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 info@mkfinancial.ie.
Michael Keville T/A MK Financial is regulated by the Central
Bank of Ireland
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