Insurance Advice Cavan & Monaghan
Life has a habit of throwing up unexpected surprises. We don’t want to dwell on the things that can go wrong in life, but we all want to know that our family’s future is protected if they must unexpectedly go on without us. The premature death of an earning parent can impact a family for a whole generation. Life insurance is your protection against the things that can go wrong. It is designed to meet your family’s financial needs and protect them from financial burdens after your passing so that their loss is not further compounded by money worries.
Considering the peace of mind that it brings you, life insurance and income protection is extremely affordable these days. A Key Financials advisor can outline the different products that are available, and help you select the one that suits your needs and your budget. We have products available for insurance clients at all stages of life and at all levels of coverage. Life Insurance can cost as little as €20 per month! A small price to pay for peace of mind!
Life Insurance Brokers Cavan & Monaghan
What’s the best life insurance coverage for you?
Well, how long is a piece of string?
Life insurance, Illness cover and Income protection are definitely necessary, but choosing the right policy is a big and complex decision. Every day, we advise families on the level of insurance coverage that’s right for their particular needs, goals and budget.
These are some of the considerations to be assessed with your Financial Advisor:
If you’re single with no mortgage and no children
Your life insurance policy should cover the cost of your personal debts like loans or credit cards, medical bills or funeral expenses
You may also want to leave something for people you love or a charity you support
If you’re a homeowner with a young family
You are likely to be juggling a mortgage, a car loan & you may have high monthly bills associated with childcare, school, and eventually college. You may even be paying living expenses for a child in college that are higher than your living expenses at home!
You are likely to be rising in your career and your earnings, with many years of earning potential in front of you. It would be catastrophic for your family to have this suddenly removed.
You need income protection as well as life coverage, with an affordable policy that helps you plan for your family’s financial future until the children are taken care of and the house is paid off
If you are retired or almost there
You’re more established in life, with smaller monthly bills.
You need coverage for your final expenses, and bequests to your loved ones in a way that protects them from Estate Taxes.
Contact the Key Financials team to get started. Your initial Needs Assessment is completely FREE
LIFE INSURANCE – INDIVIDUALS
Life insurance can provide valuable peace of mind that your loved ones will be protected in the event of your death. Life assurance covers you for a specified term, Morgage Protection Insurance covers your outstanding mortgage balance at the time of your death.
Term Assurance policy will pay out a Tax-Free lump sum to your family on your death if you die during the term of the policy.
Term Protection is cheaper than Whole of Life Cover as it will only pay out if you die within the term of the policy.
It is also possible to set up a Term Assurance Policy with a Whole of Life Sum Insured in addition.
This is a type of life insurance policy where premiums remain level for a specified period of time —generally for 10, 20 or 30 years.
After the end of the level premium period, premiums will generally increase.
Coverage continues as long as the premiums are paid.
Perhaps this is an option you may want to consider when you’re on a more limited budget and will have significant expenses over a shorter period of time.
The premium under this policy will only be payable for the duration of the Term Assurance Plan (for example 10 years).
In many cases this policy can be set up in such a way that the guaranteed pay out on the policy will be greater than the total premiums paid into the policy, provided that premiums are paid for the duration of the term.
Serious Illness Cover
Serious Illness Cover will pay a Tax Free Lump sum if you are diagnosed with a specified Serious Illness. This will provide cover for you and your family when you need it most. The last thing you will want to think of in this situation is money.
An adequate Serious Illness policy will ensure that you can concentrate on getting better without having to worry about your finances. As treatments become more accessible and more successful, we are living for longer. We are now four times more likely to suffer a Serious Illness before the age of 65 than we are to die (Source: Irish Life Claims 2011)
Mortgage Protection Insurance
Although many people have Mortgage Protection Insurance (MPI) in place which will pay off their mortgage should they die within the term of their mortgage, this is NOT ENOUGH. Your insurance coverage should protect more than your home.
If you were unable to work could you survive on the State Illness benefit of €188 per week?
No Illness Benefit is paid if you are self-employed!
Employers aren’t obliged to pay for Sick Leave!
Income Protection provides a replacement income should you be unable to work due to any Illness, Accident or Disability. There is a 1 in 6 chance that you will be out of work for 6 months* or more during your working life. That’s the same odds as throwing a dice! (* Source: Central Statistics Office, 2007)
What is Hospital Cash Cover?
This will pay a specified amount to you for each night you spend in Hospital
What is Index Linking?
Premiums and Benefits will increase annually to reduce the impact of inflation on your benefits
What is Monthly Income Benefit?
This will pay your family a monthly income should you die
What is an Option to Convert?
Option to convert your policy to a new policy in the future without having to provide further medical information
What is Accident Cash Cover?
This will pay a weekly amount if you are unable to work due to an Accident
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Drumlin Financial Services Limited t/a Key Financials is regulated by The Central Bank of Ireland. Registered Office: Aeta Place, Gortnakesh, Cavan, Co Cavan. Company Registration no. 407677