What Cover Do I Need?
Here are some case studies that show the sort of life insurance needs that different people have and the types of policies that could suit them.
These are for illustration purposes only and we recommend that you speak with one of our advisers to get the right cover for you.
Profile 1
John is 25 and has just bought his first house. He has a mortgage of €125,000 which is over 25 years on a repayment basis. He is self employed, working as an IT consultant. Protection options he might want to consider:
Need
- A lump sum payment to clear his mortgage if he gets seriously ill
- An ongoing income to allow him to maintain his lifestyle should be unable to work
Suitable policy
- Serious Illness
- Income Protection
Profile 2
Sarah is a single mother with a 3 year old daughter. She currently has a mortgage of €140,000 on her home. She works in Financial Services. Protection options she might want to consider:
Need
- A lump sum payment to pay off the mortgage if she were to die
- An ongoing income to allow her to maintain her lifestyle should be unable to work
- A replacement income for Sarah if she is unable to work due to long term sickness or serious accident
- Cover to maintain Sarah’s mortgage payments should she be made redundant
Suitable policy
- Life Assurance
- Serious Illness
- Income Protection
- Accident, Sickness and Unemployment
Profile 3
Peter and Mary are 35 and have 2 small children. They own their property on which there is a mortgage of €285,000. Peter earns €75,000 as an accountant and Mary is currently a full time mother. Protection options they might want to consider:
Need
- A lump sum to pay off the mortgage should either Peter or Mary die
- A lump sum to pay off the mortgage should either Peter or Mary suffer a serious illness
- A replacement income for Peter in the event that he is unable to work due to long term sickness or serious accident
Suitable policy
- Life Assurance
- Serious Illness
- Income Protection
