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How Life Insurance Works

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Protect Your Family with Life Insurance

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Protect Your Home with Mortgage Life Insurance

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Martin Donegan

Qualified Financial Advisor (QFA)
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How Life Insurance Works

A life insurance policy provides money for your dependants when you die. As with any financial product, there are a number of things to consider before choosing a life insurance policy.

If your children are young, you may need more cover than if you have older children, as younger children will be dependant for a longer period of time. Essentially, you need to think about buying enough insurance to:

- Provide an income for your family for as long as they need it.
- Clear any loans or mortgage you may have.
- Ensure there is money to cover larger costs that may arise in the future, i.e. third level education costs for your children.

In addition to life insurance, you might also consider income protection and serious illness cover. Income protection provides you with a regular income if you are unable to work due to illness or injury.

Serious illness cover pays out a lump sum if you are diagnosed with a specified serious illness. Both of these can offer additional financial security for you and your family, ensuring that you can maintain your lifestyle and cover essential expenses if unexpected events occur.

Protect Your Family with Life Insurance

Life insurance is a crucial financial tool that provides financial security for your loved ones in the event of your untimely death. It ensures that your family's financial future is protected, allowing them to maintain their standard of living without the added burden of your passing.

The best types of life insurance for your family depend on your specific needs and goals. Term life insurance is often recommended for its affordability and flexibility, providing coverage for a specific period. Whole life insurance, on the other hand, offers lifelong protection and a cash value component that can be used for long-term savings or retirement.

Additionally, joint life insurance can be beneficial for married couples, providing a single policy that covers both spouses. It is essential to assess your financial situation and goals to determine the most suitable life insurance policy for your family's needs. 

Protect Your Home with Mortgage Life Insurance

If you have a mortgage on your family home, you are legally required (with some exceptions) to have life insurance cover to pay off the mortgage should you die before the end of the mortgage term.

This is called mortgage protection cover.

Most lenders offer this cover as part of their home loan package. However you are not obliged to take their cover. You can arrange such cover yourself and there are many advantages in doing so:

  • With my help you can search the market for the most competitive mortgage protection policy cover available (lenders typically use just one insurer for their mortgage protection cover).
  • You own the cover yourself so if you move to a different lender, you can take the cover with you. Lender’s mortgage protection cover, on the other hand, ceases when you move your mortgage to a different lender and you would then have to take out fresh cover.

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