Life Assurance

Overview

The Voluntary Life Assurance Plan is designed to provide an additional lump sum at the date of death for the benefit of your dependents and/or estate in respect of an employee who dies before age 70 while employed by the University. All employees under 70 years of age are eligible. 

This lump sum is in addition to the death benefits available to you under your pension scheme.

Benefits of the Plan:

  • A lump sum of twice salary
  • €5,000 children’s benefit
  • €15,000 accidental death benefit
  • Terminal illness benefit of advance payment of 25% of the death benefit if life expectancy is 12 months or less

Application Process

In order to join the Life Assurance Scheme please complete Application Form A or Application Form B and return to the UCD Pensions Office, Roebuck Offices, UCD Belfield.

Forms:

  • Application - Group Life Cover application form (Less than 31 days employment with UCD)
  • Application  - Group Life Cover application form

How Much Does Membership Cost?

The premium is negotiated on a special “group basis” providing one set price to all members regardless of age.

The premium rate with effect from 1 January 2020 will be set at 0.35% of salary. This rate has been guaranteed for a three-year period.

Members’ premiums are also eligible for tax relief at 20% or 40%. See sample premium calculations below:

Life Assurance Rates

If you wish to join the Plan you will automatically be covered without any form of medical evidence subject to applying for membership within 31 days of entering employment of UCD or on the date you first became an eligible employee and sign the declaration in Application Form A. 

If you do not join the Plan within 31 days of entering the employment of UCD and subsequently apply for membership, you will be asked to submit medical evidence as requested by the Assurer along with Application Form B.

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Useful links

Members should be aware that the above Explanatory Booklet is currently being updated by our Brokers with new rates and benefits. The updated booklet will be available shortly.