I was reminded this week of the importance of life insurance. They say it’s a product which is sold, not bought and its negative connotations are the reason.

Quite simply, unless insurance is mandatory (such as car insurance), we really don’t want to have to think about it.
But it’s the one insurance product which has fallen dramatically in price over the years and if you haven’t reviewed at least your mortgage protection since you took it out, chances are you’re over-paying.

Figures from the country’s biggest insurer, Irish Life, show that 20pc of its life claims last year and one third of total value were mortgage related. The lending banks got most or all of this money but families got to keep their homes.

Cancer, heart attack and stroke remain the key causes of death, the former scourge accounting for 41pc of claims.
What many people don’t realise is that they are paying rates based on old actuarial standards and these days, someone aged 40 can get €300,000 life cover for just over €30 per month.

Anyone who took out an old bank whole-of-life policy with their mortgage is probably paying multiples of that.
Talk to a broker. It’s one saving you can make, even on a product you resent buying.
Indo Property