If you earn an income, own a home, have a family, a business or an investment property, then protecting you and your family against the financial impact of ill-health, terminal illness or death is one of the most important decisions you can make.
Having the facts to hand means you can make an informed decision on what life insurance you and your family need.
What should you be protecting?
We insure our home, our car, our holidays and sometimes even our family pets but the very thing we often overlook to insure is the most important of all, ourselves and our families.
Many people do not realise the financial impact that an unexpected serious illness, injury or premature death can have on a family. The unfortunate reality is that Irish families are struck by these events every day and the financial impact can be significant and long lasting.
You probably have mortgage protection to clear your mortgage and secure your home, but have you thought about how your family would cope with all the other outgoings each month if you got seriously ill or died prematurely?
Having a life insurance plan is an effective way of providing peace of mind knowing that should the worst happen, your loved ones will have the financial security they need at such a difficult time.
You can set up your life cover to pay a lump sum amount, a monthly income amount or both on a Single, Joint or Dual Life basis.
• Lump Sum on Death Benefit: this pays out a lump sum in the event of death, or in certain circumstances on diagnosis of a terminal illness, during the term of cover.
• Income on Death Benefit: this pays out a monthly income on death or, in certain circumstances on diagnosis of a terminal illness, for the remainder of the term of cover.
• Whole of Life Benefit: this pays out a lump sum of up to €50,000 on death. The difference with this benefit is that it will be paid out even if death occurs following the end of the term of cover for the main benefits. If, for example, your term of cover ends at age 65 for other benefits and you die at age 90, this benefit will still be paid out provided that you have paid all premiums when due.
What is the difference between single, dual and joint life insurance?
Single Life – Covers only one life insured.
Joint Life – A joint life insurance policy covers two lives and may provide for a payment in the event of death of the first or last life covered depending on the type of policy you have. For example: Joint Life First Death cover will pay on the first claim for a benefit. The cover in respect of that benefit will then cease for other lives.
Dual Life – Covers two people independently. Dual cover could potentially pay out two separate payments for each benefit covered. In the event of a claim by one of the lives insured, the cover on the other life insured will continue as before.
You can also protect your income (Income protection), your mortgage (Mortgage protection) or your assets (Business protection).
If you’d like more information, please give Michael a call on 086 8440541 or email email@example.com.
Michael Keville T/A MK Financial is regulated by the Central Bank of Ireland