MAKING CENTS: Having the right cover for life and in case of death

A RECENT survey of Irish consumers found that almost two thirds of respondents regularly think about the future financial situation of their loved ones if they were to die, but many also said they don’t know what income their family would live off if the worst happened.

For many people the complexity and variety of the products on offer is half the problem — it’s hard to know where to start and what products are needed for the different stages of life. The first encounter with life insurance for many is when they take out their first mortgage. I asked Nick McGowan, an independent life insurance broker with LION.ie, what is the best advice for first-time buyers.

“When you’re taking out a mortgage you’ll want to keep costs to a minimum,” he said. “All you need to satisfy your bank is a mortgage protection policy, don’t be fooled into buying a more expensive life insurance policy.