Life insurance for parents provides an income for their dependents if they pass away. Children are not financially independent, and the loss of your income is a devastating blow.
Leaving the children an income eases the family’s financial burden when they have enough on their plate. The lump sum can go towards college education, paying the mortgage, or investing in their future.
Life insurance for parents is one of those topics you do not want to think about, yet is essential to discuss.
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Why should parents have a life insurance policy?
Parents should have a life insurance policy to provide an income for their loved ones left behind. You know how important you are to the home; now imagine what it would be like without you.
Life insurance for parents helps your family survive until they can look after themselves. Parents like you provide for the family, paying the bills and keeping a roof over everyone’s head.
Without parents the family may get into serious difficulties. Rent or mortgage payments will still be due, and the weekly shopping bill will still need paying.
Day-to-day caring may now become work for someone the family needs to employ. Childcare is expensive, and the average annual cost per child in Ireland is more than €9300.
The costs of living are only increasing, and a household on a reduced income will struggle to get by.
Life insurance for parents provides a stable income for dependents if you die.
How long are parents recommended to have life insurance?
Parents are recommended to have life insurance until all children are financially independent. It’s taking longer today for children to stand on their own, so be very careful when taking out life insurance for parents.
Very few children can get work at 18 or 19, which allows them to leave home. If you expect your children to go onto third-level education, you may not be free of them until the youngest is at least 23.
If you are a parent of a child with a disability, there are care costs, extra needs and medical bills. Costs for a child living with a disability do not go away when they turn 18.
Modern living costs make it difficult for children to leave home until their mid-twenties.
You should take out life insurance for parents until your youngest turns 25.
Should I take out life insurance when I am pregnant?
Yes, you should take out life insurance when you are pregnant. It is never too early to take out life insurance, and being pregnant is a sure sign that responsibilities are on the way.
Being pregnant can be an excellent time to prepare for the future. You know the extra bills will start coming in, and costs like education and medical care will always be there.
What will happen if you pass away? If you are a single parent, there may not be anyone else to take on the financial responsibility. You need to have plans in place to provide for the children.
When there are two parents, it will be tough for one to do it on their own without the income of the one who has died.
A life insurance policy gives the peace of mind of knowing that your loved ones are provided for if you pass away.
What does life insurance cover?
Life insurance covers the death of the policyholder. It pays out an agreed lump sum to those left behind and can be invaluable to your loved ones.
It covers your life for an accidental death at work or in the home. Workplace accidents are not uncommon if you are a farmer or other outdoor worker. Fatal car accidents and other incidents take the lives of parents every year.
Life insurance quotes for parents provide lump sum payment options to cover your family’s needs if you do die.
When you buy life insurance for parents, you are looking to care for your family when you are gone.
Do both parents need life insurance policies?
Yes, both parents need life insurance policies to cover costs in the case of one of them dying.
The unseen costs of childcare can suddenly become very real if one parent passes away and the other one is trying to raise the family. You may need to pay someone to do the school run, provide after-school care and look after the house.
The costs of raising a family are very high these days; if one parent is gone, they can be crippling. Working outside the home and running a family is very difficult when alone. It can time consuming, expensive and very stressful.
A life insurance policy for parents can provide a much-needed lump sum and remove that extra burden during stressful times.
Both parents should buy life insurance to protect the other from the financial pressure of caring for the children alone.
Dual cover for parents
Dual cover for parents is an excellent way to buy life insurance for parents. It gives parents the cover they need and is a simple way to buy life insurance in Ireland.
Dual cover is a life insurance policy for both parents. It will pay out on the death of one parent, and the policy will continue with the same life cover for the surviving one.
Joint cover will pay out on the death of one parent, but the policy will then cease to cover the other one. Not much good if the second parent passes away before the children are financially secure.
Best family life insurance companies offer dual cover. It is an excellent way to buy life insurance for parents and provide for loved ones left behind.
Does life insurance cover serious illness?
No, life insurance does not cover serious illness but can be added to a policy. Serious illness cover may cost a little extra but can be invaluable when needed.
The serious illness cover is for when you get a diagnosis of cancer, heart disease or a neurological problem such as Parkinson’s.
A serious illness will stop you working, possibly for the rest of your life. You should add serious illness cover to your life insurance policy.
Why should serious illness cover be added to life insurance for parents?
Serious illness cover should be added to life insurance for parents because a serious illness can hit at any time.
It is a shock when serious illness strikes the family. Suddenly one parent cannot work and can’t look after themselves or the children.
Medical costs will skyrocket, the cost of the extra care can be prohibitive, and it is the other parent who needs to do everything.
Your life insurance for parents covers you in the case of death. By adding a serious illness clause, you are getting cover for that unexpected diagnosis.
It may be cancer, a heart attack or another condition that stops you from earning an income, but serious illness cover will help pay the bills.
Adding serious illness cover takes the extra financial pressure away from the parent coping on their own.
Does life insurance cover funeral costs in the event of a death?
Life insurance does not cover funeral costs in the event of a death. You would need to add funeral insurance to your policy or take out a separate funeral costs policy.
You can pay the funeral costs from the lump sum you receive, but it may eat into the amount your family receives.
Funeral costs can be high in Ireland, and you should look to add funeral insurance to your life insurance for parents.
Our Process
We make the life insurance process as simple and streamlined as possible, and that’s one of the reasons we’re maintain a 5★ rating from our customers!
Assessment
The first step is to take a few moments and fill out our interactive life insurance assessment form.
Review
Your assessment is sent directly to a life insurance expert. They will review your data, get your quotes and schedule a call with you to discuss your options.
Quotes
Your life insurance advisor will talk you through the pros and cons of each policy. Once you have decided which policy you would, your advisor will submit your application on your behalf.
What types of life insurance are available?
Types of life insurance available vary from Universal Life Insurance to Survivorship Life Insurance, with many more in between to consider.
When looking to buy life insurance for parents, you should consider all types. Each has its benefits, and the best life insurance quotes provide for the family when needed.
Universal Life Insurance
Universal life insurance is when you take out a life insurance policy and pay a monthly premium above a certain minimum amount.
The minimum amount goes towards the fixed death benefit, and contributions above the monthly premium go into an investment policy at a fixed rate of return.
Universal Life Insurance is valid until you die. It will then pay out the fixed death benefit and the cash from the investment policy.
Term Life Insurance
Term Life Insurance is a policy which covers you for a set number of years. You decide on the length, but term life insurance for parents is often set at 25 years.
The policy will pay out if you die within the limit of the term life insurance plan. Term life insurance is popular with parents who want life insurance until their dependents can survive independently.
Whole Life Insurance
Whole Life Insurance covers you until you die, but without a term limit. It pays out a lump sum on your death, providing you keep paying the premiums.
Policies like whole life insurance are suitable for parents of disabled children who may need a lifetime of care.
Variable Universal Life Insurance
Variable Universal Life Insurance is similar to Universal Life Insurance, except the cash is invested in funds with varying returns.
Your loved ones will still get the agreed death benefit amount when you pass away. The value of the cash fund, though, depends on the variable rates of return over the years.
Survivorship Life Insurance
Survivorship Life Insurance is life insurance for couples but only pays out on the death of both names on the policy.
When looking to buy life insurance for parents, some people opt for the survivorship policy. It can pay out a large sum when both parents pass away and is ideal for caring for disabled dependents.
It can be mind-boggling when looking at life insurance for parents. All those life insurance policies are a difficult field to manage.
You need the best, independent advice when learning about life insurance in Ireland.
Learn more about life insurance in Ireland
Learn more about life insurance in Ireland by contacting one of our agents today. Our experienced staff will advise you on the best life insurance quotes for parents.
Life insurance for parents is about providing affordable premiums to look after your children should you die. There can be much to learn and decide on when looking at the best family life insurance companies.
Contact us today for the best quotes on life insurance for parents in Ireland.
