Benefits of Adequate Life Assurance
I am a passionate believer in the benefits of having adequate life assurance in place for families.
This will protect them financially if one or both of the breadwinners in a home should pass away prematurely. In our business, we see the benefits of having protection in place far too regularly. When we receive calls from a remaining partner making claims on life assurance policies. The loss of a partner or parent is a very traumatic event, but knowing there is financial stability for a family is important. Going forward the advice we give is rewarding.
Life assurance is normally a lot cheaper then individuals realise. For example, a couple in their mid-thirty’s (non-smokers) can attain €250,000 cover over 10 years. They pay less than €7.50 per week. A couple in their mid-40s can attain the same cover for €15 per week. See Oomph life assurance here.
Through media and awareness campaigns our hope is to get more parents in Ireland with some form of life insurance. Having even some cover in place is by far better than having none at all.
A common misconception is that a mortgage protection policy is a family protection policy. We carried out a nationwide survey and 46% of those surveys stated they had life assurance in place. However, after clarification, it was established that this cover was in fact a mortgage protection plan. Whilst it is nice to have the family home mortgage cleared after the death of a partner, there remains no additional lump sum for the ongoing financial security of a family. Monthly living expenses remain along with the school fees, sports costs, clothing etc. These generally continue at least until a dependent child reaches age 21 in most cases.
For a small premium every month a family can fully protect themselves from this type of financial stress.
It was after a year of research and looking at the market, we decided to launch the life insurance website. It is for competitive mortgage protection policies and life insurance. Oomph also makes it easier for an individual to take out life insurance and to try and encourage a greater take up of life cover amongst parents in particular across Ireland.
Another benefit of dealing with a broker over a claim is we do all the processing. This removes the burden from the partner in the event of a death. A simple phone call to our admin team get the process in place and we look after the claim.
Our process uses online applications, online underwriting directly to the company and all the majority of companies we deal with accept digital signatures. In other words, we speed up the process. We can get a couple insured with policy documentation issued within 2-3 hours if there are is no significant medical history. Naturally we are constantly timing the process and our record to date is getting a lady insured for a mortgage protection in 50 minutes.
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For more information contact one of our experts today and they will give you the best advice and quote in the market today! Click Here for more details.