Personal / Family Life Assurance
Nobody likes to focus on their mortality but it is financially essential that you consider life insurance, whether you have a young family or dependents, taking a mortgage out or just trying to avoid your family paying estate taxes on your death.
The cover should be sufficient not only to cover any liabilities on your death including mortgages and other debts but sufficient capital to provide your dependents with some level of financial security.
Serious Illness Protection
Illness is an unfortunate fact of life. Around 15,000 people die each year from heart disease, while over 13,000 people a year are diagnosed with cancer. Many thousands of people find themselves with a drop in income because they have suffered a disability.
Serious Diseases require serious means.Hippocrates
Serious Illness Protection
Serious Illness Protection provides a TAX FREE LUMP SUM in the event that you are diagnosed with one of the specified illnesses covered under the plan.
Specified Illnesses
Most insurers cover over 40 specified illnesses in their policies including cancers, heart disease, stroke, renal failure, paralysis, major organ transplant as well as a range of other conditions.
Pay-out
A claim pay-out normally requires the insured person to survive at least 14 days after the diagnosis of a serious illness.
Serious Illness Protection can be taken out in a policy on its own or effected alongside a life assurance cover plan.
The suitability of this type of cover for any individual as well as understanding its many benefits would need to be discussed in detail with your Efficient Financial adviser.
Income Protection
What would you be willing to give up?
Income protection
Income protection offers financial security for you and for your family if you are unfortunate enough to be out of work because of an illness or accident, and suffer a loss of earnings as a result.
Taxable
The benefit you receive is treated as taxable income, and will continue until you are fit to return to work or retire. In most cases there is a limit on the amount of benefit you receive – generally 75% of salary less any Social Welfare entitlement. The premiums are tax deductible up to certain limits.
As with insurance in general, there are terms and conditions and you should make yourself familiar with these in consultation with your Efficient Financial adviser.
Inheritance Tax
Prudent Estate Planning is essential to ensure that the assets you spent a lifetime putting together are safeguarded on your death.
Insurance can play a significant role in ensuring that this happens.
