Page 33 - World of Irish Nursing April 2018

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M NEY Reviewing your
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€ € MATTERS € Ivan Ahern highlights reasons to review your € € € € € € € €
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life insurance at various stages in life
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You may feel you don’t need life insur-
ance yet or that there’s no need to review
the cover that you already have, but
life’s milestones and changes in your cir-
cumstances can affect the level of life
insurance you need.
Reviewing your life insurance ensures
that you have the right cover to meet your
current needs and could also save you
money. Life insurance protects what mat-
ters most, providing financial security for
your loved ones and those who would face
a financial challenge if you passed away
(for example paying debts or loans you
may have).
Here are some key reasons why you
should take out or review your life insur-
ance at different stages in your life:
In your 20s and 30s Family changes bill they receive, which you can provide for
Getting married or having a child As your family grows, there are more through your life insurance.
With increased financial dependence on people depending on you financially who Future needs
you, your spouse or partner and children need to be included in your cover. You may The future needs of your spouse or
need to be factored into your cover. When also require financial protection for your partner can also be included in your life
your children are young, your life insurance parents, for example if they became ill or insurance, for example cover for home
needs are often greater, which is why it’s required nursing home care in the future. care or nursing home care when they
important to ensure you get the right cover Other policies reach old age.
to suit your needs. If you have taken out other policies that Other points to remember
Buying your first home include an element of life insurance, you • If your circumstances change or you
When you purchase a home, it’s should review these collectively to make haven’t reviewed your life insurance in a
common to take out the mortgage pro- sure you are not over-insured and that you number of years, you should review your
tection offered by your mortgage provider. have the right policy for you. cover to ensure you’ve got the right level
However, they may not offer the best rates In your 50s of protection
or terms for your needs, so it’s good to Financial status • Not all insurance policies are the same.
shop around. As you move through life, your finan- Life insurance providers are constantly
In your 40s cial status can change, which may require offering new types of cover, at more
Changes in mortgage more or less life cover. This could include affordable prices, so it makes sense to
As you pay off your mortgage, the level changes in income, additional loans or review.
of cover you need will decrease over time. mortgages, or children who are no longer You can avail of a free life insurance
If you have taken on a new mortgage for financially dependent on you. review with Cornmarket. For more infor-
a new home or house renovation, you will Providing for your children mation visit: cornmarket.ie/life-insurance
need to review your cover accordingly. There could be additional costs required or Tel: 01 420 0965.
Changes in your health for your children that you can factor into Ivan Ahern is a director of Cornmarket Group Financial
If you have given up smoking, increased your life insurance, for example third level Services Ltd.
your activity and as a result lost a signif- education fees, wedding costs or house Cornmarket Group Financial Services Ltd. is regulated
icant amount of weight, or have been deposits. by the Central Bank of Ireland. A member of the Irish Life WIN Vol 26 No 3 April 2018
eating healthily and your blood pressure Inheritance tax Group Ltd., which is part of the Great-West Lifeco Group
has come down, this can impact on the Your children may require additional of companies.
Telephone calls may be recorded for quality control and
cost of your life cover. financial protection for any inheritance tax training purposes.