Answer me this:
What would affect your family more?
It’s tomorrow isn’t it?
In 25 years, your children will be financially independent.
And you will (hopefully) have substantial savings that your family could use to replace your income.
So why buy a life insurance policy that pays out the same amount now…as it will in 25 years?
Seeing as you need more cover now than you will in 25 years time.
Let’s say you’ve worked out that you need a life insurance policy of €500,000 over 25 years.
You figure €500,000 is enough to leave behind to care of your family should you leave us unexpectedly.
It doesn’t make sense for your family to get the same payout in 25 years as they would today.
So is there an alternative?
I think there is…..follow follow follow….me
Not many people know this but you can buy a mortgage protection policy at any time, not just when you’re buying a house.
You see mortgage protection is just another name for a type of life insurance that reduces over time.
Mortgage protection = reducing term life insurance
Using our example above but replacing life insurance with mortgage protection:
Using mortgage protection creates a new source of money when your family need it most.
In the future, when they’re financially independent, they don’t need a massive payout.
Buying mortgage protection instead of life insurance does exactly what you need:
It protects your family at the time of their lives when they are most vulnerable
And the beauty is…
IT COSTS A LOT LESS THAN LIFE INSURANCE
Here’s a client story:
He thought a €500,000 15 year life insurance policy would be best for his situation.
I used your price comparison.
Given my assets & pension cover etc, I would like to arrange life insurance for €500,000 for a 15 year period.
(while we still have kids at home)
Both 46, full health etc.
You quoted €117 per month.
Let me know any other key points to consider.
But did Evan need to arrange life insurance or would mortgage protection work just as well (at a lower price).
Evan was happy to go with the €500,000 mortgage protection.
And he used the €55 savings to buy himself an income protection policy which he initially thought was outside his budget!
Using mortgage protection instead of life insurance means you can:
But what are the disadvantages?
At the moment Zurich Life and Royal London are offering 15% off their mortgage protection premiums so it’s a great time to use this strategy to protect your family.
Friends First offer dual life mortgage protection which means a payout on the first death and the second death. All other insurers pay out on first death only.
Don’t worry if you’re finding it difficult to get your head around this.
I know it’s complicated.
If I have melted your head, I am sorry…
…but give me a shout using the form below or call me on 05793 20836 and I’ll answer any questions you have.
lion.ie | making life insurance easier
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We’re an online life insurance broker. We compare life insurance quotes for mortgage protection, life insurance, specified illness cover and income protection from all 6 leading life insurance companies in Ireland, instantly and anonymously.