Life Insurance – Words for the Wise !
Life Insurance forms an integral part of every sound financial plan. The following are nine tips to consider when purchasing Life Insurance or when conducting a review of your existing Life Insurance
- Take it our when you young – The earlier you take action the better. It is beneficial to take out the cover you need as early as you can in life. As you get older, taking out a new policy is likely to be more expensive.
- Give up the fags – Premiums for smokers are much higher than non smokers due to the greater risk of early death. To be classified as non smoker you must not have smoked within the previous 12 months. (Tip: Vaper’s and e-cigarette smokers are whole other ball game. Contact us without delay for further details on how each Life Company would treat you)
- Your Health – It makes good sense to get insured while you are in good health. Deteriorating health can result in a higher premium or being denied cover.
- Get advice on how long you need cover for– The cost of Life Assurance varies on how long you need to be covered for.
- Talk to a Broker – A Broker will hold agency appointments with a number of different Life Insurance Companies. This means that they will get you the best market price for the level of Life Insurance you need. Banks and Tied Agents can only distribute solutions from one particular Life Assurance Company.
- Discounts – From time to time some of the Life insurance companies offer discounts from their normal market premiums. This can save you thousands over the lifetime of you policy. At present discount’s of up to 15% are available in the market. At Peavoy Financial Planning we pass these discount’s on to our customers.
- Review – The importance of regularly reviewing you Life Insurance or Mortgage Protection contract cannot be stressed enough. The cost of Life Insurance changes over time. Life Insurance companies may improve their rates to attract more market share. At Peavoy Financial Planning we will conduct a complimentary review of your policies to ensure you are getting the best bang for your buck.
- Explore Pension Term Assurance – Pension Term Assurance is Life Insurance that pays out a lump sum if you die during the term of the plan. The advantage of Life Cover structured in this way, is that the cost to you may be less because you may qualify to claim tax relief on the premiums you pay up to certain limits.
- Research Living Benefits – There are a number of Living benefits you can add to a Life Insurance contract that you may be able to access before you die, e.g. Serious illness, Personal Accident Benefit, Hospital Cash, Income Protection etc.
David Peavoy BA, QFA, LIAP is the Owner of Peavoy Financial Planning whose practice is based in Office 5b, Portlaoise Enterprise Centre, Clonminam Business Park, Portlaoise, Co Laois.
David Peavoy T/A Peavoy Financial Planning is regulated by the Central Bank of Ireland
Disclaimer: All data and information provided within this blog is for information purposes only. It should not be taken as specific advice for your situation. Peavoy Financial Planning makes no representations as to the accuracy. completeness, or suitability of any information and will not be liable for any errors, omissions or delays in this information or any losses, injuries or damages arising from its use