We need to talk about life insurance
If you plan today, you can have the peace of mind that should the unimaginable become a reality, you have the support you need.
We don't like to think about serious illness or death. It's a subject most of us avoid, and understandably so. However, by pushing it under the carpet we are failing to plan financially. We also risk being in a position where we might not be able to support ourselves or our families in the future.
Many people believe that they are too young to take out life insurance, but taking a realistic approach might prove more beneficial in the longer-term. You may say to yourself: "I'm young, fit and healthy, why would I need life insurance cover?" You don't have a mortgage or children so you might not see the need for life or serious illness cover. Indeed, you may well be young and healthy currently, but in life things can change without much notice, and should you become ill, life insurance can provide financial support during this difficult time.
Have you ever considered how you would cope financially if you fell ill with a serious illness, such as cancer? Your work sick pay arrangements may cover you for a couple of months but when that runs out what would you do then? It's a sobering thought that in 2016, 16% of our serious illness claims were for people under the age of 40*.
The good news is that life cover is not expensive and the younger and healthier you are, the more affordable the monthly cost of your life insurance can be. Premiums start from as little as €10 per month. In fact, €100,000 cancer cover benefit for a woman aged 25 on her next birthday may cost just €11.08 per month*, for a term of 20 years, includes Government Levy of 1% (as at June 2017).
There are many factors that determine how much a life insurance premium will cost, and age is a significant contributing factor. So it makes sense to get life insurance as early as possible. Understandably, you might have other financial priorities that you have to take care of. But it is worth considering what your life insurance needs might be in the future and equally, it's important to remember that life and serious illness cover will be less expensive to purchase now while you are young and in good health.
There are different types of life cover, simply decide how much cover you need, and how long you need cover. Our table below shows the different types of protection with an explanation on what it covers you for.
|Type of Cover||It pays a...||What it does for you|
|Cancer Cover||Cash lump sum to you if you are diagnosed with Cancer of specified severity*||It can help you to cover the unforeseen costs of dealing with cancer such as loss of income, increased medical bills, day to day expenses or repayment of debts.|
|Serious Illness Cover||Cash lump sum to you if you are diagnosed with a specified serious illness**||It can help you to cover the unforeseen costs of dealing with a serious illness such as loss of income, increased medical bills, day to day expenses or repayment of debts.|
|Life Cover||Cash lump sum to your beneficiaries*||It can help financially protect your beneficiaries in the event of your death. It provides money to help pay off any of your debts and financial support for those left behind.|
|Life Cover (Monthly Income)||Regular monthly income to your beneficiaries such as your family*||It can help financially protect your beneficiaries in the event of your death. It provides a regular income (to replace your lost salary) to help protect the lifestyle of those left behind.|
|Important Note - please read
*Cover is subject to terms and conditions which are contained in the policy document.
**It is important to note that not all serious illnesses are covered under this policy. In order to make a valid claim, policy specific conditions must be met and certain exclusions apply You should refer to the policy document which is available on request from Zurich.
As we've explained, a life insurance plan can cost considerably less than you think. Use our handy Life Cover Calculator to estimate how much your premium will be. You could be surprised with how inexpensive life protection cover can be.
When choosing a protection plan there are a few options available. Whether its cancer cover, serious illness protection or life insurance, we have the right plan for you. Why not talk to one of our Financial Advisors or to your Broker who can advise you on the best plan for you and your family. You can find a local financial advisor near you with the Zurich Advisor Finder.
*Source: Zurich Life Claims Statistics, May 2017
*Subject to terms and conditions