With life insurance, you can make sure your family (or anyone who is financially dependent on you) is
protected even if the worst happens to you.
If you are a Single Parent, Married, Partnered Couple, Stay at Home Parent or Business Owners, it’s
prudent to take precautions against the financial impact of your death.
The key word here is “Term” meaning this type of Insurance provides cover for a specific period of time. (Eg. until your mortgage is paid off or your youngest child finishes university). Term Assurance Plans are generally cheaper than Whole of Life Plans however the cover ceases at the end of the term unless you have / exercise a conversion option.
This type of policy covers you for the whole of your life, not just for a specific length of time like term
assurance does. It’s lifelong protection for as long as you pay the premiums, which also may build up
a cash value. These plans are typically reviewable plans, thus the cost of same may change over
time. Some Life Companies now provide guaranteed whole of life plans whereby premium is fixed for
the term.
This type of cover pays a tax-free lump sum if you are diagnosed with any of the specified illnesses
(examples of types of specific illness are cancer, heart attack, stroke, multiple sclerosis, parkinson’s
disease) covered under the plan. Some policies cover up to 48 illnesses for full specified illness cover
payment, whilst also covering up to 41 additional conditions whereby an additional partial specified
illness cover payment is made. This cover can be taken out as a standalone specified illness policy or
in conjunction with a life assurance policy (accelerated specified illness cover).
Income protection is an insurance policy whereby you can cover up to 75% of your income less state
disability benefit (if applicable) if you are unable to work due to illness or injury.
It covers any illness or injury and the amount & term of cover can be tailored incorporating employer
sick pay arrangements (if any). The policy commences benefits after a minimum deferred period of
time out sick (4/8/13/26 or 52 weeks) & will continue to pay you until you return to work or you reach
the agreed retirement age whichever is earlier.
Many SME businesses in Ireland tend to be built around one or two key individuals: the founder, the
sole trader, the partners, the directors. What if one of them were to pass away? Would the business
survive?
A business protection insurance policy will pay the business a tax-free lump sum to help the company
to readjust.
You might also want to use the policy to buy the shares from the partner or family of a team member
that might be left in his or her will. Buying the deceased director’s shares without any fuss can help
everyone (and the business) to move on with the least upset possible.
It’s a good idea to review your protection plans periodically but most especially whenever
circumstances change, such as getting married, having a baby, changed jobs, taking out a mortgage
or starting a business. A review will help to ensure that your cover is sufficient based on your
circumstances at that point in time.
We understand that everyone's schedules are different, which is why we offer appointments outside of regular business hours and online consultations.
11 New St, Killarney, Co. Kerry, V93 CPX7
Get Directions
Monday to Friday
9.30 AM to 5.30 PM
Justin - 087 9316654
