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Case Study 1 – Protection for middle age couple with children

Client: Couple aged mid-forties, young children, home loan and residential investment property mortgage. Both loans in husband’s name only. Double income household approx. €78,000 per annum, plus rental income €20,000. Husband was smoker when life and serious illness cover taken out. He has not smoked in 2 years.

Current life and serious illness policy on husband only for €350,000 and €100,000 respectively costing €244 per month for protection, (4 different policies). No protection in place for spouse in the event of her death or serious illness.

Requirements, replacement cover for life assured and suitable cover in place for spouse within same budget as existing cost €244 per month.

Planning/Advice

Qualified for non-smoking rates, which meant considerable reduction in premium cost for equal amount of life and specified illness cover. This replaced existing 4 policies over the maximum term at a cost €130 per month. The balance of the budget remaining was €114 per month.

For this we were able to arrange €100K life and €50K serious illness cover for spouse over a 15 year term with a conversion option. Within client’s budget, we were able to advise and arrange a suitable level of life cover over an initial shorter term with flexibility to extend without medical underwriting before the maturity date.

Summary: The family are better protected now in the event of death or serious illness of either spouse until the children are at an age where they will be financially independent.

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