See how our insurance recommendations enhanced Peter and Deirdre's life
Peter and Deirdre are both aged 55 and 53 respectively and both are working earning €120,000 between them and have two young children, Conor aged 21 and Caitriona aged 19 and both are in full time college. They have a small mortgage which is covered by mortgage protection but they find the college fees a financial strain each year. They are concerned that their children will be badly affected should anything happy to either of them or both or them.
Families with college dependent kids need to look at the following form of cover in terms of family protection in a step down approach
Trio of Cover
1). Life Cover is the most important
2) Income protection cover is second most important
3) Serious illness cover is third
A family with older children need to ensure that majority of their income is covered in the event of premature death or serious illness or loss of income due to being out of work with a major illness.
They key requirement here was to provide life cover which both parties were covered for €300,000 on death for a period of 10 years until youngest child is fully out of college and they reach retirement age, with serious illness cover at twice their annual salary. Furthermore an element of their life was written under trust for each child in case of joint death of parents. Conversion option which also allows the plans to continue without medical evidence was also put in place.... discover more
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