Life Assurance and Income Protection -Árachas Saoil agus Cosaint Ioncaim"In this world nothing can be said to be certain except death and taxes" - Benjamin Franklin
– Árachas Saoil
Family Protection –
Life cover provides essential stability for families in the event of unimaginable happening the death of a parent – The last thing a family needs when such a traumatic event occurs is financial worries and stress. Family protection will give your family the financial security to carry on and meet the challenges of the future.
Mortgage Protection is a simple, cost effective way to insure your life and provides the peace of mind that should you die during the term of the policy your cover should pay off your outstanding mortgage. The cover reduces over time as it is designed to cover your reducing mortgage however it is not tied to your mortgage and it would be important to review it regularly to ensure it continues to meet your needs.
Specified Illness cover
Why should you seriously consider Specified Illness cover? One word – Cancer.
Overwhelmingly, the majority of claims are for cancer related illnesses (64%), Heart related(18%) and Stroke(6%).
The impact of a cancer diagnosis can have severe financial repurcussions for an individual and for families – The associated costs of a cancer diagnosis can be as high as €1,400 per month on average. (www.irishcancer.ie/realcost). A cancer diagnosis is a life changing event that can impact every facet of life, having Specified Illness cover will give you the financial security to deal with it effectively.
Why do you need to protect your income?
Chronic and unexpected illness and the potential for disastrous impact on earning potential can seriously impact an individuals and a families financial security.
Only 10% of people have this very valuable cover – Yet up to 40% of Irish people have health insurance – The question needs to be asked – Who will pay your health insurance if you cannot work due to illness or injury?
The reality – Self Employed and Controlling company directors need Income Protection as there is no or at least very little state support currently available to such persons. Class S PRSI gives no entitlement to state Illness Benefit – therefore income can go to zero very quickly when illness strikes.
Employees that pay PRSI Class A1 have an entitlement to Illness Benefit but this is currently set at €188 per week. Where individuals have large incomes the reduction in living standards can be dramatic.
The full benefit of Income Protection is only appreciated by claimants who have the security of Income Protection to fall back on, a recent survey undertaken 93% of claimants stated that they would recommend income protection to friends and family.
Income protection is essential cover for those that value their income and the financial security it provides.
Why is business insurance important?
It provides financial security to a company on the death of shareholder/director and allows a fair price to be paid to the individuals next of kin for shares or interest in the company.
What is the liklihood of a fellow shareholder/director/keyperson dying before age 65?
*In a firm of 2 shareholders – 24%
*In a firm of 8 shareholders – 67%
*Source CSO table 15 on Irish Life 2005/7; all persons assumed to be over 40 and males.
If you business partner was too ill or died suddenly you’d want to make sure that their shares ended up in the right hands, and that means the business needs to have the wherewithal to buy those shares and give a fair price to the next of kin. In order to ensure that sufficient financial resources are available, a business insurance plan can be effected on each of the partners/directors to ensure that the business can continue in the event of the unexpected.
Many small businesses rely on a few individuals for much of their success. The loss of any such individual can have a hugely detrimental effect on the business.
1 in 10 businesses could expect to stop trading on the death of a key person.
50% probability of at least 1 person dying before 65 in a firm of 5 people.
Don’t let the loss of key person put the financial security of your business at risk.
Executive/Pension Term Assurance
A tax efficient life cover that will pay a lump sum to the dependents of director or self employed person. The business can make contributions and obtain tax relief on the premiums.