You Bought a New House
When you buy a new home, lenders usually require mortgage protection, which pays off the mortgage if something happens to you.
However, we also recommend getting life insurance. While mortgage protection covers the mortgage balance, life insurance can help with other important expenses like bills, education, and home maintenance, allowing your family to maintain their lifestyle.
According to the Central Statistics Office, the average household in Ireland spent over €1,000 per week in 2022-2023.
A life insurance payout can be essential to cover these ongoing costs if you’re no longer around to provide for your family.
If your policy has a Guaranteed Insurability Option (GIO), you can increase your life insurance cover without providing further medical information when you buy a new house. This is especially helpful if you’ve been diagnosed with a serious illness, as it allows you to boost your cover without worrying about being denied due to health issues.
You Had a Baby
Having a baby is one of the biggest life changes, bringing both joy and new financial responsibilities. Everyday costs like nappies, baby supplies, and childcare quickly add up, and over time, the financial impact becomes even more significant with education and other long-term expenses.
Research shows that raising a child in Ireland until their 21st birthday can cost as much as €105,321, and families in Ireland, on average, spend €11,033.64 annually on their children, covering everything from food and clothing to education.
The costs grow over time: the average cost of sending a child to primary school each year is €1,546, and secondary school costs around €3,090 per year. Higher education is even more expensive, with third-level education costing up to €64,400 over 3-4 years if rented accommodation is needed.
To protect your family financially, it’s crucial to ensure your life insurance covers these future expenses in case something happens to you.
If your policy has a Guaranteed Insurability Option (GIO), you can increase your life insurance cover without providing further medical information when you have a baby. This is especially helpful if you’ve been diagnosed with a serious illness, as it allows you to boost your cover without worrying about being denied due to health issues.
In addition to life insurance, starting a children’s savings plan is a smart move. Investing in a fund for your child’s education could offer higher returns than a standard savings account, helping to secure their future.
You Don’t Know the Details of Your Policy
When was the last time you checked the specifics of your life insurance policy? If you’re unsure about your cover or you don’t know what your policy actually includes, it’s a sign you could be underinsured.
Many people overlook the fine details, but understanding what you’re covered for is vital. Did you know that some policies offer more than just a payout after death? You might have access to benefits like mental health support, or even a second medical opinion.
Taking a few minutes to review your policy could reveal valuable services that help you while you’re still alive. Here are some benefits:
Aviva Care
When you choose Aviva for your Life Insurance, Serious Illness Cover, Mortgage Protection, or Income Protection, you can access an exclusive health and well-being service called Aviva Care.
This service is included free of charge with all new protection policies, offering a suite of valuable benefits designed to support your overall health and well-being.
Aviva Care provides policyholders with four great benefits at no additional cost: Digital GP, Best Doctors Second Medical Opinion, Family Care Mental Health Support, and Bereavement Support.
Helping Hand
Royal London goes beyond the typical insurance offering by providing access to a service called Helping Hand, which grants you access to dedicated medical professionals from the day your policy starts—not only when you make a claim.
This unique feature includes all nurses available to give you a second opinion on your diagnosis and future treatment options without additional cost. Helping Hand isn’t just for policyholders; your spouse and children can also use the service.
Should you ever experience a serious illness, injury, or bereavement, Helping Hand offers crucial support that extends beyond financial aid. To aid in recovery or coping, Royal London, through Helping Hand, may provide access to specialist therapies such as bereavement counsellors, speech and language therapists, face-to-face second medical opinions, complementary therapies, and physiotherapy for specific serious health conditions.
Learn more by reading our article, The Benefits You Can Enjoy From Life Insurance While Alive.
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