As 2024 draws to a close, all of us at Cummins Financial Services want to take a moment to express our heartfelt gratitude for your continued support throughout the year. Your trust and partnership have been instrumental to our success, and it’s been a privilege to assist you with your financial needs.
As we look ahead to the opportunities of 2025, we remain committed to providing you with exceptional service and tailored solutions to help you achieve your goals. From all of us, we wish you and your loved ones a joyful Christmas and a prosperous New Year. May this festive season bring warmth, happiness, and peace to your home. If you’ve appreciated our services this year, we’d be incredibly grateful if you could take a moment to share your experience by leaving a Google review. Your feedback helps us grow and continue to serve you better. cummins financial services cahir reviews - Google Search Thank you once again for choosing Cummins Financial Services. We look forward to working with you in the year ahead. Warm regards, John, Rebekah & Sarah Closing for Christmas on 20th December and Reopening on 6th January.
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When it comes to life assurance, navigating through the many options can be a difficult task. Whether it's mortgage protection, term cover, convertible term, whole of life insurance or the other types of policies available in Ireland today, understanding each policy's specifics is crucial. Here's a straightforward guide to help you make sense of these options and understand why expert advice is essential.
Mortgage Protection Think of mortgage protection like a safety net specifically designed for your mortgage. If you or your spouse pass away, this policy pays off your remaining mortgage, so your family won’t have to worry about monthly payments during a difficult time. The amount of cover decreases over time, tracking closely with the decreasing balance of your mortgage. This type of insurance is usually the minimum cover required by banks when you take out a mortgage. Term Cover Term cover is cover for a fixed period, say 10, 20, or 30 years. If you pass away during this period, the policy pays out the cover amount to your beneficiaries. After that, the cover ceases. It’s straightforward and generally less expensive than other options, as it’s for a fixed period and doesn’t accumulate any cash value. Term cover is a good fit if you’re looking for a simple, budget-friendly way to protect your family during your working years. Convertible Term Convertible term insurance starts out like regular term cover, but it comes with an added benefit — you can convert it into another policy at the end of the term, without having to undergo another medical exam. This is especially valuable if your health changes, and obtaining new life insurance might either be prohibitively expensive or impossible. While only slightly more expensive than basic term cover, it gives you flexibility and peace of mind, knowing that you can opt for extended cover at the end of the term, without any hassle. Whole of Life Whole of life insurance is intended to last for your entire life, providing a guaranteed pay-out when you pass away, not just if you die during a specified term. This cover doesn’t expire as long as you pay the premiums, and in some cases it may also accumulate a cash value over time. Some Whole of Life policies have premiums that are guaranteed never to change, while the premium is reviewable on other polices. Expert advice is crucial. Whole of Life cover is more expensive than term cover, but it can be a powerful tool for long-term financial planning. The key is getting good advice As you can see, life assurance isn’t a one-size-fits-all product. Choosing the right type depends on a myriad of factors including your financial goals, your family’s needs, your health, and your future plans. This is where professional financial advice becomes invaluable. We take the time to understand your unique situation and guide you through choosing a policy that aligns with your life goals, whether that's providing for your family, securing your home, or planning for your estate. Our expertise helps ensure that you don’t just have any policy, but the right policy. Contact us and let’s make sure your life assurance strategy supports your overall financial well-being, giving you peace of mind that your loved ones are protected. The health and welfare of your business partner is a really important factor in your financial planning. After all, they have probably been working alongside you since you came up with the idea for your business. They also have shared the highs and lows as your business survived those difficult early years, and hopefully has grown as time went on. Your partner has shared the stresses and strains, and hopefully together you’ve built a business you’re both proud of. It wouldn’t have been the same, or indeed may not have happened without them.
One of the more important business activities of any company owner or partnership is the whole area of risk management. So what do you think about when you think of something “going wrong”? Is it a fire in a warehouse, an accident involving a company vehicle, maybe somebody tripping and falling in one of your retail outlets? Is it someone suing you for poor performance in your business activities? These are all areas where businesses build contingency plans or put insurance in place. However, research in the UK has shown that 52% of businesses would cease trading in under a year if a key person died or became critically ill.* This is a risk that you must manage, and thankfully there are solutions available to do just that. Business Protection There is a range of business protection solutions available to help businesses survive the death or indeed the serious illness of someone whose loss would result in a financial hit for a business. These solutions provide several benefits for businesses. • They offer real peace of mind benefits to the directors or partners as they remove the financial worries associated with the death or serious illness of a colleague. • They remove the need for businesses or surviving partners to borrow money to buy out their partner’s share of the business. • They remove the need for a surviving family member to take the deceased’s place in the business. There are a number of different types of business protection solutions available to suit the different types of business structures. Co-director’s insurance Each director insures themselves against the death of their co-director, enabling them to buy out their co-director’s shares on death, and serious illness if they wish. As an alternative, the insurance can be put in place by the company itself. Partnership insurance Similar to the above, a partnership takes out insurance, protecting itself against the death or serious illness of an individual partner, enabling them to compensate the deceased partner’s estate for their share of the partnership. Key person insurance This helps a business to minimise the impact of the death or serious illness of a key employee. The insurance can be used to quickly attract a replacement employee or indeed to pay off any loans of the company that may have been guaranteed by the deceased. The key to finding the right solution is getting the right advice. And that’s where we come in. If protecting the future of your business is a concern to you, please give us a call and we can walk you through your options. |
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