- Finances are the last thing you should be concerned about during a loss.
- Combating serious illnesses is difficult enough without having to worry about how to pay for treatment.
- Let the uncertainties of life be about something other than money.
You might already be dealing with a lot of stress and so financial risk should be the last thing bothering you during these times.
|Health Insurance||pays medical bills|
|Life Assurance||pays a lump sum in the event of the death of the life assured|
|Critical Illness||pays a lump sum in the event of an illness|
|Income Protection||pays an income if you suffer a loss in income due to ill health|
The Irish State supports individuals to some extent in these situations but for most, it would represent an enormous drop in living standards. These contracts can provide you with a replacement income or funds for bills if you are affected. With our assistance, we can consider which are the most appropriate protection for you and your situation.
A life insurance policy will pay out a lump sum to your dependents when you die. This may be used used to pay funeral expenses that arise or to pay off any debt the deceased leaves behind i.e. Mortgage, Credit cards debt etc. but just as importantly, to provide a replacement income for what is lost to dependents as a result of loss of earnings.
This is not something many people like to think about, however, plans should be put in place to financially protect your loved ones in the event of your death.
Proper planning relevant to your situation is vital, as situations such as whether you are married or not will affect how you need to structure your policies to be properly covered. This is a common mistake with unmarried couples in particular where the remaining partner ends up being heavily taxed upon payout of a Life Insurance Policy due to the policy not being executed properly.
This policy guarantees a payout when the policyholder dies as long as the monthly premiums are maintained.
These cover two people on the same policy and will payout on the first death if it’s a joint life policy or will pay out separate lump sums when both parties die if it’s a dual life policy. If you are a couple with children it is worth considering one of these policies.
This pays a lump sum to your estate or named beneficiary if you die during the term of the policy.
Conversion Option – If you add this option to a term assurance policy you can extend or renew your policy down the line without the need to be medically assessed. There may be a change to the cost of the premiums if you use your conversion option as it will be dependant on your age and the amount of cover at the time, however, if your state of health has deteriorated since taking out the original cover it will not affect your new policy.
Indexation Option – This protects the real value of your policy from decreasing over time due to inflation. The value of your policy and premiums will increase each year at an agreed rate.
Thinking ahead and planning for these unforeseen events can make a huge difference to the family you leave behind. Your Financial Advisor will talk through your options with you and explain in simple terms the best fit for your situation.
Life Insurance lump sums are paid tax-free, however, whoever inherits the money may be liable to pay inheritance tax. This will depend on their relationship to you, whether they have received inheritance money before and the Revenue rules at the time. The inheritance tax rate is currently at 33%. There is no inheritance tax to be paid on sums received from Spouses or civil partners. For couples who are not married/civil partners, it’s worth getting advice around, insuring the life of your partner so you get the full benefit of the life cover tax-free.
To get more information on this please contact us and one of our advisors will be happy to discuss your situation and advise what the best option is for you.
Have you ever considered how your life would be affected if you were to suffer a serious illness, such as cancer or a stroke? Would you be able to maintain your lifestyle and provide for your dependants?
If an illness affects your health you may need to reduce your working hours or may not be able to work at all. This drop in your income is what Serious Illness can help with, and allows you to continue to meet your bills, mortgage, day to day expenses and medical bills if required.
It will pay out a tax-free lump sum on the diagnosis of a disease specified in your policy. It is usually taken out as part of a life assurance policy but can be taken out on its own.
There is a range of benefits and different options available to you which can be discussed with our Financial Advisors, as the cover provided by the various Life Companies can differ.
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At New Alliance, we help you to do right by the ones you love, those who depend on you financially. The policies you put in place can protect the future plans and expectations you have for your family in the event of serious illness or death.
As a financial broker, we will discuss your goals with you, assess your needs and help to create a plan to meet those needs. We perform detailed reports and calculations to determine how much coverage you actually need by taking into consideration your income, existing policies, death in service benefits, if you are entitled to the widow pension, any savings you may already have, who is dependent on you and their age, and various other factors that may affect the amount of cover you need. We will then discuss this with you in simple language so you fully understand the level of cover you need. It is our job to ensure you are recommended the best policy with the best benefits to suit you and your family. We then search the market for the most appropriate policy and the best price from the Life Assurance providers in the country, using our ‘Fair Analysis’ of the market. Insurers may charge different premiums for the same level of cover and so we are here to do the research and take the hassle out of it for you. We will make sure that you choose the best product to suit your needs and circumstances.
We will then help you through the process of setting up your cover and ensure everything is put in place. We strive to ensure all of our customers fully understand the benefits and limitations of their cover so there are no surprises down the line.
Call us today so we can help you to get the right cover to suit your needs and meet your goals.