Louise is a 44 year old full time mother of three children aged 26, 13 and 10. She is married to Peter, 42 who earns €72,000 per annum as an Account Manager. Peter has four times his salary as life assurance through his employer. They took out an additional €250,000 life assurance Peter as he was underinsured and the same sum insured on Louise to ensure that in the event of her death Peter would be able to continue working and employ someone full time to look after the children.
Peter’s total cover was now €538,000 and Barbara’s was €250,000. The monthly cost for a Dual Life Convertible Term policy for both of them over 11 years until the youngest child reaches age 21 with a €250,000 sum Insured is €43.26