If you're still considering whether you need to provide for your family’s future, here are a few questions to ask yourself.
If I became seriously ill today or died prematurely, would there be:
- An income coming into the home each month for as long as it’s needed.
- Money to pay off debts (including the mortgage).
- Money to cover funeral expenses.
Hopefully, you’ll never have to cope with a serious illness or injury during your lifetime, but we simply can’t see around every corner. It makes sense, therefore, to plan now for those unforeseen life changes.
So if you’ve answered NO to any of the questions above, then you know that you need to act.
Now which one is right for you and your family?
Income Protection and Specified Illness cover will help take away the financial burden if illness or injury prevent you from working and earning.
Specified Illness cover pays out a lump sum if you’re diagnosed with any of a range of illnesses covered under your plan.
Income Protection on the other hand, may replace up to 75% of your monthly income if you are prevented from working for a prolonged period due to illness or injury.
What’s right for you and your family depends on your job, your health status and your individual circumstances. We recommend you get advice when you're ready to act, but in the meantime, the calculator below gives you some indicative figures of what you might need to provide for.
When looking to plan for the unexpected, it's important to note that no one size fits all. That’s why it's so important to meet face-to-face with one of our advisors. They’ll take the time to get to know the specific needs of you and your family – then help you decide on the cover that’s most appropriate.
Wouldn't it be good to know that your family is covered?
If anything happened to you that meant you no longer earned an income, it would be reassuring to know that money issues would not be a problem for your family. Putting an emergency plan in place is easier than you think and we can arrange a plan to suit your needs and budget.
If you should die
Putting life insurance in place means that you can provide your family with a lump sum in the event of your death. Alternatively, it’s also possible for your family to receive a regular income. This can be invaluable for things like covering funeral costs, clearing any outstanding loans, or simply paying for everyday expenses.
How much life cover you may need is based on a number of factors. Top of the list is the loss of the primary income, but you should also consider what would happen if the main caregiver in the family were to die. How much would it cost to pay for a professional carer, for example?
Bear in mind, however, that some outgoings may disappear in the event of premature death. Your mortgage may well be covered by a mortgage protection policy, for example. Remember, also, that your family may be entitled to some State benefits. Both of these factors will reduce the amount of protection that you need.
Terms and conditions apply. Benefits are subject to underwriting and acceptance by Bank of Ireland Life. It is important to understand that certain restrictions and exclusions may apply.
Life assurance and pensions products are provided by New Ireland Assurance Company plc., trading as Bank of Ireland Life. New Ireland Assurance Company plc., trading as Bank of Ireland Life is regulated by the Central Bank of Ireland.
Advice on Bank of Ireland Life products is provided by Bank of Ireland, trading as Bank of Ireland Insurance & Investments. Bank of Ireland trading as Bank of Ireland Insurance & Investments is regulated by the Central Bank of Ireland.
Bank of Ireland is a tied agent of New Ireland Assurance Company plc trading as Bank of Ireland Life for life assurance and pensions business.
Members of Bank of Ireland Group.