I know what you’re thinking.
I’m a Life Insurance broker; of course, I’m going to tell you that you should pull your finger out and get life insurance.
And after you do, I’m going to respectfully request that you wash your hands – for three whole sing-throughs of ‘Happy Birthday’.
Funny story, I was in the M6 services yesterday and there was a queue of men waiting for the sinks. In my 42 years on this planet, I have never seen a queue in the gents for the sinks. Every cloud…
Here’s the thing: if you have a family or dependents of any kind, you’d be a fecking eejit not to consider Life Insurance.
There, I said it.
A fecking eejit, no less.
It’s simple: if you died, your income would disappear. Of course, your other half or kids would be devastated. But in cold, real terms, what happens after the dust has settled and they’re left struggling because you never got around to sorting insurance?
Their financial security is the biggest motivation I can give you for getting Life Insurance, but let’s look at a couple more reasons too.
At the moment, there are a rake of discounts in the market, here’s just a few:
All discounts are under review but for now, are available.
By the way, NONE of these discounts are available through your bank.
In the grand scheme of life-stuff, pensions, mortgages, and investments generally fall under the category of ‘adulting’.
It’s the kind of thing people do once they’ve moved out, learned how to cook a couple of staple dishes (that aren’t potato waffles and beans), and got a good job.
But the trigger for life insurance is starting a family.
It’s for the family you leave behind should you leave us before your time – to pay rent or bills or for your kids’ education.
A Life Insurance pay-out is a significant chunk of money. Imagine how much more useful it’d be for a new parent, instead of an empty nester who is six weeks away from boarding a cruise that, hopefully, won’t give them that which cannot be named.
Get in early and get in fast, especially if kids are on the cards.
I mean probably. You could be reading this as someone who is perpetually knackered and falling apart at the seams. You could be much more robust in a couple of years.
However, one thing you can’t change is your age.
Unless you’re Cyndi Lauper or a woman in Hollywood who has been 40 for a solid 10 years in the hopes of keeping her career going.
Here’s the thing: the younger and healthier you are, the cheaper your Life Insurance will be. And we’re talking a mahoosive difference in the spondoolies.
Life Insurance is a game of risk. Your insurer is betting on you to outlive your policy so that they don’t have to pay-out. If you die during your cover, the idea is that the premiums you’ve been paying will offset the cost to the insurer, at least a bit.
So, the older and iller you are, the more expensive your premiums will be because your chance of dying, statistically, is much higher.
Spellcheck is telling me that ‘iller’ isn’t a word, but I won’t be changing it. So there.
If we can use ‘spondoolies’ around these parts, we can use ‘iller’ too.
To make this real, let’s look at an example.
Jim is 35, and he wants €250,000 cover over 25 years. His quote:
If Jim waits until he’s 45, his premium more than doubles:
And that’s before we consider his health – because if in those 10 years, Jim contracts an illness or any health problems, he can expect his premium to go shooting up in cost.
It could cost him thousands in the difference.
And being healthy is even more important for income protection.
The main reasons the insurers pay income protection claims are for mental health and back issues. As you claw your way up the ladder at work, your job will become more stressful and you may find yourself taking a tab for mild anxiety to begin with. At this stage, it’s too late for income protection. Lock in a low price without exclusions now.
Likewise, as we get older, our back is the first thing to give us trouble.
But today, if you’re stress and back pain free you can get full income protection without exclusions…for a low price.
Come back in few years and you could be hit with a load of exclusions…and a higher price.
In the grand scheme of cinema, one trope has been repeated many times over, to varying effect: someone wakes up and dies, only to relive the same day over and over again.
Real-life, however, doesn’t come with a second chance.
And, somewhat tellingly, at no point in Groundhog Day does Bill Murray check in with his Life Insurance provider to make sure he’s covered. Granted, he escapes the time loop and gets his happy ending.
In every version of real life, if you die, you’ll stay dead.
Not to get too macabre about it but you won’t get a second chance to protect your family.
This could be your last chance.
Okay, so calling the extras’ cool’ is probably a stretch, but they’re definitely worth considering as part of your Life Insurance package.
So when you buy Life Insurance, you’re purchasing your cover and some additional perks too. To be competitive, the insurers offer extras to entice you over to their policy.
A lot of people don’t know about these perks, so they’re worth investigating.
They include things like Medical 2nd Opinion, the option to add Serious Illness Cover, and Child Life Cover.
In brief, Medical 2nd Opinion lets anyone with a health issue double-check their diagnosis or their treatment for free. If you’re someone with a pre-existing condition, it’s worth thinking about. Your parents and children can also access this service from Day One of your policy.
Serious Illness Cover pays out if you get sick with any of the illnesses mentioned in your cover – handy if you can’t/don’t want to get Income Protection.
Child Life Cover is exactly what it sounds like, but it’s depressing, so let’s not go near that one right now but you can read more here
Seriously. I’m not just saying that because of the broker thing.
Remember Jim up above? The 35-year-old looking for insurance? Let’s remind ourselves of his quote.
JIM WILL YOU COME HERE?
There he is now.
€18 a month for Life Insurance. That’s €4.50 a week. I bet you thought it’d be more than that.
If you’re in good health, it doesn’t have to be.
You probably spend more money a week on takeaway. Look, we both know that as delicious as a filthy spice bag is, it’s not gonna replace your income if you kick the bucket.
Spice bag or Life Insurance.
Your call.
I know which one I’d pick.
Unless you’re reallllly hungry, in which case I wouldn’t recommend trying to eat your policy documents. A bit bland, to be honest.
Thinking of trading that spice bag for Life Insurance? Or just looking for some good, old-fashioned advice?
Drop me a line by filling in this form or give me a bell on 05793 20836, and I’ll get back to you asap!
Talk soon
Nick
As Ireland's leading life insurance broker, we specialise in comparing the rates and policies from the top five Irish life insurance providers and offering the very best value quotes to suit the individual needs of our clients. Our expertise lies in finding a suitable insurance plan for those with specific needs, be it a particular illness, occupation or claim history, we've got you covered in every sense!
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