Why life insurance is important
One : The number one reason to have a life insurance is so in the event of you not being around your family are provided for.
Two: If anything where to happen to you all your accounts would be frozen meaning any emergency bills would not be able to be paid. Having the life policy in place would mean your family would get funds within days to cover these costs.
Three: Nowadays if you take a mortgage banks usually require a life insurance to be taken out. This is in fact a good thing but of course banks charge way over the top. After the 1st year you are able to look at other insurance providers and at B-sure we have saved up to 65% of cost for customers.
Frequently asked questions:
What amount should I cover myself for?
Going back to point one: If you think of what are the essential living costs per month that your family need it is possible to calculate what amount of life insurance cover would be the minimum. A good amount to cover for is for the number of years until your children reach 18 years old or for a minimum of 5 years.
What is permanent and absolute disability cover?
This type of cover provides an amount to be paid out once the disability is declared and the balance upon death. An example of a disability would be lost eye sight or lose of a limb.
What is critical illness cover?
This type of cover provides an amount to be paid out once the illness is declared and the balance upon death. An example of a critical illness would be cancer or heart attack.
Do I need disability cover or critical illness cover?
I would recommend always including disability cover as the cost is reasonable. However critical illness cover is quite high and therefore really only necessary if you have a mortgage in place or have a profession where an illness would mean you were definitely unable to complete your job.
Is a medical required for life insurance?
Not always. For example 100,000 euros cover for someone under 65 will not require a medical. Only a signed declaration of health history will be needed.