Life assurance costs to fund an illustrated gap in income:

 

Monthly

Premium

Laya Life

n/a*

Royal London

€29.16

Zurich Life

€28.20

Friends First

€27.01

Aviva

€34.94

Irish Life

€31.23

New Ireland

€28.58

LABrokers.ie

€23.45

 

Note: Above is the total cost for a couple age 30 next birthday who require €250,000 each (dual life) of life assurance cover over 24 years. *Laya Life were unable to quote as can only offer cover up to €200,000 per policy (€200,000 would cost €34.36 month). Premiums sourced directly from providers.

Society has changed and people are living together in ‘non married’ situations. It is very important for a family to get good independent financial advice so their life assurance policies can be structured correctly. Consideration is especially important in obtaining details of succession and inheritance tax tax treatment for legal spouses, registered civil partners and qualified cohabitants. In some circumstances inheritance tax could arise for dependants so it is vital to get good and independent financial advice.

The cost of providing adequate life assurance as family protection should be considered as part of maintenance payments on separation or Divorce

 

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