Life Insurance can play a very important part of your financial planning. If you have a family that rely on you providing an income, Life Insurance provides security for the family finances. It can bridge the financial gap between a parent dying and their children being able to work for themselves.
Your income pays the bills that keep a family going. The childcare, new clothes, the new bike, a college education, the list goes on and in the case of a single parent family items like childcare can actually increase if the surviving parent has to work. Depending on the age of your children, you can choose a 10 year plan, a 20 year plan etc.
It’s probably more affordable than you think
In our recent survey 70% of people thought life insurance costs over €35 a month, which is more than twice the normal starting cost of €15 a month for €100,000 cover for a typical 35 year old parent.
Should it be part of your monthly savings budget?
Life Insurance is not a savings plan but it is worth considering that it would take the average household 80 years or more to save €100,000 for their family by putting €15 by on deposit to help their family financially in the event of death. In that context it can secure a lot of peace of mind for your family financial plans.
Other Life Insurance plans
We also offer Life Insurance plans which pay off your mortgage and a whole of life plan which is often used by those who wish to leave an inheritance behind.
€100,000 worth of life insurance costs €15 per month for a 35 year old male or female non smoker with Irish Life’s Term Life Insurance plan. The cost of life insurance depends on your age, health, amount of cover and product type. It would take 80 years to save €100,000 based on monthly savings of €15 on deposit at 4% per year net interest rate, after tax.