Group Life Plan

Financial support for your loved ones

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What is the University of Limerick Group Life Plan?

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 University of Limerick Group Life Plan are so valuable for University of Limerick employees.

Key benefits of the plan

Members' Benefit

If a member of the Plan dies, a lump sum of 2.5 times annual salary will be paid.

This benefit is separate to the Life Cover under the University of Limerick Pension Scheme. 

Accidental Death Benefit

If a member of the Plan dies by accidental death, a lump sum of €15,000 will be paid in addition to the Members' Benefit.

Terminal Illness Benefit

If a member of the Plan is diagnosed with a terminal illness where death is expected within 12 months, an advance payment of 25% of the Member's Benefit will be paid.  

Children’s Death Benefit

If a member’s child (aged 0 and 21) dies, a death benefit of €4,000 will be paid.

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How much does the Plan cost?

Cornmarket and the University of Limerick work together to secure the best price and benefits for members. When it comes to cost, you benefit from the group purchasing power of University of Limerick.

The cost of the Plan is 0.53% of salary, and your premium is eligible for tax relief.

Why choose Cornmarket?

Cornmarket negotiate with insurers to obtain the most competitive rates and to secure the best possible benefits for members.

Retired Members' Life Cover

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. The Cornmarket Retired Members’ Life Cover Plan provides this vital peace of mind and financial security.

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Friends First Life Assurance Company dac is regulated by the Central Bank of Ireland.

Irish Life Assurance plc is regulated by the Central Bank of Ireland.