By Dave Kavanagh
It’s human nature to want good things to happen to us and conversely, for bad things not to happen to us. A constant example I see of this, is the vast amounts of money that is spent on the lotto every week, despite the odds of winning the jackpot of 10.7million to 1, compared to the numerous people I talk to that have no preparations in place, for the potential financial loss in the event of a serious illness or even a fatality. Considering that in Ireland, you have a 1 in 4 chance of developing one of the conditions covered before age 65, and, according to one of the main life companies’ claim statistics for 2021, 32% of their death claims were under age 60. The difference between how people affected by such occurrences will be impacted financially, is usually dependent on how people have planned and prepared. Of course we don’t want bad suff to happen, but it happens frequently whether we want it to or not. (Exponentially more frequently than the aforementioned lotto jackpot wins!)
Whenever I talk to people who have just reviewed their own individual circumstances and put appropriate plans in place, they talk about the “peace of mind” that this gives them and the fact that it is one less thing to worry about now that they are up to date with the knowledge that sufficient cover is now in place to prevent any major financial loss, should one of those “bad things” happen. It requires a conscious act of making the time to look at your own situation and finding out the levels and types of cover that are suitable and affordable for you. A simple phone call or email may be all you need to get started and having one less thing for you to worry about.
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 email@example.com 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.