AIB Life Insurance brings you a guide on the type of Life Insurance cover you might need if you are a single parent.
AIB’s Life Insurance Series: Single Parents
Life insurance can be even more important as a single parent as you’re the only person who is financially responsible for your children. It’s important to think about how your financial support would be replaced if you were to become seriously ill, unable to work or die.
As part of our series on Life Insurance, we look at what type of life insurance cover you might need if you are a single parent.
Almost 1 in 4 children in Ireland live in a single parent household* and if this includes you, you may need the following types of cover:
Income protection insurance: This provides you with replacement income if you become unable to work as a result of an injury or illness after a certain period of time.
Term life insurance: This is life insurance that gives you cover for a specified and agreed time period. In the event of death during this time, a cash lump sum is paid out.
Specified illness cover: This covers you in the event that you become permanently disabled or seriously ill. A cash lump sum payment is paid to you on your diagnosis of one of more than 38 conditions.
To find out more about the types of cover you might need as a single parent and how much it might cost, speak to your AIB Financial Advisor today. For more information about Life Insurance from AIB and visit our website today.
*The statistics quoted are from the Central Statistics Office (CSO) 2011.
Life Insurance products are provided by Irish Life Assurance plc. Allied Irish Banks, p.l.c. is a tied agent of Irish Life Assurance plc for life and pensions business. Allied Irish Banks, p.l.c. is regulated by the Central Bank of Ireland.