How much cover do I already have?

Families of public sector employees who are members of Superannuation typically enjoy a reasonable level of life cover protection. There is a death in service benefit up to 1.5 times salary in the event of death in service. In addition the majority of Public Sector workers are now members of the Spouses & Children's scheme which provides an ongoing annual pension should a member die in service or indeed in retirement.

Additional Life Cover or life insurance is however often necessary for certain people such as:

• Those with young families
• Those with mortgages or loans
• Where a partner does not have independent or employment related cover
•  Those not in the Spouses and Children's scheme
•  Those not in Superannuation 

In addition to Superannuation typically most mortgages holders will have a mortgage protection policy to clear the loan in the event of your death. This ensures your dependants can inherit the property mortgage free should something happen to you.

Why should I review my life insurance?

There are a number of reasons people wish to review cover

1. To ensure you are not under-insured
2. To ensure you are not over-insured
3. To ensure you are not over-paying for the level of cover required.

PSRA's Life Cover Review 

AS part of reviewing your life cover needs and outgoings PSRA your adviser will undertake a number of steps.

1. Assess your need for life cover given your current financial and family situation.
2. Look at the current level of cover from all sources including pension schemes and potential social welfare payments such as widow's/widowers pension.
3. If existing level is correct we will look to the market to reduce premiums.
4. If it is inadequate we will source the most appropriate life insurance policy to increase cover at the best value.
5. If you have too much cover we will look at the most appropriate way to reduce your cover and premiums.

Life insurance premiums have fallen dramatically in recent years so it makes sense to shop around and ensure you a not paying too much for the cover you have. In particular if you took out cover along with your mortgage from the mortgage provider or bank it is likely that better terms are now available.

Independent - We Compare the Market 

PSRA deal with all major insurers to deliver the best available products and rates to our clients.

Example

A married couple, non-smokers, turning 35 years of age with an outstanding mortgage of €250,000 and 20 years left on the mortgage.

To have an independent financial review carried out please contact us on 1890 282 282 or request a call.