Life insurance might seem like just another expense to add to the list but the real question to ask yourself is this: can you and your family afford to not take out life insurance?
Here are some of the main reasons people get life insurance.
1. Taking care of funeral expenses
Funeral and burial expenses can run well into the thousands of euro. In the event of your death, adequate life insurance will provide your loved ones with a lump sum that can help cover these costly bills. It would be a difficult enough time for your family without having to worry about money, so this financial safety net could really help.
2. Supporting your children/partner
If you weren’t around to provide for your dependents, how would they cope? It’s possible that your partner may be accustomed to a certain kind of lifestyle and this could well be unsustainable without your salary. You may also want to leave behind enough money to see your kids through college. Having adequate life insurance can help to take care of your loved ones long after you’re gone.
3. Leaving an inheritance
Even if you don’t have any businesses, properties or valuable possessions to pass on to your heirs, naming them as beneficiaries in your life insurance policy can provide them with an inheritance. This can really help to set your children up financially as they enter adulthood.
4. Paying off debts
If the unthinkable happens your family would need to pay off any existing debts in your name, for example loans, credit cards or a mortgage. Without the proper finances, they could be forced into selling your house. Life insurance will help your loved ones do deal with this kind of nightmare scenario.
5. Peace of mind
We obviously can’t know when it will happen but one thing we know for sure is that we will all pass away one day. No sum of money can make up for the loss of a loved one but there is comfort in knowing that your family won’t have to worry about the financial side of things after you’re gone. That’s the greatest benefit of life insurance: peace of mind.
Talk to Gallivan Financial today to find out about protecting your family for as little as €1 a day.*
All the best,
The team at Gallivan Financial
*Source: New Ireland Assurance Company plc. €1 a day is based on a non-smoking male or female, aged 34 next birthday, insured for Life Cover of €250,00 with Accelerated Specified Illness Cover of €55,000 accepted at standard rates, for a term of 20 years. The premium quoted includes the Government levy (currently 1% of the premium amount). Terms and conditions apply. Benefits are subject to underwriting and acceptance by the life assurance company.