When it comes to drawing down a mortgage for the first time, most people are just excited to get their hands on the keys... meaning the likes of shopping around for life insurance isn’t going to take priority over picking out a new sofa.
So many people go for the standard mortgage protection offered by the bank and file it away and forget about.
The only issue here is that all that mortgage protection covers is the outstanding debt on the property, should you pass away - it wouldn’t, for example, take into account funeral costs, as well as an immediate loss of income. And it certainly wouldn't support your children to adulthood.
So it’s important to think about putting a life insurance policy in place to look after your loved-ones properly if the worst should happen, even if you don’t have a mortgage.
It’s an issue that Sarah from Dublin, a laya life member, can really identify with.
“Of course if anything happened to my husband or me, the children’s lives would change immeasurably,” she explains.
“My husband was in the public sector but he made the leap into setting up his own business,” the mum-of-two explains. “So we both realised that we absolutely needed a life insurance policy, that if anything happened to us we could protect our family”.
“Knowing that, no matter what, my policy with laya life ensures they’d have some consistency and normality is a big weight off my shoulders,” Sarah adds.
Sarah continues: “Things like making sure my children can get their first car, or can get married, or can even get a bit of help when it comes to buying a home – those are all are important milestones for my kids”.
This mum-of-two agrees there’s a lot to be said for the peace-of-mind that comes with knowing that your family can still do everything in life that you would want them to – regardless of the circumstances they find themselves in.
For more information on whether you need life insurance, visit www.layalife.ie. Laya Life understands that life insurance can seem complicated, so we want to keep things simple.
To apply, just answer a few straightforward questions. There’s no medical required and there’s a 10 percent discount for signing up online, and an additional 10 percent if you’re already a Laya healthcare member.
Your insurance is provided by IptiQ Life SA Laya Healthcare Limited trading as Laya Life and Laya Healthcare is regulated by the Central Bank of Ireland.