Protecting your income is probably not the first thing you think about when planning your financial future. It’s more natural to focus on the tangible things in life like buying your first home, saving for college education, or planning for retirement. But interestingly, these all have one thing in common – money! The money you earn through your salary funds everything, from your daily household expenditure, right through to your dreams and passions. But what happens in scenarios where you get sick or disabled? This can have far more wide-reaching consequences – an illness might not be short-term and could have the effect of putting your entire financial future in jeopardy.
An accident or serious illness, stress or burnout... There are many reasons for not being able to work for a while. According to the 2022 census nearly 190,000 Irish residents were unable to work due to permanent sickness or disability. And unfortunately, many people who fall ill can no longer pay their regular household costs and experience financial difficulties. You are more likely to need to claim off an Income Protection policy than any other term policy. Income Protection is there not only to protect the big things, but to make sure you can continue to enjoy the lifestyle they are used to.
An Income Protection policy can be adjusted in numerous ways to suit your budget and cover the more important expenses in life. To receive quotes for an Income protection policy please contact us.
With the the expected date for the commencement of Auto Enrolment approaching many people are curious whether it is best for them to wait until then to begin saving for their Retirement. Royal London recently issued a press release explaining why now is always the best time to start building your pension fund.
I’m in my early 30s. I haven’t yet started a pension. My boss doesn’t offer a company pension scheme so I’m considering setting up my own pension by opening a Personal Retirement Savings Account (PRSA). I am now wondering if I should hold off until auto-enrolment is introduced?
Answer: Mark Reilly, Pension Proposition Lead, Royal London Ireland
It certainly feels like we are getting closer to the implementation of auto-enrolment (AE) retirement in Ireland. The recent publication of the AE Retirement Savings System Bill 2022 is starting to put forward a framework within which AE will operate in Ireland. However, work is continuing on legislation to set up the scheme so it could still be some time before AE gets up and running in Ireland. The earlier you start saving for a pension, the better. For this reason, it’s worthwhile saving for your retirement by starting a PRSA. You can stop saving into your PRSA if and when AE is introduced, particularly if you are likely to build up a higher pension under AE than through a PRSA. You will not lose the pension benefit you have built up in your PRSA if you stop saving into it – the benefit will remain there until you can access it, which is usually around retirement age. Bear in mind too that while the Government is committed to introducing AE, there is no guarantee that it will go ahead. To get a PRSA, you must enter into a contract with an authorised PRSA provider. You have a choice between a Standard and a non-Standard PRSA. There is a limit on the charges on your pension with a Standard PRSA.
Contact us today and we can help you choose the right pension product option for you.
For most of us, buying a home is a major financial commitment. So, it is important that we have cover in place to protect your home, if the unexpected happens. A mortgage protection plan will pay off the outstanding balance on your mortgage if you die or become seriously ill. Bringing you peace of mind in the knowledge that your family home is secure, no matter what happens.
When you take out a mortgage, your provider will insist that you have sufficient cover, should you die within the specified term. You can also get cover for several serious illnesses or in the event of permanent total disablement. You will then pay a premium each month for the duration of the mortgage term. If the unexpected happens and you die or are struck by illness before the end of the term, the policy will pay off the mortgage with a lump sum. Your cover will decrease over the term of the plan, broadly in line with the capital outstanding on your mortgage.
As we are a brokerage, we deal with a number of Protection Companies and therefore can ensure that you receive the most competitive premium for your Mortgage Protection Policy. We provide Mortgage Protection starting from €10.00 per month and will ensure that the product you are provided with is suited to your needs.
For Mortgage Protection required for two people we offer Dual Life Cover. This provides cover separately for the two lives assured on the policy. This cover is offered at the same premium as a joint life policy (provided by your bank) where a claim for one life assured will reduce the overall level of cover for both and end the policy. Therefore, Dual life mortgage protection is a more beneficial option when taking out mortgage protection!
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