Financial Planning

Supporting you through our phased withdrawal

On May 13th 2022, we announced an update of the phased withdrawal process, as confirmed on 19 February 2021. As part of this phased withdrawal, we have reached an agreement with Irish Life Financial Services Ltd , who will make ongoing advice services available to policy holders. This transfer, which was made effective on 31 July 2022, relates to life assurance products, pensions, investment and protection policies which were and will continue to be underwritten by Irish Life Assurance, for which we acted as insurance intermediary for our customers. In this context, since customer policies are already provided by Irish Life Assurance, the terms and conditions of the policies are not affected in any way.

Frequently Asked Questions

What changes are happening to my Irish Life policy and how will it impact me? Close

As part of our phased withdrawal from the Republic of Ireland, we will be ceasing our activities as an insurance intermediary on 31st July. We have reached an agreement with Irish Life Assurance Plc (Irish Life) to end our appointment as a tied agent and to transfer our intermediary activities for your policy to Irish Life Financial Services Ltd (ILFS).

I have Financial Protection (Life Assurance, income Protection etc) in place with Irish Life through Ulster Bank Ireland DAC – will that be affected? Close

No, your policy will not be affected and will remain in place with Irish Life until maturity. Should you have any queries on your policy, you can contact Irish Life on (+353) 1 7041010 or, alternatively, please call us on 0818 211 461.

I have an investment in place with Irish Life through Ulster Bank Ireland DAC – will that be affected? Close

No, your investment will remain in place with Irish Life. Should you have any queries on your policy, you can contact Irish Life on (+353) 1 7041010 or, alternatively, please call us on 0818 211 461.

Will I continue to have access to mortgage protection, life protection, Investment and Pension products? Close

Yes, we will continue to provide ongoing financial planning advice to our existing customers through Irish Life until 31st July when we will be ceasing our insurance intermediary activities and will stop providing existing customers with new financial advice. Up until 31st July, existing customers can continue to be supported with new financial planning advice covering the full range of needs (Mortgage Protection, Life protection, Investment and Pension).

We will be sending letters to all customers who hold an Irish Life policy shortly through advice provided by Ulster Bank advising them of this change and what this means for them.

Is there any change to my current Irish Life policy? Close

There is no change to your current Irish Life policy and all terms and conditions will remain the same until your policy maturity date. Irish Life will continue to service and administrate your policy as normal.

What does this transfer mean to me – do I need to do anything? Close

If you are happy for us to transfer the intermediary activities (ongoing advice) associated with your policy to ILFS you do not need to do anything. ILFS will contact you over the coming months by letter and will be happy to support you with any future advice requirements you have in connection with your policy. If you object to Ulster Bank transferring your personal data associated with your policy to ILFS for the purpose of acting as your insurance intermediary, simply email financial.planning@ulsterbank.com with your instruction and policy number within 2 months of receiving your letter.

If I object to Ulster Bank transferring my personal data associated with my policy – what does this mean? Close

Importantly, your policy terms and conditions will not change and Irish Life will continue to service and administrate your policy until maturity date. If you object within 2 months of receiving our notification letter, then ILFS will not act as your insurance intermediary in connection with this policy and will not offer you ongoing advice services. Should you wish to avail of financial advice connected to this policy in the future you can select a financial advisor / intermediary of your choice.

Who can I contact if I need additional support now or after I have received my letter? Close

Who do I contact if I have a query about my Irish Life policy? Close

If you have any query related to your Irish Life policy, please contact Irish Life’s dedicated service team on (+353) 1 7041010.

Who do I contact if I have a complaint about my Irish Life policy? Close

If you have a complaint related to the financial advice provided by Irish Life Financial Services Ltd on behalf of Ulster Bank since 1st January 2020, or a complaint related to the administration or servicing of your policy, please contact Irish Life on (+353) 1 7041010.

If you have a complaint related to the financial advice provided by Ulster Bank prior to 1st January 2020, please contact us on 1800200162 (00353 1709 2042 if calling from abroad).

Need additional support?

Need support with closing your current/savings accounts?

Speak to our Closures Team on 0818 210 260 (00 353 1 8047475 if calling from abroad.) Lines are open 8am – 8pm, 7 days a week*

Need extra support closing your account e.g. due to a disability, health condition or because your circumstances have changed?

Please dial our dedicated helpline on 1800 656 001 or visit your local branch

*Call costs may vary. Calls may be recorded for training and monitoring purposes.