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Podcast #60: Have You Made ‘The Empty Promise’??

informed decisions blog

Podcast #60: Have You Made ‘The Empty Promise’??

30th October 2017

Paddy Delaney

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This week we will take a look at the empty promise that we hear so many people make to themselves and to their loved-ones! This empty promise is akin to playing Russian Roulette with your loved-ones’ financial well-being…..if you are a selfish gambler then perhaps its OK, for the rest of us it simply isn’t, no matter what hat we’re wearing!

What in the blue-blazes are we talking about? We are talking about the gamble we hear so often, whereby a couple are taking out a new mortgage, and when faced with whether to put in place just the Mortgage Protection, or to comprehensively cover themselves by taking Mortgage Protection as well as an element of Personal Life Cover. Many many people make the empty promise when they say “We’ll do the Mortgage Protection now, and sure we’ll do some sort of personal Life Cover once things settle down”…..that is a “I’m happy to gamble with my families financial well-being” if ever we heard one!!

In this episode we are going to initially look at the basics of the two types of cover….just so we’re all on the same hymn sheet! In a few minutes we’ll then dissect the merit of the advice to pay for both Mortgage Protection & Life Cover. We’ll uncover if having both is as useless as a chocolate fireguard, or if it is actually a prudent and necessary approach to take when it comes to protecting your yourself and your family, and indeed your financial plans here in Ireland.

Firstly, and as always, we are chuffed that you have checked out our award winning Irish Financial Planning & Money Management blog & podcast. We are on a mission to make financial planning accessible to investors and pension holders in Ireland! We ask for your help to spread the word, share the article with the little icons at the bottom, check out the podcast, and in general just be a huge fan of our little site! Be delighted if you checked out our why.

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