Decreasing Life Cover at a glance
Decreasing Life Cover Example
As an example, John, the father of a 5 year old child, earns €2,000 after tax each month. John takes out €480,000 cover for a 20 year term, protecting his family until his child turns 25. This would replace his income of €2,000 a month for 20 years. At the start of year 10, his cover has reduced to €240,000 to maintain a replacement income of €2,000 a month for the remaining 10 years of the policy.