By Dave Kavanagh

We often see that on top of the more compulsory car and home insurance, that many people also have travel insurance, pet insurance, mobile phone/laptop insurance etc. When we ask about insurance on their most important and valuable assets, themselves, (outside of mortgage protection), it is often something that was never considered, despite the potentially enormous financial loss that would occur in the event of a fatality (especially when there are children to consider!). We understand, it’s not the most fun conversation to have, but the reality is these things happen all too frequently and often unexpectedly. For example, a couple with young children and an income of €50,000 per annum, who in the event of a fatality of one of the parents, could suddenly have to live on the state’s survivor’s pension, giving them a massive drop in income and lifestyle. Worth mentioning that the loss would be the same when there are young children whether it was an income earner or a homemaker, as the income earner would either be gone, losing their income, or have to give up work to raise the children. Surveys have shown, that the actual cost of cover is far cheaper than people expect, and there is a variety of options to suit people’s specific circumstances. Plans can either be selected based on levels of cover in relation to the financial loss that would be suffered, or tailored based on affordable premiums. If this is something that you have been considering, don’t keep putting it off. Contact your financial advisor to get quotes. In many cases these days, cover can be arranged over the phone with digital signing.

Dave Kavanagh QFA has been advising people financially for over 25 years. For quotes or information (with no cost or obligation) he can be contacted by emailing info@financialcompanion.ie or use the contact form on www.financialcompanion.ie or phone 087-6414570, or @Davekav_advice on Twitter and Instagram. Combined with his previous role of gym/nutrition adviser, he regularly gives talks and workshops at seminars and events for groups, companies and government departments on financial wellbeing, positivity and motivation. As heard on RTE 2FM and TV3.