When you purchase a car or a home in Ireland, you automatically think about what type of insurance cover is needed. Mandatory Car Insurance will protect your vehicle in the event of an accident and Home Insurance is required to avail of a Mortgage. So at least we can say that we’re pretty good at looking after our cars and our homes. However, when it comes to protecting ourselves, many of us don’t bother.
I mean, let’s think about this for a second… This is your life we are talking about??.. yet there’s a good chance that you have given more thought to whether you should insure your phone or not?
In 2018, only 1 in every 2 adults had some form of Life Insurance cover, that’s over 1.3 million people with no cover at all. Likewise, 3 in 10 parents with kids have no life insurance cover.
Subsequently, an annual report prepared by Irish Life stated that Cancer was the number one cause of life insurance payouts in 2018. The same report expressed that women are claiming a number of years earlier than men, yet only 1 in 3 women say they have a Life Insurance policy. This is an extremely worrying statistic in any household.
For example, if you have dependants or a partner who would struggle to manage without your financial contribution, or if you would find it difficult to go without your salary for a few months, then perhaps its time to start thinking about protecting more than just your personal assets.
It is fair to say that your income is extremely important as it allows you to maintain your current lifestyle. The money you earn pays for almost everything that is important to you such as your mortgage, car, utility bills, children’s education, insurance etc. Therefore, the financial strain you would face if an illness or accident prevented you from earning a living could be severe.
When you take a minute to think about it… how would you maintain your present lifestyle in the weeks, months or even years in which you are unable to work? Would your savings cover it?
Income Protection can provide customers with up to 75% of their normal income when they are off work due to illness or injury giving you a constant feeling of “no matter what happens in life, I can keep a roof over my head”.
Typically, people choose between critical illness cover, life insurance cover and income protection – or a combination of all three. A lot of the time, people struggle to understand these complex financial covers and it is important that you should carefully compare policies to work out what cover is right for you.
Murray & Spelman (Financial Services) Ltd will happily discuss your Life Insurance options to help you choose the most appropriate plan.
We specialise in areas such as Life & Serious Illness Cover, Mortgages, Mortgage Protection, Income Protection, Inheritance Planning, Pension & Retirement Planning, and Investments & Savings.
To talk to us about your financial requirements, you can Request a CallBack today and we will contact you at a time that is convenient for you.