LIFE INSURANCE
Life Protection Cover is cover protecting you and your family against the financial impact of ill-health, terminal illness or death and is one of the most important decisions you can make.
When you have a family earn an income, own a home, a business or an investment property, your priorities change and instead of thinking only of yourself - you're dedicated to looking after your family and their needs.
SERIOUS ILLNESS COVER
No one needs the added financial, practical and emotional problems that a serious illness can bring. Sometimes, without warning, these things happen and while no one likes to think about becoming seriously ill, it pays to be financially prepared for the future.
Ask yourself, how would I or my family cope if I got seriously ill? Life is complicated enough when you’re fit, well and have a steady income coming in. We often take our health for granted, especially when we’re younger.
What is Serious Illness?
While death comes to us all, it’s a serious illness that perhaps is our biggest risk. In fact, you are much more likely to suffer from Cancer, a Heart Attack, or a Stroke before age 65 than you are to die. And what if you do become seriously ill and you can’t work? What if you find yourself struggling financially at a time when money should be the last thing on your mind?
At 50, you are 4 times more likely to suffer a serious illness than die.
Serious illness cover, also known as Specified Illness Benefit, pays you a lump sum on diagnosis of some of today’s most common serious illnesses.
You can spend the lump sum however you like to maintain your standard of living or to help you and your family cope financially during a difficult time.
You choose the amount of cover you need and how to use it. For example, if you became ill, the payout could cover your mortgage and loan repayments or everyday bills and expenses, leaving you to concentrate on getting better.
Funding your household expenses for 2 years could cost as little as €29.73 per month
INCOME PROTECTION
Your income is probably your most important asset. It funds your whole lifestyle from what’s in your fridge to where you go on holidays. Your children depend on it from birth, right through to college and often beyond.
Why do you need it?
Income Insurance, also known as income protection provides you with a replacement income if you cannot work as a result of an illness or injury after a certain period of time.
You can take out income insurance if you are in full-time work or are self-employed and earn an income.
The maximum benefit payable is now €250,000, previously this was €150,000. Benefits paid are less any State benefits or other income protection plans.
The maximum benefit payable is 75% of total yearly earnings, less any State benefits or other income protection plans.
It protects you only in these circumstances – it will not be paid if you become unemployed. You must keep up your payments to stay on cover.
It can pay out after 8, 13, 26, or 52 weeks following an illness or injury,
Tax relief is available on your premiums at your marginal rate of tax. This can reduce the cost of your cover by up to 41%*
TERM INSURANCE
Term Life Insurance is life insurance that covers your life and possibly your family if applicable in the event of the client’s untimely death. Term Life Insurance will cover the client for a specified and agreed length of time.
Whether you’ve just had your first child or already have a young family, you’ll know that becoming a mum or dad changes your life. Your days are busier and your income has to stretch further. Like many busy parents you may take your own health for granted while looking after your little ones, but more than most you need to be prepared for the unexpected.
A family Term Protection Plan can be used to protect you and your family from the financial uncertainty and hardship that comes with unexpected illness or death. For a very small proportion of your income, you can put a financial protection plan in place to ensure you and your family would have the money needed if these unfortunate events should happen to you.
The Premium cost is based on the age, health and the amount of cover the client can afford. In the event of death during this time, a cash lump sum will be paid out to the client’s dependants. This will ease the financial strain to the family during a very stressful time
Specified Illness Cover which is an option on a term plan gives the client cover against specified illnesses so the client can avail of a lump sum in the event of developing a serious illness This gives the client complete peace of mind knowing that they are financially secure during a very venerable time and allows them the time to concentrate on getting their health back on track.
These policies can have a conversion option which allows the client to convert the policy to a new policy at the end of the term without the need for medical evidence, most plans offer multiple conversion options.
With most of these policies your children will automatically be covered on your policy for death or specified illness based on the cover taken by the parent.
Hospital Cash cover is also available with most plans as an additional benefit.
MORTGAGE PROTECTION
Mortgage Term cover is protection cover taken out for the term of your mortgage to protect your home in the event of your untimely death, so that you and your partner have peace of mind knowing your mortgage will be paid off in such an event and you are safe in your home. Mortgage lenders insist on a mortgage term plan being in place.
Mortgage Protection Life cover with a decreasing term to cover for any outstanding mortgage in the event of your untimely death during the term of the policy.
Mortgage Term with Life and Specified Illness Cover is designed to pay off the outstanding balance on your mortgage in the event you become seriously ill or die during the term of the policy.
Why Do You Need It?
If you become seriously ill or die prematurely your policy is used to:
Clear your mortgage
Secure ownership of your home
Reduce your monthly cost of living if you become seriously ill