Why is life insurance important?
Life insurance is an important tool for protecting your family, your business and your legacy. It’s also about peace of mind and having a plan for the unexpected.
In Ireland, we tend to think of life insurance as something that only older people need – but this isn’t true at all! In fact, it can be just as important for younger people with families or mortgages who have responsibilities outside their own interests.
Life insurance helps protect what matters most in our lives: our loved ones; our businesses; even our legacies after we’re gone by providing financial support when needed most (for example: funeral costs).
Who needs it?
- Anyone who has dependents. It’s a sad fact, but one in five people will die before they reach retirement age. If you have dependents who rely on your income, life insurance can ensure that they are looked after should the worst happen to you.
- Anyone with a mortgage or other debt. Even if your partner brings in an income and there is no risk of them being unable to meet their own financial commitments without yours, it still makes sense for them to have some level of protection against this happening unexpectedly – especially if they’re paying off student loans or credit card debts which would become significantly more difficult (and expensive) if interest rates increase over time due to inflationary pressures from higher borrowing costs across Ireland’s economy as a whole.*
- Anyone who has a spouse or partner who works full-time outside their home.* This includes self-employed professionals such as doctors and lawyers who may not get paid immediately upon death; instead receiving payments over several months following their passing.* Having sufficient life cover ensures these individuals continue making regular repayments towards mortgages etc until everything outstanding has been cleared out completely.”
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