Life can be unpredictable, but by planning in advance you can protect yourself and your family against life’s uncertainties.
…Read my blog on the importance of Life Cover in protecting your family needs.
Have you ever thought about the financial difficulties that your spouse and children might be in if you were to suffer a serious illness or worse still to die prematurely? A rather frightening statistic shows that only 1 in 2 adults in Ireland have life cover.
I often wonder the reason for this, is it that people are not aware of the need for cover or simply do they not think about it or do people have the attitude, sure it’s not going to happen to me/us?
Most of us have car insurance, house insurance and some even insure their pets, yet with the most important thing, namely ourselves 50% of us don’t bother. If something was to happen to you in the morning how would all the bills be paid or would it be left to your loved ones to figure out?
If you have a mortgage, the bank will insist that you have Mortgage Protection, which basically is life cover that will be paid out if you die before the end of the term of the mortgage. While the loan will no longer need to be paid and the surviving partner has a house to live in, there is one income less coming into the household. Have you ever thought about if this was to happen to you, how would your partner and children be able to maintain a comfortable standard of living? How would your partner pay for your Children’s education?
What surprises many is that the cost of providing life cover is not expensive, particularly if you take it out when you are younger and in good health. For example to cost of providing €250,000 life cover and € 50,000 accelerated serious illness cover for a couple aged 29 for a 25 year timeframe is just over € 45.42 monthly. The reason that I use this as an example is that young couples that have children should be looking to put at least this type of cover in place for a 25 year period as this is the timeframe that the need for cover is at it’s highest, i.e. up until the time when the child/children are finished third level education. This is a term assurance plan which is the cheapest type of cover and yet gives peace of mind that you are looking after the needs of your family in the event of something unfortunate happening to you.