Group Life Plan

Group Life Plan

The Group Life Plan for NUI Galway Employees is exclusively available to employees of the National University of Ireland, Galway. The Plan aims to provide peace of mind for members and financial security for their families.

It is typically reviewed every three to five years, to ensure that members continue to receive the best deal available. This year Cornmarket Group Financial Services and NUI Galway carried out a comprehensive review involving all insurers in the Group Protection market in Ireland. Following this, NUI Galway agreed to appoint Irish Life as the new underwriter of the Plan, as they provided the most competitive rate and benefits for members.

Please click here for NUI Galway Group Life Plan Review 2018

Benefits of the Plan

Members' Benefit - A lump sum benefit of 2.5 times annual salary is paid in the event of the death of a member.  This benefit is separate to the Life Cover provided under the NUI Galway Pension Scheme.  The Plan provides this benefit up to age 65 or the date that you retire, if earlier.

Accidental Death Benefit - In the event of accidental death, a benefit of €15,000 is payable in addition to the normal Death Benefit of 2.5 times annual salary.

Children's Death Benefit - Children's Death Benefit applies to all natural or legally adopted children between the ages of 0 and 21.  If a member's child dies, a death benefit of €4,000 will be paid to the member.

Cornmarket's Retired Members' Life Cover Plan - As a member of the Group Life Plan for NUI Galway Employees, you will be enrolled by NUIG into Cornmarket's Retired Members' Life Cover Plan on an 'opt-out' basis at retirement.  Cornmarket's Retired Members' Life Cover Plan costs 0.5%* of pensionable salary.  It provides a tax-free lump sum to your estate on your death and the benefit ceases at age 85.

Reduction in cost

The outcome of the review was very positive. The premium rate will reduce from 0.53% to 0.36% of gross salary from 1st of October 2018 and the new rate is guaranteed for the next 4 years. What’s more premiums are eligible for tax relief, so the net the cost to a member paying income tax at 40% is 0.22% of salary and 0.29% for a member paying income tax at 20%.** The premium is deducted from your payslip under deduction code “Voluntary Insurance Plan”.

Great news for employees who are not yet members

As membership of the Plan is so vital, all pensionable NUI Galway employees who are not currently members of the Plan, are under age 65 and are actively at work*** on the 26th September 2018, will be included as members of the Plan. It couldn’t be easier, as enrolment will happen without having to complete an application form or undergo medical underwriting. See below for definition of ‘actively at work’.

If you do not wish to enter into the Plan, you can opt out by completing an Opt-out Form which you can request from the NUI Galway Pensions Department at It’s important to note that if you opt-out and want to re-join the Plan at a later date, you will need to complete an application form and undergo full medical underwriting.  Members who are enrolled on the 1st of October 2018 who choose to opt out within 3 months of the 1st of October 2018 will receive a refund of premiums paid.

 *As at September 2018. Premium is subject to periodic review and may change in the future.

**Subject to Revenue Maximum contribution limits for pensions.

***Actively at work means that you (a) are working your normal contracted number of hours, (b) have not received medical advice to refrain from work, and (c) are not restricted from fully performing the normal duties associated with your occupation. Those on paid and unpaid maternity leave are considered actively at work. Employees on paid leave/holidays are considered to be present at their place of work but must still meet the other requirements for ‘Actively at Work’. Staff who do not satisfy the above criteria on the 26th September 2018 may still apply to join the Plan at a later date on completion of an application form with specific eligibility requirements and which will contain medical questions criteria.


Presentation Sept 2018

 Slides are made available for viewing only and are not to be copied, distributed or used for any other purpose.

Retired Members Life Cover Plan

What is the cover and cost?

The Plan provides for the payment of a tax-free lump sum in the event of death after a member retires. Both the cost and level of cover for this Plan is based on your Full Time Equivalent Pensionable Salary (FTEPS).

Age at Death Cover Cost
50 - 59 180% x FTEPS 0.5% x FTEPS
60 - 64 120% x FTEPS 0.5% x FTEPS
65 - 69 90% x FTEPS 0.5% x FTEPS
70 - 74 60% x FTEPS 0.5% x FTEPS
75 - 84 24% x FTEPS 0.5% x FTEPS
85         Premiums & cover cease


Ann retires at age 61 on a pensionable salary of €60,000.  The levels of cover and premiums payable under the Retired Members’ Life Cover Plan are:-

            Cover  :                       €72,000

  Contribution     :     0.5% x €60,000 = €25 per month

This example is for illustrative purposes.  The actual level of benefit paid will depend on the age of the member at death.


Group Life Plan Booklet

NUI Galway Group Life Plan Booklet