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3 Ways You May Be Underinsured For Life Insurance

Stuck for time – here’s my 60 second audio summary


hand holding cotton wool

Let me know if this sounds familiar.

Although you’ve had to make drastic cutbacks, you’ve come through the worst of  the last few years.

Now you find your finances are finally under control, in fact you even have some money left over at the end of each month!

But what should you do with the extra few bob?

Before you start overpaying your mortgage or starting a pension, check to see if you’re protected from the three biggest threats to your financial security.

1. Death

I assume you have a mortgage protection policy to clear your mortgage?


This will keep your family in their home should you die.

But how will they pay for anything else?

  • Is your partner’s income sufficient to maintain the lifestyle you planned for them?
  • Have they enough savings they can use to replace your income?

If the answer is no, then you need to consider a life insurance policy.

How does life insurance work?

2. Illness

Ah but shur, I’ll never get sick, my parents lived till they were 400

Optimism is a powerful thing, and such thinking might keep illness away, I hope it does.

I really do.

However the facts don’t lie.

1 in 4 of us will get cancer.

Let that digest for a second.

If you go for lunch with 3 people tomorrow, the odds are, one you will get cancer in their lifetime.

Not because you went for lunch with them…just because of odds and stuff.

Serious illness cover pays a tax free lump sum if you contract a serious form of cancer, heart attack, stroke (and 58 other illnesses)

That lump sum will give you the freedom to take time off work to focus on recovery without the stress of how your bills will be paid.

It could literally save your life.

3. Injury

Physical health injuries (leg break, car accident, back injury) and mental health injuries (anxiety, stress, depression) are the main reasons people become unable to work.

If you can’t work, you can’t earn an income.

If you can’t earn an income…well you’re screwed.

Check with your employer whether you have a policy that covers long term disability.

I hope you have such a policy, but if you don’t you should consider insuring your income.

How does income protection work in Ireland?

Over to you…

Are you anxious that you may be under-insured?

  1. Don’t panic.
  2. Start small.
  3. Insure against all the things that threaten your family’s future.

If you’d like me to make a recommendation on the types of cover you should consider based on where you are in life, please complete this questionnaire and I’ll be right back.

Nick McGowan | making life insurance easier

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