Financial Protection - Life Assurance & Specified Illness Cover

 

 

Life assurance may be one of the most important purchases you'll ever make. 

In the event of a tragedy, life assurance proceeds can help pay the bills, continue a family business, finance future needs like your children's education, protect your spouse's retirement plans and much more. Protecting your lifestyle and your loved ones is at the core of every one of our financial plans.

Different types of life assurance suit different needs - as your life changes, you may need to update your cover. We'll explain to you the various types of cover and help you decide which is the most suitable for your situation.

 Young Families

Click to Try Our New Life Assurance Calculator

Getting married and starting a family can seem like one of the most daunting stages of your financial life. Paying your mortgage, maybe moving to somewhere bigger, the expense of new mouths to feed, maybe saving a little for the kids futures - there's loads to think about at this stage.

We feel the key thing to understand is that you are at the beginning of a long-term process. Financial security comes from the combination of insurance policies, savings and investments that you accumulate over time. When it comes to life assurance, the younger you are when you start the policy, the less expensive it will be over the long run. So start small - get the essential cover in place to look after your family and review regularly to see if it still matches your needs.

Established Families

Your children may have grown up and your debts may be mostly paid off so you life assurance needs at this stage are quite different. Your retirement may seem a lot closer than it ever did before so your financial focus changes to putting money aside for when you stop working.

These are likely to be the highest-earning years of your career which makes it all the more important to protect yourself against the unexpected. Life Assurance & Serious Illness cover can help protect your spouse in the event that you die or suffer a serious illness.

Over 40% of Irish Life's Life assurance claims in 2009 were for clients aged between 41 - 60.

(Source: Irish Life claims)

Single Individuals

A single individual probably doesn't need most types of life assurance. However, even if no-one else depends on you for financial support; you need to think about the consequences on your life style and your finances should you suffer a serious illness.

A Specified Illness policy pays out a lump sum if you are diagnosed with a Serious Illness during the term of the policy. You could use this to clear debts, pay medical expenses or even to pay your expenses while you can't work.

In 2009, Irish Life paid out over €29 million in specified illness claims with over half of these for customers aged under 50.

(Source: Irish Life claims)

At Hopkins Financial Consultants, we get the best prices on the market by quickly comparing all the major Life Assurance companies in Ireland.

Contact Us if you would like a quote or use the Life Assurance Calculator to work out how much cover you might need.