Life Insurance is a vital financial tool that provides financial stability to your loved ones through a tax-free payout, but it can be particularly hard to determine which cover suits your needs.
There are different types of life insurance policies available in the Irish market like whole of life insurance or term life insurance. Some insurers offer whole-of-life insurance designed to provide a sum of money (death benefit) to your family or estate when you die. Term life insurance provides coverage for a specified period, usually 10, 20 or 30 years.
If the policyholder passes away during the term, the designated beneficiaries receive the death benefit, subject to underwriting. Term life insurance is often more affordable and straightforward compared to other types of insurance.
The coverage amount or the sum assured should be determined by various factors such as income, debts and dependents need. The premium payable is influenced by various factors including but not limited to age, health condition, occupation, smoker status and the type and duration of the policy.
Life Insurance is not a one-time decision and requires periodic review to ensure it aligns with your needs as they change. Life events such as marriage, the birth of a child, career changes or significant financial milestones may necessitate adjustments to the policy’s coverage amount or beneficiaries.
There are many factors to consider when taking out a life insurance policy, but PPS Financial Planning is here to help you navigate them all.
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