Why You Need Life Insurance!

Every person starts their financial planning journey with number of things in mind… a nice house, a decent car, a happy family, and a comfortable retirement.

While it is important to have a plan, as we all know life is unpredictable and there are unplanned events like illness, injury or death that can change those plans very quickly leaving you or your family with unforeseen expenses.

While for many, Life Insurance can be confusing and it’s hard to know what you really need, this is where we can be your heroes and help protect you and your family from financial ruin.

To help make your purchase decision that little bit easier we at Platinum Life have come up with top 6 reasons why you need life insurance right now.

1. You’re having a baby or already have children.

When the reality hits you that your carefree childless days are coming to an end and that you are now going to be responsible for a little human, this is usually the biggest motivator for people to get life insurance.

If you already have children, you have someone who relies on you and your income. What happens if you don’t make it home? Yes, you need life insurance. No ifs and or buts!

2. You have other financial dependents.

With the rise of the ‘Sandwich Generation’ which refers to those stuck in the middle of their family line, typically looking after their children while also caring for older parents and, in some cases, grandparents we see a greater requirement for life cover.

Do you need Life Insurance? If you have someone dependent on your income, then the answer is yes, You need life insurance!

3. You have a mortgage, personal loans, or credit card debt.

If you have a mortgage in Ireland, you will most likely have some form of Mortgage Protection to cover the debt. While this is a necessity to have in place, for many this is a much cover as they have and In most cases this was organised by their bank. If so, we can almost guarantee that savings can be made on your monthly premium.

On top of this, the Central Bank of Ireland estimates that there is currently around €150 billion of household debt (08.2021) which equates to approx. €26,000 per capita. Suddenly it now becomes very clear that mortgage protection cover alone is nowhere near enough as it is designed to make sure the bank gets paid first.

Great for the bank and no more mortgage payments for you so in essence a win-win! But now, while you or your family are having to deal with the tragic loss of a loved one, what happens to the debts left behind and what do you do for an income, particularly if it is the main bread winner has died.

There is little point having a lovely home with no mortgage but no income to feed the family, fuel the car or pay for children’s education. You need life insurance!

4. You work for yourself or own a business.

If you or one of your employees is key to the success of your business, illness, disability, or death can cause revenue streams to go south quickly. The same goes if you own a business and have multiple directors or partners.

Have you considered what would happen if you or a partner were to die prematurely? What would happen to the business? Who would maintain control? Would your family take over your position?

Many problems can arise for a business when a partner or Key Employee dies prematurely or becomes seriously ill or disabled. Many of us as business owners think it won’t happen to our business, yet the chances are a lot higher than you think.

We know this firsthand as we have had three separate claims in the past year because of illness, and death. Thankfully these business owners can continue their businesses as they considered our advice and secured the future of their business with Business Protection Insurance and Key Person Cover.

So, is your business going to stop? How much time and effort have you invested in your business to see it become a liability for you or your family rather than an asset?

You need life insurance!

As an extra incentive, business owners can also avail of generous tax relief on Life Insurance Policies such as Pension Term Insurance and Income Protection Insurance.

5. Your job or pastimes are high-risk.

At the end of the day, life insurance is a Risk Management tool and is designed to deal with premature death and loss of income due to illness or disability.

If you work in a dangerous or high-risk job or engage in dangerous pastimes, then you have a higher-than-average chance of dying that someone who sits at a desk all day. Being in high-risk job also increases the likelihood of disability.

With most people citing their ability to earn an income as their greatest asset, what happens to that asset if you are no longer able to work?? While these type of jobs or pastimes will almost always result in higher premiums, at what cost is the alternative?? No question, you need life insuraance!

6. Peace of Mind.

None of us know when we’ll pass away or if will end up with a serious illness or a disability. It could be today, tomorrow or 50 years from now.

One thing though is certain; death will happen eventually and having life insurance coverage will bring you and your family extraordinary peace of mind.

This as far as we are concerned is priceless! Now we don’t suggest for one minute that there is any amount of money that could replace you or a loved one. However, at a time of sadness and uncertainty Life Insurance can help provide you or your family with much needed financial security.

You guessed it… you need life insurance!

We Help Secure your financial future.

We at Platinum Life are passionate about Life Insurance and our mission is to help our clients protect and secure their financial future.  At our core we are a financial planning firm and believe that the cornerstone of any successful financial plan is to protect what you have built today while you are growing for the future.

Regardless of how much cover you may need right now, we will make sure you have the best level of cover for the price you can afford to pay.

For your personalized no obligation quote you can call one of our specialist life insurance advisors at 01-2865211, book a callback for a time that suits you here www.calendly.com/platinumfinancialplanning or mail us at life@platimumfinancial.ie to find out what cover you need.