It can be easy to take our income for granted. It pays the bills, helps us take care of our family, maintains our home life, car and essential to our quality of living. But what if you were to have an accident or be diagnosed with a long-term illness that prevents you from working and earning a living?
That is where income protection come in, it provides you with an alternative income while you are unable to work, meaning you can keep on top of your bills that matter, mortgage/rent, loans, food bills and more!
You can cover up to 75% of your earnings, less any entitlement to a state illness benefits. If the premium quoted doesn't suit your budget you do not have to cover the fill amount of your earnings but can be sure there will be a regular income continuing. Income Protection is the foundation of being full covered.
If you want to learn about income protection and the options available to you just give us a call.
Life for most people is about working hard, raising our families, enjoying life today while saving for the future too. Most of us are also in the process of planning for our retirement, trying to make sure our later years are a time to be enjoyed.
Unfortunately for some, these plans get upended by an unforeseen event, whether that’s a serious illness or worse, a death. Apart from the grief and upheaval, these events can have a catastrophic effect on you and your family’s future financial plans. Research carried out by Irish Life found that one in two parents are worried about their finances in the future. Their top financial concerns were being taken sick, unable to pay bills and not having enough insurance cover.
However, a bit of forward thinking can help you ensure that financial disaster is not an additional burden to bear if an unfortunate event should strike. Alongside your plans for financial growth and wealth accumulation, it is equally important to underpin your plans with some financial safeguards.
Have a nest egg
For some people, even a short absence from work can result in financial hardship. While saving for the future is of course important, we strongly encourage people to have a small nest egg set aside of a few months income, to cover any unexpected absence from work.
Protect your family’s ability to cover expenses
If you have a mortgage, you should have life assurance in place to pay off the loan in the event of your death. However if you are the family breadwinner, it’s really important that you don’t stop there. We strongly suggest that you have enough additional life assurance in place to cover your family’s expenses, at least until maybe the kids are through college. On top of their grief, life need not be a constant financial headache for your spouse and kids left behind.
Getting sick can be an expensive business
Getting sick can be a financial disaster. Your income can go, maybe even your spouse’s income can be affected if you need their help and care. Unfortunately the bills don’t stop in line with your reduced household income. Often there are also other immediate financial issues that arise – your house may need to be reconfigured to make life easier, specialist equipment may be needed, for some a wheelchair accessible car is needed. All of these require money, and this is no time to be out there looking for a loan.
There are numerous financial solutions available that provide you with the ability to cover your bills, and also lump sum payments to get you over immediate calls on your cash. When we understand your exact family profile and other financial supports that you might have in place, we can design and find the very best solution for you.
Now is the time to achieve peace of mind by protecting your financial future
Multi-Claim Protection Cover
Life is difficult to predict and with the progression of modern medicine and health Royal London have created a product that has the potential to pay out multiple times over the lifetime of the policy. AS more people are thankfully surviving illnesses they are diagnosed with there is now the risk of being diagnosed more than once and so Royal London have created the Multi-Claim Protection Cover by basing the amount paid for each claim on the severity of the diagnosis.
Most serious illness protection policies pay out only once if you have been diagnosed with a specific serious illness but the Multi-Claim Protection Cover is different! Multi-Claim Protection Cover is designed to give you financial support, aligned with the impact an illness or condition can have on your life, paying out 5% to 100% of your cover depending on how severe the condition or illness is. This means that even after making a claim for a serious illness, once you have not claim 100% of your cover, you will still have cover in place and continue to claim on the policy as needed until you have claimed the full amount of your cover.
This cover product provides cover for a variety of conditions such as cancer treatments, heart and neurological conditions, psychiatric admissions, surgeries and much more.
Also as all our Protection Policies the Multi-Claim Protection Cover includes protection for your children of up to €25,000 with cover commencing from pregnancy as cover would be provided for premature birth of before or during the 32nd week of pregnancy. This is a separate payment and your own cover under the policy would not be affected.
This type of cover can be more cost effective than the Specified Serious Illness Protection with acceptance terms attained more easily.
We have attached below an overview booklet by Royal London outlining the details of this cover and if you require any further information on this or wish to receive your quote for this cover do not hesitate to contact us!
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