What is Life Insurance?
Life Insurance is a tax-free lump sum paid out to your family when you die.
Do I Really need to have Life Insurance?
If you’re in your twenties, single and childless, maybe you don’t need life insurance right now. But do you want marriage and a family someday? If so, keep reading. Are you married with children and don’t have life insurance? If so, definitely keep reading.
We are all going to die that is really the only certainty in life well unless of course your immortal in which case sure you have no need for life insurance.
For the rest of us mere mortals it is without doubt something we should think about.
No-one likes to think about things going wrong in life. But it can and does happen and if you haven’t put something in place to make provision for that, the consequences can be very painful.
Having a life insurance policy is a “must” for families. What if something happens to you? What would happen to your family? Who would pay the rent or the mortgage, or for your children’s education? Would your family have enough money to pay for your final expenses without being a burden?
Life Insurance isn’t just for older people let’s face it by then the need for huge amount of cover is gone. Kids have grown up and hopefully financially independent. Let’s look at two examples!
Seventy -year-old John is a widow and his children have long since flown the nest and are financially independent. John doesn’t want his children to have to pay for his funeral and as he has no other assets takes out a small life insurance policy of €20000 to cover off the party (funeral)
40-year-old Steve who is Johns son who is married with the 2.4 children a mortgage and the usual expenses that comes with family life. Steve is married to Ann who is currently at home rearing their young family. Steve is self-employed and earns €80k a year. Steve and Ann have Mortgage Protection to cover the mortgage if something happens, he has no choice in this. Last time I checked Ann and the kids can’t eat a house unless of course it is a gingerbread house.
Steve and Ann need Life cover outside the mortgage!
Life Insurance will you peace of mind and pays out a tax-free lump sum to support your family when you die.
No one wants to pay out extra money there are much nicer things to spend it on!
If your family would struggle financially without your income (we would assume they would be heartbroken) then it makes sense to have life cover.
I recommend that you find a great insurance broker who doesn’t charge fees (for example me) We can get you a quote from all the insurers and will do all the heavy lifting and we will talk you through it cutting out the bullshit, acronyms and all those other weird words insurance companies use. We will find a policy that suits you not us or the life company!!
Hit the contact button to start the process 🙂