Life insurance for couples renting and house hunting - €500k cover from €50 per month
It is hard to face the thought of death or serious illness. As we get older the risk of either event happening rises. House hunters and people in rental accommadation should give thought to this subject.
Approximately 75% of home purchases are joint applications. The average age when buying is 38 for couples.
Most joint purchasers rely on two incomes and with rent so high, having two incomes makes accommadation more affordable.
Many house hunters are in lasting relationships, living in rented accommadation and planning a life together. A large proportion have children before they buy their first home. Some will stay in rented accommadation for many years as housing supply falls way short of the demand.
Traditionally buying a home was a trigger to have life insurance, both mortgage protection and term insurance. The average age of take up of life insurance has risen also.
In the event of one party to a couple passing away, the implications for the surviving partner can be devastating. As well as dealing with the terrible loss, they may now need to come to terms with the financial consequences of the loss of 50% of household income. If renting, it may mean that the current accommadation is no longer affordable. It may also mean that the plans to buy a home are now on hold, as a mortgage is no longer attainable.
A joint life insurance policy could make a big difference.
A €500,000 policy for a 20- year term would cost in total about €50 per month for two thirty five year olds in good health. A €500,000 lump sum, available to a surviving spouse, could mean buying a home for cash.
This a small price for peace of mind.
Log on to our life insurance calculator below and get protected today. Cover can be arranged over the phone in fifteen minutes.
You can talk to our specialist advisers on 01 8327250.