take care of them.
Therefore, members of the POA Group Life Plan can remain members of this Plan after they retire. They can do this by contacting firstname.lastname@example.org in advance of their retirement date stating they wish to remain a member of the Plan after they retire.
Retirees can remain members of this Plan until the ceasing age of the Plan. They can then apply for membership of the Cornmarket Retired Members’ Life Cover Plan.
Irish Life Assurance plc is regulated by the Central Bank of Ireland.
POA Group Life Plan is underwritten by New Ireland Assurance Company plc. New Ireland Assurance Company plc is regulated by the Central Bank of Ireland. A member of Bank of Ireland Group.