Life Assurance & Specified Illness Cover
Financial Protection for your family for when the not so nice things happen in Life
Life Assurance is not something you have to have but it is something you should have. It helps protect you financially against the ‘what if’s’ that life throws at you. You may think “it will never happen to me” but serious illness, sudden or premature death are a reality. If the unthinkable happens have you left your family with the security and knowledge that although you are no longer with them you are still looking after them? One cannot over emphasise the importance of planning your life and specified illness cover.
A recent survey which was commissioned by Irish Life, showed these insights into Life Insurance in Ireland;
- Only 1 in 2 Irish adults have some form of Life Insurance – that’s 1.3 million people with no cover at all.
- More than 50% of women in Ireland do not have any form of financial cover.
- 3 in 10 Parents have no life assurance at all.
- Almost 1 in 3 death claims were for people aged 41 – 60.
- Cancer was the leading cause of death and illness in 2017.
- 1 in 3 Specified Illness claims were for people aged under 50.
- Women are claiming at a younger age than men.
Many reasons are given as to why we don’t protect our lives;
- It’s too expensive – Life Assurance is not as expensive as you may think, and the younger you are when you take it out the cheaper it can be. Life Assurance can be tailored to suit your requirements and affordability.
- It’s too morbid to think about – Yes, the reasons for thinking about it are not pleasant but with having life cover in place you will have the security of knowing that you will be able to continue to look after your family should the worse happen.
- It won’t happen to us but if it does we’ll manage – it could happen to anyone and what will managing mean for your family, what will you have to cut back on? Will the children have to cut back on their extra-curricular activities? Will they be able to attend college?
“I was a young single mum when I took out my first Life Assurance policy, my concern then was what if I died, what could I do for my daughter. I knew she would be loved and looked after by my family, but did I also want to leave them the added financial burden too. Even if I wasn’t going to be around taking out the life policy meant that there would be money there for her and her education. Thankfully she never needed it, well at least not so far. Do I consider it a waste of money, No, because the peace of mind it gave me was invaluable. I am also a great believer in preparing for the worst and hoping for the best. My needs have changed over the last 20 years but my perception on Life Assurance hasn’t, I still have cover but these days I am concerned with making sure I have enough cover in place should I take ill. If that happens I want to be able to focus on getting better and not whether or not I have enough money to pay the bills. Life Insurance and Specified Illness cover for me is about peace of mind and to me that’s priceless”
Planning your life assurance and specified illness cover needs with an independent financial advisor should result in you getting the right level of cover and the best value for money together with a clear understanding of what you are paying for. And the sooner you do it the better; you may be able to get cover today, but underwriting becomes more difficult as we advance in years or if our health deteriorates.
MLMG are Independent financial advisors based in Buncrana, Co. Donegal. We pride ourselves in providing honest expert financial advice in a way that is easy to understand. Every client, big and small, is treated the same; you will be advised on the basis that we are standing in your shoes; We will take the time to ensure you understand your finances and your financial needs. We then help you put a plan in place to protect you, your family, your business into the future. We are independent – not tied to any specific bank, financial institution or product provider.
At MLMG Financial Brokers we believe in keeping it simple. Put simply financial planning is ensuring that you are as well prepared as you can be to meet the financial demands that will face you at different stages of your life. We provide honest expert financial advice in a way that is easy to understand. We are not tied to any particular provider so we advise on all the main provider products and with over 60 years’ of combined experience in financial services, you can trust our expert, impartial advice. Contact us today or call us on 07493 21420 for your no-obligation consultation.