Mortgage Protection Insurance alone is not sufficient to look after you and your family.
As we get older our health can deteriorate. Some people are lucky enough to live long lives and hardly ever see a doctor while others unfortunately suffer illnesses which can have life changing consequences.
Life changing can mean severe disability or it may mean inability to work for a variety of reasons.
Mortgage protection insurance, as we said above, only pays out when a policy holder passes away. But what happens in the event of a long term illness. For example, depression may result in an inability to work.
If you can't work, how do you make ends meet?
How do you pay your mortgage and other bills. You may get disability payments from the State of €11,000, but this will not look after household bills and mortgage payments. This is a stark reality. If you cannot keep up your mortgage payments you may have to sell your home.
Income protection insurance can help. It is less expensive than you would imagine and unlike other forms of insurance, the monthly premiums qualify for tax relief at your highest rate - up to 40%.
So please give some thought to what are the consequences of a long term illness and talk to us about the options available to you.
Shane Lavin, Managing Director
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