Most people would agree that obtaining life insurance is a good idea. Just about everyone has requested life and critical illness insurance quotes at one time or another. But do you know that there are certain life events that should trigger the acquisition of life insurance? If you already have insurance, these events usually signal that you should obtain more. If you don’t have insurance, you risk significant personal and financial loss. To avoid this, it’s wise to review your insurance needs periodically.

First Considerations

It’s never easy to consider the end of your life. It’s the right thing to do if you have people who depend on you financially. For this and many other reasons, you should consider obtaining comprehensive cover to protect those you love. It’s a supremely unselfish act that your survivors will appreciate long after you’re gone. However, obtaining life and critical illness insurance quotes isn’t exciting, and can be quite confusing. So, it’s wise to explore the underlying events that should cause you to either buy or increase your life insurance. This will allow you to get comprehensive cover at an affordable price. Here I give a few scenarios to consider.

When You’re Starting Out on Your Own

Once you’ve completed your education, you’re ready to strike out on your own to make a place in the world. Young adults, particularly, those who are unmarried, tend to think that they don’t need life insurance cover, largely because they don’t have dependents yet. However, there are other circumstances that sometimes lead young adults to take out insurance. For example, many younger people choose insurance that will cover their debts and pay for their funeral, so that these expenses don’t create a hardship on their survivors. In addition, it’s important to understand that the older you are, the more expensive life insurance becomes. Also, older people are more prone to life-ending illnesses and injuries. So, it’s always wise to buy insurance sooner rather than later.

Life and Critical Illness Insurance Quotes: When You’re Getting Married

Marriage is a primary milestone that sometimes generates the need to obtain life insurance and critical illness insurance quotes. Although very often a spouse isn’t financially dependent, many people want to provide for theirs nonetheless. At this point, it’s a good idea to take a look at the type of cover that’s available. The two major types of life insurance are whole of life and term. Whole of life cover pays a benefit upon your death, but can also has an investment component that builds cash value depending on the policy taken out. It stays in force for as long as you live and keep paying your premiums. Whole of life policies tend to become more expensive the older you get and can become unaffordable. Term cover usually is less expensive because it only provides cover for an agreed-upon length of time, such as 10, 15, or 20 years. If you die during the term, the insurance pays out. Otherwise, your survivors receive nothing. Some term insurance is renewable without any medical underwriting. Whichever you choose, it’s important to insure against the loss of income so that your spouse is able to maintain his or her lifestyle.

When You Become A Parent

This is a major life event that leads people to consider their current and future situation. The birth of a baby generates a whole new set of needs that impact both the parents and the child. Life insurance can see a child through university or get them started in life, which could be a hardship if the cover wasn’t there. Is there any better reason to obtain life insurance quotes?

When Your Nest is Empty

Once the children are out and on their own, many people wonder whether they should downsize their life insurance cover. This idea is valid in some cases, but if you’re married and still working, life insurance is still essential. Granted, you may need less cover, but you should protect your spouse.

When You Reach Retirement Age

As you approach retirement, it’s wise to consider end of life issues while you’re still young enough and healthy enough to deal with them effectively. Although it might seem that reducing or eliminating life insurance makes sense for older people, they still need enough to pay for their funeral, to cover any debts they may leave behind, and to make certain their spouse is provided for. Another reason to keep up your life insurance is to donate to your favourite charities. Life insurance is a financial tool that creates an instant estate for those you leave behind.

Where to Get Cover

Once you’ve decided to buy or increase your insurance cover, the next step is determining where to buy it. You can go the traditional route directly to an insurance company, but that can be costly as they will only be able to provide you with a quote for their product. If you know exactly what you need, you should consider doing research and buying cover online, which usually is the least expensive route. You’ll also need to decide on whether you want to buy whole of life or term insurance. Whole of life usually is more expensive, because it runs for your entire life. Term insurance runs for an agreed-upon term, such as 10, 15, or 20 years.

To get the best deal, it’s always wise to solicit life and critical illness insurance quotes from several reputable providers. So why use Anthony Curran and Low Cost Life Insurance?

First off I am a fully independent financial broker so I search all the life insurance companies in Ireland to get you the best deal. Life cover throughout most companies is pretty much the same but their serious illness cover may not.

Second

I am an advocate for your financial future and I take a holistic approach to your needs and goals. I will work collaboratively with you to define what success and financial independence mean to you and how best to achieve them. I am well qualified to provide long-term support and guidance on a variety of financial challenges and will help you focus on what you can control. Defining your own financial freedom will help you be more comfortable about your financial future  and the possibilities of creating the life you want. Whether you are single, married, or raising a family, your approach to financial well-being now will shape your life for years to come. www.lowcostlifecover.ie