Client:- Couple late 30’s, self-employed combined income €80,000, 3 young children, own home with mortgage. Home purchased by husband early 2002, mortgage protection in place for husband only. No life cover on spouse and neither have serious illness cover.
Primary concern with three small children, adequate protection for family in event of death or serious illness.
Planning / Advice
Requirements, replacement cover for life assured and suitable cover in place for spouse within same budget as existing cost €244 per month.
We considered the following:
1. Shorter term with a convertible option to extend term.
2. Weighed up the different earning powers of each spouse and advised on dual life cover, i.e. different amounts of cover for each. Life 1 €350,000 Life & €150,000 specified illness. Life 2 €100,000 Life & €50,000 specified illness.
3. Accelerated serious illness cover rather than stand alone
Solution
Dual Life and specified illness cover 20 year term with convertible option on an accelerated basis keeping cost down. The convertible option is flexibility that does cost extra.
Summary
We arranged dual cover for both within budget resulting in family being better protected.
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