Life Insurance

Life Insurance

Do I need it?

The simple answer is yes, everyone should ideally have some sort of life cover in place. The amount of life cover you take out will depend on how much you feel your family would need to survive in the event that you were to pass away in an untimely manner. This amount will differ from person to person, depending on their family situation as well as their income earning potential within the family unit. Life insurance can play a vital role in planning for your future. If you have a family that depends on your income every month, life insurance can protect them financially in the event of your death. It provides you with peace of mind that your family will be looked after if you are no longer able to provide for them, or at a minimum, that they will not have to bare the burden of funeral expenses.

Some Examples:

When taking out a mortgage, your bank will require you to take out a Mortgage Protection policy. Having this cover in place will mean that your mortgage will be paid off in the event of death during the term of your mortgage repayments. This is an extremely important policy to have in place as alternatively, you could be leaving your dependants with a huge mortgage that they have no way of repaying.

If you are looking to take out a personal life cover policy, most people will look at taking out a policy up until retirement age or up until their youngest child reaches financial independence. For example, if your youngest child is 5 years old, you could take out a policy for a term of 20 years to ensure they will be protected financially in the event that you were no longer around to provide for them.

Things to consider:

You need to look at your budget when taking out cover. You may be able to afford a large premium now but in 10 years time, your circumstances may change. We would all love to take out a large level of cover to protect our families but you need to think rationally and make sure the policy you take out is affordable for you both now, as well as in the future.

You should consider the financial loss your immediate family would suffer if you were to pass away without cover. In the case of a sole earning parent with three dependent children passing away, a substantial amount of cover would be recommended as well as possibly considering a serious illness benefit. In the case of a single young adult with no dependents, a smaller amount of life cover would be suitable to cover funeral expenses or any loans that you might have.

Finally the Mortgage protection option is also an essential part of life cover for anyone running the risk of leaving behind a mortgage for their family to have to deal with when they are gone. Your bank will most likely insist on it so it is something we cant get away from.


Planning for your family's future can be a daunting task but having cover in place can give you peace of mind. Check out our 6 point life insurance checklist here or give us a call on 01 400 3434 for more information