1) Life Insurance cover serves as a key source for final expenses
Final expenses, which may include burial expenses, inheritance costs, and estate taxes, are hard to bear. The funeral and burial expenses alone can be very costly. However, a life insurance can cover all of these costs, preventing them being onerous on your family.
2) Life Insurance replaces lost income
When you die unexpectedly, your family will not only lose a loved one, but also the income that you contribute on a monthly basis. You are irreplaceable. Nonetheless, the lost income can be replaced by your Life Insurance coverage.
3) Life Insurance Ireland Helps Cover mortgage(s) and other debts
Other than the final expenses, the cash value of the life insurance policy can also cover debts that you may reluctantly leave behind. For one, it is a form of mortgage protection.
4) Life Insurance supports dependents
Aside from your monthly contributions, your financial supports to your aging parents, for example, will stop. This won’t happen if you have a Life Insurance policy. Your family may still enjoy their lives even when you are no longer with them.
5) Life Insurance provides immediate access to cash
If you have an emergency you may withdraw or borrow against your policy’s cash value. Insurance providers approve a loan regardless of the purpose of the insurer in securing such a loan.
6) Life Insurance offers riders that accelerate death benefits on serious illness
While you suffer from chronic or terminal illness, you may acquire additional features. In this way, you may further ensure that your loved ones will not suffer financially, paying for your medical bills.
7) Life Insurance ensures future insurability
Life Insurance for you is for your children, and insuring them is the most practical way of preempting the costly consequences of future health. This is about the family’s genetic blueprint wherein a family’s history of illnesses may take a heavy toll on their future financial security.
8) Life Insurance can help meet evolving needs
Changing needs affect the financial security of a family. A life insurance product provides various features that can be changed or added suitable to the insured’s new life circumstances.
9) Life Insurance provides educational funds
School, and college in particular, is very expensive nowadays; this will likely be even moreso in the coming years. If your savings are not enough for the continuity of your children’s education, then a Life Insurance policy could be the answer.
10) Life Insurance offers the possibility of leaving a legacy
Most of us are not very concerned with how we want people to remember us when we are gone. Also, if you are currently supporting a cause, what will happen when you die? The foundation, for instance, may continue with its operation if you will name it as one of your beneficiaries.
11) Life Insurance renders support throughout the recovery period
A surviving parent, spouse or dependent children may need to take some time off from work/school while grieving for your loss. Likewise, getting used to a new family dynamic is not easy. The proceeds from your policy will help your dependents get through this sad phase of their lives.
As you can see, there are many reasons to get yourself life insurance in Ireland. A policy is one way of protecting yourself and your loved ones against the risk of financial loss. At the same time, it helps in securing a bright financial future for them. While there are many life insurance products out there, like many things in life, they are not all created equal. You should get the one that provides the most coverage at the least cost possible and suits your specific needs.
Call Fusion Finance now and we can make sure that you get the cover you require at a price you can afford.