Having strong financial protection will save both you, your business and your family a whole load of headaches should anything unforeseen happen, like having an accident, getting sick or in the event of death.
There are many methods that help safeguard your against the risk of unfortunate unexpected life events that Absolute Finance can guide you on. Because we are financial brokers we can approach all the providers in the different sectors to get the most appropriate for your needs for the best premium for your budget.
By looking at what you need in order of priority, requirements, and budget, together we can work out the best plan to protect yourself and your loved ones.
When it comes to Life Assurance there are different options to consider which is why talking to knowledgeable financial advisors like Absolute Finance is a good idea. We will go through the different options like:-
- Whole of Life options
- (Convertible) Term cover
- Mortgage Protection (see below)
- Key Person cover (See Business Protection)
- Co-Director / Shareholder Protection (See Business Protection)
Taking out Life Assurance cover will give both you and your family peace-of-mind that should the unthinkable happen, their financial security will be the last thing they need to worry about.
Your Income is your largest asset by far – e.g. €70K salary indexed at 3% per annum = Total €815,040 after only 10 years.
Income protection helps you maintain your lifestyle by giving you a monthly income if illness or injury prevents you from working for a period of time, so you can concentrate on getting better. The income is paid if you are unable to work because of any accident or illness after a period of time. Tax relief is available on the premium at marginal rate or a business expense.
We can advise you on the appropriate level of cover once we have looked at your income needs, your benefit entitlements, your occupation, the cost, and the availability of cover.
Points to consider:
- Select the length of your policy – cover can end between 50 – 70 years of age.
- Pick your deferred period – that is the time you wait before your policy pays a benefit. It can be 4, 8, 12, 26 or 52 weeks.
- Decide if the money paid out should keep up with inflation.
- Choose the amount you get if you make a claim – you can insure up to 75% of your normal income.
We are happy to discuss this further if you wish to contact us.
Specified Illness Protection
Taking out Specified Illness Protection is your peace of mind that in the event of any one of the illnesses specified in this policy you and your family will be protected.
This Critical Illness Cover pays a tax-free lump sum if someone is diagnosed with one of the specific illnesses or disabilities that the policy covers. The one-off, lump-sum payment is designed to help the family cope with costs which typically include the need to adapt a home or car and/or help the family adapt to a new weekly schedule in the short or medium term.
The Cover may be taken out on its own or included in a mortgage protection policy to reduce the burden of mortgage repayments in the event an income contributor becoming seriously ill.
Some points to note:
- Men: 1 out of every 3 will develop a critical illness between the ages of 40 and 70.
- Women: 1 out of every 4 will develop a critical illness between the ages of 40 and 70
Family Protection- Life Cover &/or Specified Illness Products
In life, nothing is more distressing than the death of someone close to you. Have you considered how your family/ loved ones might cope financially if you fall ill or even have to live without you? Have you considered the extra challenges of:
- Loss of income
- Difficulty of paying bills/ loans/ paying for education
- Threat of asset repossession
- Inheritance tax bill
- Funeral, childcare and extra living expenses
Purchasing a home is one of life’s biggest financial commitments so it is important to have the right cover in place to protect it.
Mortgage protection is designed to pay off the outstanding balance on a mortgage in the event of a person dying prematurely. Most banks will require that mortgage protection is in place prior to granting a mortgage. Additional cover can be secured on same policies to cover a specified illness, an accident, etc.
With a variety of options it’s worth taking the time to discuss with us what’s right for you.
Don’t let your financial situation worry you! If you are unsure whether you are adequately covered or don’t have any in place, get in touch today. We can arrange a complimentary initial consultation with one of our friendly Qualified Financial Advisors.