Four things you may not know about life insurance
Life insurance, while it’s not the most exciting or palatable of purchases it is an important one nonetheless. So it is worth thinking about how to approach buying it to make sure you have the right cover for you and your family, at your stage in life. And that’s where advice from a Financial Broker, like me, can really help.
How much do you think you’d need to insure your life for? What’s your financial worth? Why is it important? If you don’t know, think of how much money your loved ones would need if you were no longer able to financially provide for them tomorrow. This is where life insurance comes in, as putting it in place will financially protect your family if you get ill or pass away. You may think “I’m young and fit, it won’t happen to me” but the facts are:
Over 18% of deaths in Ireland are people aged under the age of 65*
By 2020, 1 in 2 people in Ireland will get a cancer diagnosis in their lifetime**
1 in 5 people will get heart disease before age 75***
Here are four things you may not know about life insurance:
- It’s not as costly as you may think: Life insurance has a reputation for being expensive but it’s not as costly as you may think to insure your own life in order to provide your family with financial security should the worst happen. For example a 30 year life policy with Royal London for €200,000 might cost about €15.15 for a non-smoker who will turn 30 on their next birthday. By speaking with a Financial Broker, like me, you can ensure that you get the best value life cover to suit your individual needs at the best price.
- You can get cover, even with a medical condition: Most people can be insured and the majority will get standard premium rates from life insurance companies. This includes people with common pre-existing medical conditions, such as thyroid issues, high cholesterol or high blood pressure. According to figures from leading protection specialist Royal London, 88% of people will get their cover at normal rates.
- Policy features are important: Don’t fall into the trap of thinking that all life insurance policies are similar. Features and valuable optional benefits make the difference between cover that’s fine and the best cover available. Over time your financial needs may change, so this is when having a policy with added benefits like indexation or a conversion option will become valuable, even if you do have to pay more for them.
- Life insurance companies pay out claims: If you believe that it would be difficult to make a successful life insurance claim you wouldn’t be alone. But in fact, this is a misconception when it comes to life insurance.. For example, Royal London Group paid out 99% of all Life claims and 92% of Specified Serious Illness claims in 2016.****
If you’ve been thinking about putting life insurance in place, don’t put it off any longer and contact me on 01 6279495 or email@example.com for expert advice.