The Lion Life Insurance Blog

I have life insurance through work

Why do I need another policy?

On a random scroll through some social media, I saw a picture entitled working from home looks like this

Of course, I can't find it now or I'd share it with you.

Anyway, it was a fella sitting on the couch, in his pants, laptop precariously balanced on his lap with his two children, no more than 18 months old dragging out of each leg.

I'm sure you've seen millions of these WFH images, in fact, you could probably send me your own personal version.

Same here, I had seen loads of these before and had quickly scrolled past, but this one brought me back in time.

And I wondered how I would have coped if my kids (now 10, 7 and 7) were 4, 1 and 1 and we were in LOCKDOWN.

Myself, Hannah and three tiny drunk people all at home at the same time...

Today is the day we're training to meet Mike Tyson in the ring.

If you ever did meet Tyson in the ring, there's a good chance you're not coming out alive.

So for this particular conversation Tyson is death, I'm your trainer and we're here to ready you for the day Tyson comes a callin'.

Hopefully, it never happens.

So we have the chats, talk about income replacement, see how much cover you need to take care of your family. We calculate a figure, discuss the different insurers, settle on a premium. You're happy, I'm happy. We put €1m cover in place, shake hands and hope for the best.

Two years later...

Here’s the number one thing you need to know about Life Insurance: it isn’t actually for you; it’s to prevent a financial crisis for those you leave behind.

However, if you want to protect yourself then Serious Illness Cover is what you need.

Also known as Serious Illness Cover or Critical Illness Cover, Specified Serious Illness Cover pays you cash money if you get a serious illness. Get everything you need to know here.

It may have come as a huge shock to be declined or postponed.

In this article, I discuss the reasons why this has happened.

And what you can do about it.

Many people don't even think about shopping for life insurance until they actually have children, but it's a good idea to plan for the future by buying life insurance coverage when you're pregnant or even before you become pregnant.

Sooner rather than later.

Forget about all the other stuff, the buggy, the car seats, the multitude of What to Expect When You're Expecting books. Whether you buy them today or in three months time, the price won't change.

However, with life insurance, the cost of your policy can go from the normal price to multiple times that amount if you develop any complications.

Imagine if you didn't have a PUP.

Now I'm not talking about your four-legged friend.

No siree Bob, I'm talking about the Pandemic Unemployment Payment that many of us are trying to survive on since fecking COVID19 hit.

It's not a lot of money, but it's a lifesaver for thousands of people.

When you're buying a house, there's an awful lot of high-falutin bullshit to wade through.

Plenty of terms that the average Joe just don't know.

So to help you survive the onslaught, we've created a Mortgage Bullshit Buster, or MBB if you will.

Without further ado.

I was woken up by a phone call telling me I’ve committed tax fraud.
They must have had the wrong number 'cause I don’t pay taxes

That's all I got folks.
I scoured the internet, and that is the best tax joke I could find.
Funny and Trump topical FTW

So what about the tax implications of a life insurance policy and all it entails?

Paying for insurance is a PITA.

Car insurance, house insurance, gadget insurance, pet insurance, life insurance, health insurance, the list is endless.

It's all a massive waste of money...until you make a claim and then it's the most important few quid you've ever spent.

I took a look at my own life cover recently to see if I could save a few bob so I thought it would be helpful to outline my thought process around changing it up into bite-size pieces.