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Everything below is set up for you by your own senior advisor.
Or Freephone 1800 808 808 and a senior advisor takes it from there.
If you are self-employed or have no pension through your job, you can claim income tax relief on your life cover premiums at your marginal rate. At 40%, a €100 premium costs you €60. We compare the providers and set it up with you.
Your age, how much cover and for how long. Two minutes, then a senior advisor is in touch with prices from the insurers that offer it.
Tax relief, contribution limits and the right plan differ between the three.
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Pension term assurance pays a lump sum to your family if you die during the term. What sets it apart is the tax. Revenue approves it under the pension rules, so you claim income tax relief on the premiums at your marginal rate, 20% or 40%.
You do not need a pension to take it out. You pay the full premium to the insurer, and the insurer issues a certificate you use to claim the relief through your tax return. In Royal London Ireland's own illustration, a 47-year-old non-smoker with €300,000 of cover to age 65 pays €53.41 a month, about €32 after relief at 40%.
Personal pension term assurance is for people with relevant earnings: profits from a trade or profession, or pay from a job with no company pension scheme, known in Revenue's rules as non-pensionable employment. Accountants, solicitors, doctors, farmers, contractors and employees with no pension at work can all qualify.
If you are a company director or an employee, your employer can pay for executive pension term assurance instead. The company claims corporation tax relief on the premiums, and the lump sum can be up to four times your final salary.
Your premiums share these limits with any personal pension contributions you make. Earnings above €115,000 a year are not counted.
| Your age | Relief on up to this share of your earnings |
|---|---|
| Under 30 | 15% |
| 30 to 39 | 20% |
| 40 to 49 | 25% |
| 50 to 54 | 30% |
| 55 to 59 | 35% |
| 60 and over | 40% |
| Pension term assurance | Ordinary term life cover | |
|---|---|---|
| Tax relief on premiums | Yes, at 20% or 40% within the age limits | None |
| Who can take it | The self-employed, or employees with no company pension | Anyone |
| Lives covered | One person per policy | One person, or two on a joint or dual basis |
| Use for a mortgage | No, it cannot be assigned to a lender | Yes, it can be assigned |
| Extra benefits | Life cover only | Serious illness cover can be added |
| Effect on your pension | Uses part of your age-related limit | None |
| Latest end date | Age 75 | Set by each insurer |
Because it cannot be assigned to a lender, pension term assurance works best as family cover. Your advisor can set it up beside mortgage protection, which covers the loan, so the relief goes on the cover your family relies on.
Your pension contributions are checked first. If you already use your full age-related limit on a pension, there is no relief left for the premiums, and ordinary cover may suit you better. Royal London Ireland offers conversion and indexation options on its plan, and your advisor compares them across the providers.
How you earn, the cover you want and for how long. The form takes two minutes.
Your relevant earnings and the room left in your age-related limit.
Prices and options from the insurers that offer pension term assurance.
Your advisor submits the application and deals with the insurer on any medical questions.
The insurer's certificate goes in with your tax return each year.
We (Richie and Nickey) received excellent pension advice that was clear, honest, and tailored to my situation. Everything was explained in a way we could easily understand, and we felt confident making decisions about my future. Highly professional service and very reassuring throughout the process.
They made setting up a company pension on a deadline extremely easy and stress free. You can tell they understand the products inside out. Very approachable, great availability for support with instant and clear answers.
True Wealth was super efficient in locating my UK pension. They were very professional and responsive in dealing with the relevant pension organization. I would highly recommend True Wealth.
Thank you for the several calls to advise me. Great client attention! Eimear is fantastic! I had my pension sorted and a few insurances arranged. All the best.
Excellent service. Always there if I had any questions, would recommend without hesitation. A 5 star service. Thank you everyone.
Straight answers with the figures. If yours is not here, a senior advisor answers it in your review.
It pays a lump sum on death in the same way, but you get income tax relief on the premiums. It covers one person only, cannot include serious illness cover and cannot be assigned to a mortgage lender.
People with relevant earnings: the self-employed, and employees in a job with no company pension scheme. A pension in another job does not stop you claiming against earnings that qualify.
Relief is at your marginal rate, 20% or 40%. Your premiums and personal pension contributions together can get relief on up to 15% to 40% of your earnings, depending on your age, on earnings up to €115,000.
Through your tax return, using the certificate the insurer sends you. If you pay a premium by 31 October, you can elect to claim it against the previous tax year.
No. Revenue gives income tax relief only. PRSI and USC are not reduced.
You may no longer be able to claim the relief. The policy carries on as long as you keep paying the premiums.
Personal policies can run to age 75 at the latest. Irish Life, for example, offers terms of 5 to 40 years. Executive policies end by normal retirement age, 70 at the latest.
Checked 8 October 2026.
Two minutes online. A senior advisor checks you qualify and is in touch with prices from the insurers that offer it.