If you have a car or home, you probably have home insurance. But what about you?
If you have a car, you have to have car insurance to cover you in the event of an accident, theft or damage. If you have your own home, you probably have home insurance to replace things if they get damaged or stolen. But what about you?
What happens if something happens to you?
We don’t like to think that the worst could happen to us but unfortunately it can. Have you thought about how your family would pay the household bills each month if you got seriously ill or died prematurely?
What is a family protection plan?
A family protection plan can be used to protect you and your family from the financial uncertainty and hardship that can come with unexpected illness or death. Protection plans can:
- Clear any loans or debts at the time of death
- Pay a monthly income in the event of illness or death
- Pay a monthly income to your family if a stay at home parent dies
- Pay a lump sum amount if you suffer a serious illness
- Pay a lump sum amount on death to cover funeral expenses.
Covering your immediate costs
If you or your partner has an unexpected illness or dies, you may be left with credit card debts and outstanding loans. A protection plan could pay these debts off. Additionally, a plan could pay for the immediate costs of a funeral.
Replacing the loss of an income
In the event of death, the surviving spouse may be entitled to the State Widow’s or Widower’s Pension and may no longer have to pay a mortgage if a protection plan paid off the balance when their spouse died. However, the loss of an income will still have a big effect on the family finances. A protection plan can pay out a lump sum or a monthly income.
You can’t predict the future but you can plan for it
We all hope it won’t happen to us but the unfortunate fact is that people throughout Ireland are affected by unexpected illness and premature death every day. Putting a protection plan in place means that you have peace of mind that your loved ones will be protected if the worst happens.
Take a Financial Wellbeing Healthcheck
Bank of Ireland is regulated by the Central Bank of Ireland
The information contained in this article has been prepared by Bank of Ireland (“BOI”) for information purposes only. BOI believes any information contained in the article to be accurate and correct at the time of publishing.