We can’t know what the future holds for us, or our families, and nobody likes to imagine any frightening possibilities. That’s why it’s a good idea to have some safety nets in place. This way we can rest assured that if something unexpected happens, we have a back-up plan in place for our family, so we can focus on all the good things in life instead.
Protecting our family and the home they live in is what’s most important to us in life. It’s commonplace for people to think that if they have Mortgage Protection, that’s enough on its own and Life Insurance isn’t needed. And while having Mortgage Protection is an important step in protecting your family’s future, it is worth considering Life Insurance too.
Mortgage Protection will solely cover the cost of your outstanding mortgage repayments should you die. Yes the mortgage will be taken care of, but what about everything else? It doesn’t provide help with any other costs your family will face without the help of your income.
These costs could be anything such as funeral bills, education costs for your children, your children’s weddings, or just your family being able to maintain the lifestyle they currently lead.
Life Insurance covers the loss of your income in the event of your death, by paying out a lump sum. There is no tax deducted from a Life Insurance lump sum pay out, nor will you have to pay any fees when receiving the lump sum. However, depending on the relationship between the life assured and the beneficiary of the life insurance lump sum there may be inheritance tax implications.
The Life Insurance lump sum can then be used to pay off debt such as credit card bills, car loans and credit union loans. It could also be dispersed into monthly amounts to replace the income of a working person, or outsource the work of a stay-at-home parent such as child minding, cooking and cleaning.
We understand that life presents cost after cost, so that’s why you can buy Life Insurance with us for as little as €10 per month1. We also know life can be hectic, so we’ve made sure the entire process is easy and can be completed over the phone.
If you’re still feeling unsure about the best cover for you, or if you’re looking for a Life Insurance quote, our team will be happy to give free advice. Don’t hesitate to call us on 1890 64 64 64, Monday to Friday, 9-5. We work with each customer to find the best range of policies to suit their personal circumstances.