John and Linda are both non-smokers. John is a 43 year old builder earning €40,000 per annum while his wife, who is 45 years earns 32,000 per annum working in marketing. They have two daughters aged 10 and 12.
They decided to take out a convertible term life policy for €350,000 for the next 15 years until their youngest daughter reaches the age of 25. Their policy costs €59.50 per month.
Stephen and Amelia are both 40. Stephen is a smoker and Amelia gave up smoking 18 months ago. They have no children and a small mortgage remaining on their home.
However, they have no life assurance to cover the event of either of them dying to ensure the financial stability of the remaining spouse. They took out a €200,000 Life policy for 20 years to protect each other financially in the event of either dying prematurely. The monthly cost is €33.88
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
Brian is 34 years old and his wife Ciara is 33 years old. They are both non-smokers.
Brian works as an Electrical Technician earning €60,000 per annum and Ciara earns €30,000 per annum working 4 days a week in a jewellery shop. They have two children aged 6 and 4. They currently have no life assurance in place for family protection but do have a mortgage protection policy to clear the mortgage in the event of the death of either of them.
They took out a dual life convertible term policy with a sum insured of €400,000 for a term of 17 year until their youngest child reaches age 21. The monthly cost is €38.24.
David is a 46 year old divorced father of three children. Although the children still live with their Mother, he wanted to protect their financial future in the event of his untimely death.
In order to do so he took out a €1,500,000 life assurance policy for a term of 20 years with an option to convert the policy in whole or part at the end of the term. This is called Convertible term assurance. The policy was written in trust for the benefit of his three children. The monthly cost is €198.28