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4 Oct, 2017

The ‘bread winner’ responsiblity to hold adequate life assurance

There is a responsibility on every bread winner in a family to have adequate life cover. Yet, there remains many individuals who do not hold life assurance other than a mortgage protection plan. Insurances companies dread getting calls from the family of a deceased client. These calls are to establish if the deceased had life insurance and in some cases they had little to no life cover.

Let’s look at the following life assurance example:

Frank had a pension plan in place but had not yet taken out life assurance. Each year on the anniversary of his pension, he would receive additional recommendations. His insurance broker recommended that he take out a life assurance. His plan was for €500,000 a year at a cost of €78 per month. This would cover him until he was 65 years old.

Frank passed away prematurely before taking out this policy. Frank’s family was left financially unstable. Life insurance would have provided them this stability.

Taking out adequate life cover is of the upmost importance especially as it ensures that your family will receive financial security upon the event of your death. We at Oomph would be delighted to speak with you in more detail if you are considering taking out a life cover policy as part of family protection. We will help you choose the plan that suits you best and discuss the requirements that you need.

Contact Oomph today and take the first step in ensuring that your family’s financial future is protected.