Peavoy Financial Planning talk Life Insurance for Young Families

Peavoy Financial Planning talk Life Insurance for Young Families

What is my Life Insurance Number?

We have no Life Insurance. How much should we have? OR We have some Life Insurance. Do we have enough?. These are common questions we are asked every day. The New Year offers an ideal time for you to undertake a review of the level of protection you have in place for your family.

A Life Insurance need is a financial need to protect you and your dependents from the potential financial loss that can arise on death. There are potentially three main protection needs, that can arise on the death of a parent of young children. a) Loss of Income, b) The Cost of Childcare, c) Repayment of any Loans. These three needs are likely to be temporary as you eventually retire and your children eventually grow up and start earning for themselves, therefore it is likely that Term Insurance is the most cost effective solution to match your Life Insurance need.

At Peavoy Financial Planning we help you calculate your Life Assurance Number by taking you through four key steps. These are as follows;

  1. We establish your annual loss of earned income and the period for which it must be replaced
  2. We calculate your Life Insurance need to replace this earned income
  3. We deduct your existing Life Insurance that you are not using to act as security against your loans
  4. We give you the answer of our recommended level of Life Insurance for you.

This methodical approach ensures that the recommended level of Life Insurance is specific to each parents financial requirements.

So what do you do next?

If you are a parent, have a chat with your Financial Adviser and work out your Life Assurance number. If you would like to have a chat with me here at Peavoy Financial Planning please do make contact with me and we will work through your current situation with you.  I can be contacted on 087-2902206 or alternatively by email on  Âei.1553390597laicn1553390597anify1553390597ovaep1553390597@diva1553390597d1553390597

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

This site places cookies on your device. By using this site, you agree that we may store and access cookies on your device. To find out how we use cookies and also how you can change your cookie settings, click "More Information" or accept & close this message more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close