Income protection vs Dual Life Insurance

If you have at least a year's service in the HSE, the Death Benefit if you die in service is 2x pensionsable pay.

You mention 105k salary.

If that is your pensionable salary, then if you die in service, the SPSPS will pay 210k to your spouse/estate.

Bear that in mind when buying life cover.
 
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Protocol said:
If you have at least a year's service in the HSE, the Death Benefit if you die in service is 2x pensionsable pay.

You mention 105k salary.

If that is your pensionable salary, then if you die in service, thye SPSPS will pay 210k to your spouse/estate.

Bear that in mind when buying life cover.
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Thank you for putting this into simple words ☺️ yes I am in Spsps for over 5 years.

Now the question is if I want Dual Life Policy cover for €500,000. Could I cover myself for €300,000 (+€200,000 from Pemsion Scheme) and €500,000 for her? Would this drop down monthly premiums?
 
masterboy123 said:
want Dual Life Policy cover for €500,000. Could I cover myself for €300,000 (+€200,000 from Pemsion Scheme) and €500,000 for her?
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I don’t think you can have dual cover for different amounts like this.

But go back to first principles here. Either you or your wife might die. If your wife dies you will still have an income. If your wife dies she will not have an income (at least for now).

To me this means logically that you should be insured for more than your wife, inclusive of DIS benefit.
 
Dr Strangelove said:
I don’t think you can have dual cover for different amounts like this.

But go back to first principles here. Either you or your wife might die. If your wife dies you will still have an income. If your wife dies she will not have an income (at least for now).

To me this means logically that you should be insured for more than your wife, inclusive of DIS benefit.
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I looked at the picture from a slightly different perspective.

If I die, then my wife will have 10 years worth of cash available to live a happy life.

Whereas God forbid, if she dies, it will definitely effect my working hours and will either have to reduce my working hours or get an au pair, or potentially both, which will cost me money and reduce my earnings.

So I felt similar cover is required for both of us.
 
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