Becoming a parent brings with it many joyous moments all of which are to be treasured and enjoyed.
A new baby brings great excitement to a home, to siblings and to the extended family unit. This is a precious time in the lives of a young family, however the birth of a child also brings with it a sense of responsibility. As a parent you will be obliged in the years ahead – to provide for the childcare, feeding, clothing, health and education of your children.
This new found responsibility triggers the need to put a plan in place to protect your family against the unexpected. It is necessary to include Life Insurance in this plan. Life Insurance isn’t some luxury to be taken when you can afford it.
It’s a necessity to have because your family can’t afford to be without it. While a Life Insurance payment won’t help the emotional loss of losing a spouse or parent it will help ease the financial pain of those left behind, if such an event occurs.
Therefore as a parent we must ask ourselves, “If something happened to me or my partner how would our family cope financially. Would they have the opportunities we dreamed of for them? Would we have money for food, childcare, college education etc.?” If you cannot answer these key questions or do not have a plan in place you need to purchase Life Insurance.
Arguably the motivation to purchase Life Insurance is “Love”. What I mean by this, is love for your spouse or love for your dependants.
I have been working in the Life Insurance industry for over 20 years and at times I wonder why any family would run the risk of not planning for an unforeseen event like premature death, because in general Life Insurance can be secured relatively cheaply for most.
We insure small items like our car, our home and jewellery, so surely it is worth putting Life Insurance in place to protect the family financially against death.
So where do you start? Life Insurance can be purchased from a number of different sources, namely a Bank, a Tied Agent or a Broker. In Ireland, each of the Banks are tied to one particular insurance company (most are tied to Irish Life).
What this means is they can only distribute the Life Insurance contracts provided by that company. A Tied agent of a Life Insurance company is similar in that they can only distribute the Life Insurance contracts provided by the company they are tied to. An Insurance broker is different. They offer choice and as a result can distribute solutions from all Life Insurance Companies they hold agency appointments with.
At Peavoy Financial Planning in Laois, we hold agency appointments will all of the main Life Insurance providers in Ireland. This ensures our customers get the most suitable Life Insurance solution to match their needs at the best price available in the market.
It is worth bearing in mind that the solutions and additional benefits offered by each of the Life Insurance Companies are different. Therefore getting advice on which solution is best for your family is paramount.
There are a number of other important decisions to make, like how much Life Insurance do you need? How long to you need the Life Insurance to last for? Should the level of cover be increasing each year, level or decreasing? Where can I find the monthly premium? Can I get Tax Relief on the premiums I pay?
At Peavoy Financial Planning we help guide you and your family through this decision making process and give you peace of mind.
To get more information on Life Insurance for Parents or to organise a review of your current policies please contact me on 087-2902206 or alternatively drop me an email on david@peavoyfinancial.ie
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
SEE ALSO – Check out the dedicated jobs section on LaoisToday
