What is life cover and why am I paying so much for it?
When you take out life cover, sometimes called
,the insurance company will pay out a particular amount (depending on the premiums you’ve paid in) in the unfortunate event that you die early.
Peace of mind
Essentially you are buying peace of mind – the peace of mind that your dependents will have some kind of financial help should you die before them. You can choose to have a lump sum paid out in the event of your death or a monthly payment.
So, life cover is really for your surviving family, but it gives you the comfort of knowing that your loved ones won’t be in financial difficulty should you become ill or pass away.
How much should I pay?
As to how much you should pay for
life cover or life assurance
, it really depends on your circumstances. For example, if you are the sole or main earner in the household and your children are young, you will be anxious to provide an income that will help the family finances for potentially 20 or more years – in other words, until your youngest child is independent.
There are formulae for calculating the amount of money your family would realistically need. Talk to any of our
to find out what that amount is. Call us today on 05793 50079.
, the key is to review them regularly. As your circumstances change, so does the cover you need – sometimes you need more, sometimes less.
TALK TO REAL PEOPLE
At Clever Money, we believe in meeting our customers face to face. Our qualified financial advisers take the time to get to know your circumstances so that they can offer tailored advice. You won’t get that from an online-only insurer.
We are authorised by the Central Bank of Ireland as an authorised adviser, which means we can offer you products from all the leading life companies. For you, that means we can guarantee you the lowest premium.
If you’ve been thinking that your family would be vulnerable should something happen to you, our financial advisers would be happy to advise you based on your own circumstances.