News

As the old saying goes “Nothing in life is certain except death and taxes”.

No one likes to think about a time after they’re gone, but in today’s uncertain world, Life Cover is an essential component in a sound financial plan. As we grow older, get married, build families and enjoy life, there is comfort in knowing the money will be available to protect your loved ones in the event of your passing.

Here are a few reasons why having a Life Cover plan in place is so important.

1: To protect your family financially:

If your family is dependent on you for financial support and stability, it is crucial you have a life insurance policy in place. Like most parents you probably want to know that your children will be well taken care of after you are gone. If you or your spouse were to die, especially when your children are young, it may be difficult for your family to maintain their current standard of living and Life Cover could replace your income in the event of your premature death. A lump sum pay out from a life insurance policy may help soften the burden financially and allow your family to secure a good standard of living in the future.

2. To pay off debt left behind:

Many people assume that any debt they have dies with them, but this is not the case. Their Estate must pay off any outstanding debt, which can add unnecessary strain to an already stressful situation. In addition to providing income to cover everyday expenses, your family needs insurance to cover any outstanding debts such as mortgages, funeral expenses and other loans you may have. Having Life Cover in place can help to limit any extra financial burden to your family in the event of your death.

3. To leave an inheritance:

Even if you do not have any other assets to pass to your family, you can create an inheritance by buying a life insurance policy and naming them as beneficiaries. This is a great way to set your children up for a solid financial future and provide for any financial needs that may arise.

Getting older happens to us all and the thought of getting older tends to make us reflect on what is important. No amount of money could ever replace a loved one; however, more than anything Life Cover can help provide protection for those uncertainties in life.

It can be extremely beneficial to have a conversation with a Qualified Financial Advisor to discuss your overall financial situation. They can help you decide on a level of cover appropriate for you, taking the following factors into consideration: What level of income will be missing going forward? What outgoings will cease? What outgoings will continue? What income might you qualify for on the death of a spouse; such as Widow’s Pension? Are there any life events or ad hoc payments needed; e.g. a child’s education?

Life Cover should give you peace of mind, knowing that your loved ones will be taken care of financially in their time of need. To get further details on the most affordable and efficient cover for you, you should contact a Qualified Financial Advisor.

Adrian Kelly QFA, is a Qualified Financial Advisor.You can contact him through John F. Loughrey Financial Services Ltd by telephone on 074-9124002 or by email on adrian@jfl.ie