There are many common myths about life insurance that stop people from purchasing life insurance. You may believe one of these misconceptions and have not purchased a policy yet. Life insurance could protect you and your loved ones in case of a sudden death or illness.
Just because you are young, single and healthy does not mean there is no need for life insurance. If you have any outstanding debt from education loans, car loans, or other debts, when you pass away, these debts will be transferred to your estate and still need to be paid of. Life insurance policies can help pay off these debts in case of sudden death, so your estate is not stuck paying it off. If you get a policy when you are young and healthy is usually cheaper, which makes it more manageable.
This is not always the case because company provided life insurance usually only covers 1 to 2 times the amount of your salary. 1 to 2 times your salary is not a sufficient amount. It is recommended to have 10 to 15 times the amount of your salary. Life insurance policies can provide this recommended amount in case of sudden death or illness.
This is just not true. Most life insurance providers have many different policies for people of all lifestyles. There are policies for people with different health conditions, for married and single people, and policies for people in all stages of their life.
The lose of one source of income can be a harder hit to a family than it is thought to be. Just because one spouse is not the breadwinner, you still lose one source of income for your family and this can take a bigger toll than you make think. If both income earners for the family have life insurance policies, in the case of a sudden death, the policy can assure the family can live at the same standard.
Serious health conditions may disqualify you from life insurance, but not all health condition disqualify you form life insurance. Most insurance companies have plans for people with health conditions like diabetes, high cholesterol, or high blood pressure. If you have a health condition, the premiums might be higher, but you can find a policy. Read more here.
To read more myths about life insurance click here.
At Oomph.ie, we provide competitively priced life insurance policies from the top 6 insurance providers in Ireland and can find a policy to fit your life. Take our 3 easy steps to get a free personal quote today!
You may have an asset like your house but this does not necessarily make you financially fit from an income point of view. What is the difference between being wealthy and financially fit?
When your biggest asset is your mortgage with your spouse, this is not good. This does not mean that you are financially stable and secure. What if the unimaginable happened and one of you was to suddenly fall ill or worst still pass away. Would you be in a position to pay the mortgage, the bills, lost income? What protection do you have in place if this where to ever happen in your lifetime. Would you need to sell your home to be able to live and pay for your expenses? If so, is your property in positive or negative equity?
This is where life insurance kicks in and provides you with a foundation of financial fitness. It provides you with a safety net and equips you to cope with any sudden events. It prepares you to cope financially and emotionally.
People often think that life insurance is expensive and one that is not necessary especially when starting out as a single person or newly weds. But this is not the case. It is very affordable for almost everyone. A healthy 30 years person can get a life insurance for €250,000+ for as little as €20 per month. A 20 year old can get life insurance for over €300,000 for as little €19 per month. A 40 year old can get life insurance €300,000 over 20 years for as little as €30 per month.
We know how important being financially fit is and we know how stressful life can be. So we like to work with our customers, listen to them and provide them with the best competitive prices in the market. We determine the wants and needs of each person and make a plan that suits you.
We are the largest online independent provider of competitively priced life insurance and work with the top insurance companies in Ireland. Get a quick quote today!
We know how difficult it is to have to think about life insurance; however, we also know the importance of it especially in times of a crisis. Family protection from sudden illness and untimely death in the family is the best way to safeguard their future.
Life insurance puts a plan in place that will financially secure the family if you die. This is one of the best family protections. The family could receive a lump sum if you suffer from serious illness in specific plans. It can provide you with income for a certain period of time if you suffer an illness or injury.
Life insurance is like health and car insurance protecting you in the event anything was to happen. This gives you family protection. Life insurance gives you the same peace of mind. You get a structured, specific and affordable plan from us. We work with the top six brokers in Ireland. Our main intention is to alleviate any stress and lighten the financial burden for your family.
Depending on your circumstances and what you need, there are different policies. Life insurance is a plan put in place to protect your family. You will receive a lump sum if there is a sudden death of a spouse or family member. This does not cover you for your entire life; therefore, it is why it is cheaper that whole-of-life cover.
Specified illness protects you and gives your family a lump sum if you were to suffer from a specified illness covered on your plan. It aims to help you pay your bills and mortgage/rent for a period of time. However, it does not protect you if you become unemployed.
Talk to us today and we will put together an insurance package together that is flexible and suits you. Get a quick quote now.
In honour of Unicef World Children Day, we would like to have a look at how we set examples for our children’s health.
Don’t worry that children never listen to you; worry that they are always watching you. – Robert Fulghum
For example, it’s great that you tell your children to eat your vegetables but don’t expect them to listen to you if you are not eating them yourself in front of them. Having good healthy habits that your children will imitate is the best health education you can give them.
From the time they come into this world, children learn how to live by observing and imitating the people around them. Children learn to process what they see and they make decisions about what to mimic and take part in certain behaviours by watching these people around them.
Showing your children how to have a healthy relationship with alcohol will benefit them throughout their lives. Drinking heavily may show your children that you try and solve problems in an unhealthy way. This will not improve your children’s health in the future.
Children who grow up watching their parents drink are more likely to become alcoholics themselves. As teenagers the region of the brain which is responsible for problem solving, decision-making, and judgment are not fully formed. This manifests itself in behaviours like promiscuous and unprotected sexual behaviour, rebelling against authority, and substance abuse. Moderation, on the other hand, provides children with a good model of responsible use.
Showing your children that a healthy fitness routine is essential for not only physical health but for mental health as well. Set aside designated workout time. This shows your children that exercising is a priority and you’re making a point to instil healthy habits for you and your family. Getting your children to understand and form a fitness routine early on in life will start a habit with them. They’ll notice the importance of fitness without you having to talk excessively to them about it.
Showing your children a good relationship with a healthy balanced diet can have positive effects on them for the rest of their lives.
Healthy family eating should not be simply about eating fruit and vegetables. It’s about eating a range of different foods, and enjoying treats as well. Don’t put too much emphasis on eating as you don’t want negative emotions to be associated with food. Either being too worried of gaining weight or using food as a coping mechanism.
You children will inevitably be exposed to stress and other mental obstacles, even if they exercise and eat healthy. Teaching your children to talk openly about their feeling and not to be ashamed if they are feeling down. Nurturing your children self-confidence and self-esteem is just as important as teaching them healthy eating and fitness habits. Different ways of achieving this are;
Are you confused with all the different types of life insurance that is available to you? We have explained below single, joint and dual life insurance.
A single life cover is for one life only. The benefit is paid when this person dies to the persons declared beneficiary. This is normally done when a death claim is filed and the death certificate is submitted.
A Joint life is cover on two lives. This is when the cover insures two people but the claim is paid out on the first death only, there is only one payment made under this policy. Typically the payment is made when the first of the two people covered dies however some joint life policies pay on the second death instead of the first.
A dual life cover also insures two people but a claim can be paid on both deaths. If one person dies, the policy continues in the name of the survivor. Then when the second person dies, their life cover payment is also paid out.
It is important to get the right life cover for both you and your spouse so if anything happens to either of you, your family is taken care of.
If you are the sole breadwinner of the family it is important to get covered in the event of your death as the loss of the only income will devastate your family. However the loss of the partner that is not covered can also be devastating in the sense if they provide the childcare and household duties you will now need to employ someone to take over that role.
This impact is a little less if there are two incomes in the household with both partners working however the loss of an income is still very stressful for the family.
It is important to get the right coverage that suits your family situation to ensure your family’s needs are taken care of. Buying Dual or joint life insurances is more cost effective than two separate single life insurances.
As explained above the big difference between the two is that Joint, only one payout is paid but with Dual two payouts’ are paid. So it depends on your life situation which is best suited to you.
Why not have a chat with us and we can advise on the best policy for you and your family.