Life cover, as the name implies, is an insurance which pays out a predetermined lump sum of money to your loved ones if you die within a specified time period.

Serious illnesses such as cancer and heart disease can unfortunately occur all too frequently. As health care has improved over recent years most people usually survive these life-threatening diseases, however it can be extremely difficult to cope with the financial difficulties that follow. Everybody needs some form of financial protection in case the worst happens.

The requirements for life insurance & serious illness cover vary according to each life stage. It is influenced by number of children and of course their ages etc. The minimum the main earner in a household should have is 4 times their salary (apart from mortgage protection etc.) The ideal way to assess how much cover is required is for your partner to decide how much they would need in the event of your death. Oftentimes this discussion can highlight the reality of how much cover will be required.

It is also the case that many times the main earner of the house neglects to cover his or her partner. This can prove to be a very costly omission as the outlay for care of children and home can be substantial.

If you have any queries about any of the above or need an independent quote one of our mortgage consultants will assist you.

Call us now on 1850 260 261 or email to: deirdre@omegafinancial.ie