This is one of the foundations of a sound financial plan because whilst you are trying to create wealth and security for your family, the impact of a personal tragedy can very quickly become a financial disaster. The simple question we should ask ourselves is as follows, “If any member of my family suffered a serious illness, premature death or was unable to work for the foreseeable future, would this cause us any financial hardship?”
In most cases the answer to this question is “yes” and by discussing your situation and highlighting the areas of most concern to you, we can put in place a safety net, to ensure that financial assistance is with you as soon as possible after an event occurring.
The starting point in this area, like most others, is to establish how much you and your family need to maintain your current standard of living. This is the income that will need to be replaced should things go wrong. We then look at the following areas and assess what you already have in place, what the State may provide and indeed any benefits provided by your employer. If you have most areas covered, we can complete a cost comparison to see whether you can provide your cover at a lower cost.
This product is simple to understand and pays out a lump sum benefit in the event of a premature death, regardless of the cause. It can be bought in three types, whole of life, level term and decreasing term (commonly known as Mortgage Protection).
Why do we need life cover?
In simple terms, to replace our lost income and repay outstanding debts in the event of our premature death.
Many of us have a “token” amount of life cover and tell ourselves that we are well covered. However, many of us have taken out this life-cover without too much thought on whether it will do the job it is intended to do.
Let us review this for you and if it transpires that you have enough cover and are paying a competitive price for it then we will be delighted to tell you so. If not, we will make our recommendations based on your own personal circumstances – it is then up to you whether or not you follow our advice.
Serious Illness Cover
This product is slightly different in that a lump sum benefit is paid on the diagnosis of certain specific illnesses which are defined by each product provider. You will normally need to survive a period of approximately 14 days before payment can be received. These plans would also cover permanent total disablement, whether physical or mental.
The reasons for taking out Serious Illness Cover are broadly the same as those for taking out life cover and we offer the same review service for this valuable benefit.
The less commonly known product, but a very valuable one.
This plan concentrates on your inability to work for long periods of time and can pay up to 75% of your earnings, less any state benefits on a monthly basis until you either return to work, reach normal retirement age or die prematurely. The benefit payable can increase each year to protect the payments from inflation and the monthly premium receives tax relief, reducing the cost to you. One way of looking at this type of cover is to think of it as a valuable means to safeguard your assets. What we mean by this is that many of us are lulled into a false sense of security if we have accumulated several assets and tell ourselves that if we were unable to work we could live off these assets. Now, depending on the level of assets you have built up through many years of hard work, this can be a realistic option - but the question is, why should an illness or accident wipe out the fruits of your labour if there is a cost effective way of ensuring that this need not happen??
Medical Health Insurance
We live in country were our medical cover is ‘free’, but as we are all too aware, relying on the State to provide for us and our families in the provision of medical services can be literally life threatening. Through our association with Vivas Healthcare we can offer you advice on suitable plans to protect your family and offer cost comparisons to ensure you are receiving value for money from any existing provider.
In summary, we can help you build a safety net that offers reassurance and value for money so that you and your family will not suffer financially.
Mortgage Repayment Protection
In association with Cardif Pinnacle, we are delighted to be able to offer our clients Mortgage Repayment Protection. The way this very valuable plan works is as follows: Cover can be provided, up to a maximum of €2000, to repay your mortgage and associated costs should you be unable to work due to acccident, illness or in many cases even redundancy. This ensures that, what is often the biggest household bill is paid when you need cover most, taking away an extra worry and leaving you free to concentrate on getting back on your feet. This cover is available for new mortgages as well as existing ones....Why not call us for a quote?