Media Q&A: How can I guarantee financial security while I take time off work?

My husband and I have been renting for the past decade and have a good relationship with our landlord. With our third child on the way, I’m stepping back from work for a few years. My husband will be the sole earner, and I am a bit concerned about our financial security if something were to happen to that income, eg if he got sick. What would you advise?

As long-term renters, you will not have the financial safety net that comes with having mortgage protection in place, which is a necessary requirement when you own a property. You should consider other forms of protection, said Barry McCutcheon, proposition lead at insurer Royal London Ireland.

There are a few options, so it is advisable to talk these through with a financial broker to find out what best suits your family’s needs. Income protection, for example, works by providing a monthly income should a person become unable to work due to illness or injury.

It would ensure that your household can continue to pay rent and other necessary expenses if your husband is unable to work. Specified serious illness cover provides a lump-sum payment if you or your husband are diagnosed with a serious illness.

It can help you handle medical expenses and maintain rent. Term assurance offers a lump-sum payment if a policyholder (either you or your husband) die during the policy term. Looking longer-term, investing into a pension is a tax-efficient way to build a financial safety net.

ENDS

This article was published in The Irish Independent, 13 December 2025.