Financial Protection

You may wish to consider protecting your income in case of ill-health.  This is especially this case if you are self-employed.

If you are in employment, for how long would your employer pay you in the event of long-term ill health?

How would you meet your household bills if you were unable to work due to an accident or sickness?  You may be interested to find our about the cost of Private Health or Critical Illness Insurance.

Do you run your own business and wish to protect your staff or key people?

By undertaking a short review, we can analyse your protection requirements to establish:

  • What type of cover you require
  • How much cover you require
  • The best available policies to meet your requirements

We then undertake our research to locate the best policy for you at the lowest possible price.  It is important to remember that comprehensive life assurance and health cover need not be an expensive monthly cost.

Some illnesses and unemployment are not covered under every policy, but with definitions of ill health changing regularly under many of the available policies, we can discuss and ascertain your exact requirements, before making our recommendation.

For Protection Insurance, we offer products from a limited panel of providers.

 

Critical Illness Insurance

Critical illness insurance pays a tax-free lump sum on the diagnosis of any one of a wide range of specified illnesses including certain types of cancer, heart attack, stroke, brain tumour and many more. 

In the unfortunate event that you suffer a critical illness, such a diagnosis would be a major ordeal for you to have to endure.  Combined with the fact that your financial commitments would still need to be met, this would mean increased pressure on top of an already very difficult situation.  This is one of the reasons why critical illness insurance is so popular.

The chance of you suffering a critical illness during the course of your life is significantly higher than that of early death.  It is important to remember that life insurance policies do not pay out unless the policyholder dies or is diagnosed with a terminal illness which will lead to death within 12 months of the date of diagnosis.  Critical illness insurance policies are much more flexible and pay out following diagnosis of a critical illness – there is no requirement for the illness to be terminal.

Critical illness policies can vary greatly in the cover they offer.  Basic plans cover the most serious of conditions only, but there are a number of comprehensive plans available, which cover many more conditions including, for example, loss of sight, total permanent disability and hearing loss.

 

Life Insurance

You may wish to protect your loved ones from financial hardship in the event of your death.  Below is a brief description of the different types of life insurance available:

Level Term Assurance - fixed premiums for a number of years and a full payout on claim at any point during the course of the term.

Increasing Term Assurance - the cover increases every year without the need for a medical examination. This policy is not as popular as Level Term Assurance, but consideration should be given to it as you may require additional cover in line with increases in income and inflation.

Decreasing Term Assurance - the payout reduces over the cover period at a flat fixed rate each year.

Mortgage Protection Assurance - life assurance where the lump sum reduces in line with the outstanding mortgage balance over time.

Renewable Term Assurance   - a short term policy and therefore cheaper initially, and commonly used for protecting Company Directors. Importantly, it can be renewed without further medical evidence.  

Family Income Benefit Assurance   - instead of paying out a lump sum, this type of cover provides a tax-free annual income until the end of the term specified at outset.  

Whichever policy is selected, you should always consider putting it into a trust. For couples, we usually recommend single life policies over joint as they often represent better value for money.

 

Income Protection

You may wish to protect yourself against losing your income through injury, illness or disability.

Income protection plans are designed to replace your salary and provide a tax-free income in the event that you are unable to work through injury, illness or disability. The policy pays a monthly tax-free income until you recover or up until retirement date (whichever is sooner).  The payout can be level or set to rise in-line with inflation.

The maximum cover you can have is typically half of your gross income but as it is paid tax-free it should mean that you can maintain a similar level of income to that of your previous take-home pay. However, some employers provide this cover as part of your employment package, so it is important to check whether this is the case first.

It is important to remember that State benefits often do not provide adequate cover in the event of lost income, therefore consideration should be given to obtaining this type of cover as a matter of course.

We offer several levels of service depending on your particular requirements.  If you already have in mind the type and level of cover you require, we can carry out research and secure the cover you require at the best rates for you.  Alternatively, you may prefer us to undertake a comprehensive review and provide relevant advice and recommendations.

Whichever option you choose, we will provide a fee free service as we will receive commission from the relevant insurer.