The Gazette 1989

GAZETTE

APRIL 1989

a mortgage, it makes sense to take out a special kind of term assur- ance, called a mortgage protection policy. For a very low premium this will provide enough funds to pay off the mortgage should the breadwinner die within the set term. Basically it is a declining balance term assurance i.e. the amount paid out on death goes down each year in line with the reduced indebtedness to the provider of the mortgage. It is also possible to get a term assurance to cover the full value of the house without any decline in the amount payable on death, but this is more expensive. The next thing to consider is possibly a policy on the wife's life. Few people think of the costs imposed on a family by the death of a wife and mother, even if she is not wage-earning. The husband who wishes to keep his family together might need to employ a housekeeper and will certainly be involved in some expense in looking after the children. Such cover might take the form of an endowment policy say over ten or fifteen years. By the end of such a period the children will be older and the costs of keeping a family together a good deal less than with younger children.

gets no monetary gain, will still have got a return by way of many years of peace of mind. So it is important for any financial adviser to ascertain what the client needs before offering any advise. Protection is obviously the first consideration. And the newly married couple on a tight budget can get this through term assur- ance. Unless the budget is ex- tremely tight, convertible term assurance offers the best bet providing, as it does the flexibility to convert into other types of assur- ance as the family circumstances, and possibly budget, improve. So the first policy should be a convertible term assurance either providing a lump sum on the death of the husband or else the guaran- tee of a regular income over a set number of years. It may be that the husband is in a pension scheme at work which provides adequate protection. So, first check if there is adequate cover through an occupational pension scheme. If not, then term assurance is the cheapest way to get protection. A 25-year-old might take a policy over a 30 year term - the cover ceasing at age 55, by which time other policies will have been taken out. If a house is being purchased on

If the wife survives the ten or fifteen years, as hopefully she will, then the policy will pay out a useful lump sum which can be put towards the children's education. When these protection needs have been taken care of it is time enough to start looking at the attractions of endowment assur- ance as a method of saving. Those will be considered in a future article. • Irish Stenographers Limited (Director: Sheila Kavanagh)

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