Personal Protection

Financial Advisor Cork, Financial Planning

Personal Protection Advice Cork

As you age and your family grows, it's natural that you think more about providing for them if you are no longer around or if you become seriously ill. Did you know that people under 65 are more likely to suffer from cancer a heart attack or stroke than dying and 62% of cancer patients say their diagnosis or treatment caused them financial problems. By choosing life cover or serious illness cover from us you can focus on what matters most. Peace of mind for you and your family. Just choose the best plan for you and get busy enjoying life.

There are a number of different types of protection policies in the market, each of which is designed to protect you from particular life events, such as serious illness, accident, injury or death. They can provide you with financial protection in different ways: Income Protection will pay you a regular, alternative income for the duration of your illness and recovery; Life Insurance pays your dependents a lump sum in the event of your death; and Specified Illness Cover pays you a lump sum if you are diagnosed with any of a defined set of serious illnesses.

All three of these products are designed to protect you from some of life's most unforeseen events. Income Protection with Specified Illness Cover attached provides the most comprehensive and cost-effective form of protection against the financial consequences of serious illnesses such as cancer, motor neurone disease, Parkinson's, multiple sclerosis, kidney failure and others. How you strike a balance between Life, Income and Specified Illness cover really depends on the premiums you can afford to pay.

Life Cover - Look after those that depend on you

As the name suggests, Life Cover will pay a lump sum to your family in the event of your death. No one knows what the future holds, so it’s good to know that your family’s financial position is assured if something should happen to you. This is why it’s so important to have adequate life cover.

One important question to ask yourself is “how long would my family survive on my savings if I died?” You may be fortunate and not be fazed by such a question but the majority of the people we advise are insufficiently covered.

The amount of life cover you require depends on where you are in your life cycle. For example, a young single person does not have the same needs as that of a married couple with a family.

Even if you already have some form of Life Cover it is always worth reviewing it to make sure it is suitable and cost effective. For instance, you might have Life Cover to protect the mortgage on your house, but if that cover is linked to a property, there may not be much left for your family to live once the mortgage has been paid.

To see how much income protection you need just use the Life Cover Calculator below.

 

Serious Illness Cover - Look After Yourself and your Family

Everyone gets sick from time to time. In fact, the statistics are quite alarming. One in four men and one in five women will become seriously ill before they reach 65.

  • Specified Illness insurance pays you a lump sum if you are diagnosed with one of a list of illnesses, such as malignant cancer, heart attack and stroke.
  • The average age of claimants for specified illness cover in 2010 was only 47 with over 80% of claims for cancer and heart disease (Irish Life claims survey)

While we are living longer for many of us a serious illness could change life forever which is why it’s so important to make provision for such an event. Coping with a serious illness is a challenge enough in itself, but for most people life and living must go on. There will be mortgages or rent to be paid, children to be sent to school, groceries to be bought and often lifestyle adaptations to be made and paid for. You might need to take time off work to undergo treatment, to convalesce or to allow time for rehabilitation. Indeed, a serious or progressive illness may mean that you would be unable to return to your job or even to the workforce. Perhaps you would be able to live on your savings, that's if you've been careful enough to put away a substantial amount of money for just such an event. There is limited State assistance available for those suffering a serious illness, but the levels of financial assistance are unlikely to be enough to support even the most basic of modern lifestyles, especially if you have dependents or children.

Plan for the unexpected

No amount of money will make up for suffering a serious illness. However, with a bit of prudent planning, you won’t have to worry about money while you are getting back on your feet.

Specified illness protection covers the following illnesses: Cancer, Emphysema, Heart Attack, Blindness Stroke leaving permanent damage, Paralysis, Multiple Sclerosis, Kidney Failure, Muscular Dystrophy, Loss of Hearing, Motor Neuron Disease, Chronic Liver Disease, Rheumatoid Arthritis, and Benign Brain Tumours.

With Specified Illness Cover in place, upon diagnosis and acceptance of your claim you will receive a cash lump sum which you can use however you wish. You could use it to address your most immediate financial responsibilities, such as paying off a mortgage to secure your family home for you and your loved ones, or discharging any outstanding debts such as personal loans, car loans or credit card balances. Measures like these can take a financial weight off your mind and give you the time and energy you need to focus on the treatment of your illness. You could also choose to use the lump sum to cover your ongoing living costs such as mortgage, rent and other typical lifestyle outgoings. Much depends on the nature and progression of your illness, but the point is that the choice is entirely yours.

Not all Specified Illness Cover is the same, however. Not only does the list of specified illnesses vary from provider to provider, but so too do the benefits and premiums that apply to the level of cover you might be looking for. Just as important to note is that the lists are very specific, hence the name of the cover, and you do need to read exactly what is and what is not covered. None of this is to catch consumers out or for providers to avoid paying claims. It is simply so that the cover will protect those whose lifestyles are under greatest threat and to make the cover more affordable for a wider range of people.

Income Protection - Protect Your Lifestyle If You Can’t Work

Most people have house insurance and car insurance – we even insure our pets, but what about our most valuable asset – our ability to earn an income. If you were unable to work, would you still enjoy the same lifestyle? More importantly, would you still be able to meet your monthly financial commitments, such as:

  • Mortgage payments
  • Groceries
  • Heating costs
  • Fuel bills
  • Utilities
  • Holidays & socialising
  • Children expenses

It’s very unlikely that any state assistance will cover all your commitments. Fortunately, there’s an easy solution – Income Protection. An income protection policy will pay your income up to age 60 or 65 should you be unable to do your own job for any medical reason.

To see how much income protection you need just use the Income Calculator below.

 

 

 

 

Life Cover Calculator

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