Family Protection

To determine the level of cover you would need to create a safety net for your family, you should start by asking yourself some simple questions: What would happen if I became seriously ill tomorrow? Where will my income come from? How will I repay my debts? How will I support my family? What happens if my partner becomes seriously ill? Can I support and look after the children? Will I be able to continue to work? What happens if I die tonight? How would my family cope financially?

We all believe that sudden illness, long-term disability or death will not happen to us, but we all know families where things like this have happened.

You may find that your employer provides you with some cover for some types of event and there is State provision in certain circumstances, for example ill health. However, the level of income they provide may be considerably less than you and your family will require. Once you have prioritized the cover you need you might consider protecting the family income first, then insuring that all your liabilities can be paid and finally how much surplus you or your family would need to maintain a standard of living.