Conor Murray • 28 Nov 2019
Life Assurance & Living Benefits – it’s not all about premium discounts this Black Friday!
The importance of putting in place vital Life Assurance or Living Benefits for you and your family should always be about identifying a need rather than focusing on price. Choosing the right cover for you and those closest to you is crucial and will provide many great benefits, not least peace of mind that should something happen to you, your family will be protected financially.
As you age and your family grows, it’s important to think about how you can provide for them if you were no longer around. By planning in advance the type of protection you and your family might need in the future, you can ensure they will be financially secure if faced with life’s difficult uncertainties.
As individuals, we ensure our cars, our homes and even our holidays and phones! It must make sense to protect those you love in the event that something happens and you can’t provide for them. Whether you require some advice on Life Assurance, Serious Illness or Mortgage Protection Cover talk to a financial advisor who will help you put in place a practical solution based on your needs and affordability.
Your needs will change as you go through life and good advice leads to peace of mind and good decisions. When you are single, you only need to consider protecting yourself financially. When you get married and have a family, you’ll want to protect them. When you buy a home or start a business, you’ll want to protect your investment and the people you employ. You might just need one type of cover or you might need to mix and match plans to suit you better. Your financial broker will help put in place the correct plan.
The most frequently asked question I hear is – How much cover do I need?
Everyone’s situation is different and when working out how much cover you should plan for, it may be helpful to figure out how much money you or your family would need each month if you were unable to earn an income. You can do this by writing out a simple list of monthly expenses like your mortgage repayments, your groceries, energy bills, childcare and socialising costs. Then, decide how long you want the cover to last, for example, until your children are finished college. Your financial broker or advisor can help you to make these calculations and remember your circumstances will change over time so if you have an existing plan, it might be worth reviewing it and Yes there are premium discounts available this Black Friday which will soften the monthly cost!