- Whole vs. Term Life Cover – Term Life insurance covers you for a specified period of time (ex. 10, 20 or 30 years). You are only paid benefits if you die within the term. Whole life insurance covers you for your whole life. When you die, a lump-sum payment will be paid to your family.
- Contemplate the Type of Cover You Need – For example, if you are considering buying life cover for your children, consider that it is taking longer than previous generations to get established into the workforce. They may need until their mid-twenties to be able to afford their own life insurance.
- Contemplate your family – The earlier you die, the more money you need to support your family. If you were to hypothetically die in your thirties, your family would be missing out on potentially thirty years of income that you would be providing. On the other hand, if you were to die in your seventies, it may not affect your family as drastically financially-speaking as it would if you were in your thirties.
- Consider Specified Illness Cover (SIC) or Income Protection – SIC protects your family if you are unable to work from a serious illness. The illnesses covered vary firm to firm. Income protection has less restrictions in paying out because they aren’t associated with illness.
- Make Sure Life Cover is Affordable – The purpose of life cover is to give a family serenity. If life cover is unaffordable, don’t stress over it. If you are one of these families call Irish Mortgage Brokers to see if we can find a suitable option for you.
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