Life Insurance

Life insurance

Before you insure, ensure you talk to Pax Financial

Life insurance is one of those things nobody wants to talk about yet everyone should. Even briefly. Because it’s important, especially if you have anyone in your life who is financially dependent on you.

There are lots of types of life insurance, but in the end they all pay your loved ones money when you die. This money can be used to pay for regular living costs, the mortgage, rent, bills or debts, tuition fees or other expenses. Life insurance is the only way to guarantee that your loved ones will be ok, financially, if you and your income are no longer in the picture.

You should get a life insurance if you are:

Married or partnered couples

Many couples find it impossible to make the ends meet without the income of the other earner, especially with a mortgage.

Married or partnered couples with kids

In addition to losing one partner’s wages, the remaining parent will have to pay for childcare.

Single parents

As your family’s primary earner, you worry about ways to replace your child’s only source of income.

Stay-at-home parents

From cooking to homework, stay-at-home parents do work that will be expensive to outsource.

Retirees

Your heirs will be struck by an estate-tax rate of up to 45%. Life insurance provides tax-free money to pay for expense, et cetera.

Business owners

Life insurance will support the company if you, a fellow owner, or a key employee dies.

Types of insurance

TERM ASSURANCE

Term assurance guarantees financial coverage for a specific period of time – 10, 20 or 30 years, for example. It makes sense when you need protection for a specific amount of time (for instance, until your mortgage is paid off). After that period of time, you can get the same coverage for the same time but as you get older, the cost will increase. This makes this type of life insurance policy a good choice for those on a tight budget.

WHOLE OF LIFE

This type of policy covers you for the whole of your life, not just for a specific length of time like term assurance does. It provides lifelong protection for as long as you pay the premiums and also builds up cash value on a tax-deferred basis. This means it can be used to finance a home, to fund your retirement, cover emergency costs and more.

SERIOUS ILLNESS COVER

Serious illness cover pays a tax-free cash lump sum if you are diagnosed with a specified illness (such as heart attack, cancer or stroke). This cover typically runs in conjunction with a life assurance policy but you can take out a standalone serious illness policy. Some policies cover up to 44 illnesses such as Alzheimer’s disease, loss of one limb and Parkinson’s disease.

HOW OFTEN SHOULD I REVIEW MY LIFE INSURANCE?

As a general rule of the thumb, it’s a good idea to review your life insurance every year or whenever a life change happens, such as getting married, having a baby or starting a business. A review will help ensure that your coverage is at the right level to protect your loved ones.

Why Pax Financial?

Because we put our clients at the heart of everything we do. We make sure we demystify life insurance and keep everything relevant and easy to understand. We’ll take the time to appreciate where you’re coming from and where you want to go. Using all of our skills and experience, we’ll do our utmost to get you there, with a life insurance that brings hope, security and peace of mind.

Testimonials

"I have always found Pax Asset Management excellent and very professional to deal with. They are very knowledgeable and took the time to explain and to help me understand my financial needs and devise the most suitable policies for me. They provided with me with excellent financial advice and services and still do to this day, would highly recommended."
placeholder - Philip, Co. Dublin