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Life assurance
If you earn an income, Life Assurance is worth considering. If you passed away unexpectedly, would your family have the financial support to cover daily expenses, clear debts, or manage funeral costs? Would they have the protection needed until your children are fully educated? Ensuring their financial security starts with the right cover—should Life Assurance be your top priority?
It has been sketched in our minds, that only the main earner in the household needs to have life cover, we at Apexs believe that both the main earner and spouse are equal in terms of providing for the family. However, all this has changed now, and our thinking must change with our lifestyle today.
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Your life cover is typically estimated at 10 times your salary, but a full review of your finances, needs, and disposable income will determine the right amount for you. Factors such as savings, family age, and specific needs—like young children, a special needs dependent, or education costs—play a key role. Have you accounted for outstanding mortgages, long-term loans, or funeral expenses? With funerals costing between €3,000 and €7,000, would your family have the funds available, or should Life Cover provide that security?
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Cost is on an individual basis and is based on the following:
Benefit (amount payable on death)
Age
Smoker or Non Smoker
Term (the number of years the policy covers)
Gender
State of Health
Extra Optional Benefits will also add to the cost:
If Convertible option is chosen
If Index Link option is chosen
Rider Benefits in the form of Hospital Cash benefit, Accident Cash benefit, Surgical Cash benefit
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This provides a lump sum payment to your family in the event of your death. This is the most popular form of life cover, providing a fixed benefit with a fixed premium over a specified number of years. The cost and sum assured remain the same for the entire term of the policy. If there is no pay out during the term of the plan, the policy ceases. Although there is no cash-in value and only pays out on death of the individual during the specified term of the plan, it provides peace of mind to you and your family that you are financially protected.
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Like Level Term, this provides a lump sum payment to your family in the event of your death. The benefit and premium will still remain the same throughout the chosen term of cover. A convertible option allows you to continue your policy after the initial policy term for another specific term or to change it to a whole of life policy, both without having to provide further medical evidence. This is very advantageous, if your health deteriorated over the initial term, then the availability of continued cover is still guaranteed. The extra cost for convertible term compared with level term is very minimal for what it provides (typically about 5-10%) depending on age and smoking status.
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This is an optional facility designed to increase your benefits & premiums on an annual basis to protect against inflation - in keeping in line with the cost of living. The increase is normally at 3% or 5% pa, depending on the company, with the option to stop the facility during the term of the policy.
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Single cover insures one person only. Joint cover will pay benefits on the first death of either joint insured person, paying out once on death during the term of the policy. Dual cover will pay benefits on the death of both insured persons during the term of the policy. Payment to one person on the policy does not affect the benefit of the second person for dual cover, almost as if they each had single policies.
