The new research reveals 45 per cent of Ireland’s cohabiting couples (one in eight couples) rely on the income of both partners and nearly 40 per cent of these couples admit they would have serious financial problems if one of them became seriously ill and was left with only one income to rely on.
There were other surprise fundings in this Autumn’s research. 72 per cent of divorced or separated couples admit to not discussing the need to safeguard spouse and child maintenance payments in the event of death.
- External Walls: Up to €8,000 Grant
- Attic: Up to €1,500 Grant
- Cavity Walls: Up to €1,700 Grant
- Internal Dry Lining: Up to €4,500 Grant
Interestingly, cohabiting couples under 35 are even less likely to financially cope if an unexpected illness or disability strikes as 46 per cent of young cohabiting couples admit to suffering serious financial problems if one of them became seriously ill.
A further 25 per cent of cohabiting couples admit they would be left with a serious financial problem if one of them died unexpectedly.
Appropriate insurance can provide against worst case situations, especially with respect to provision for child care.
The advice is to talk to an independent financial adviser who has the expertise to explain how protection works and will help you decide what cover is right for you and anyone for whom you are responsible financially.
A free booklet, The Fact of Life, is issued by the insurance giant Hibernian Aviva to provide information on what cover is appropriate for individual family and individual situations.
“Life assurance and specified illness cover are one of the few ways unmarried couples can financially protect one another in the event of sickness, disability or even death taking place,” says Gareth McQuillan of Hibernian Aviva Life and Pensions. “In the event of death or if you are diagnosed with a specified illness or become totally and permanently disabled you will receive a guaranteed cash sum to help support you and your partner, so life assurance and specified illness cover really make financial sense”.
The Facts of Life booklet includes real life stories and case studies of people who have experienced the benefits of protection so consumers can have a greater understanding of the difference protection can make in their life and that of their dependants or partner.