Protection Planning
- Income Protection/ Permanent Health Insurance
For most of us, our income is the most important asset. This type of cover provides you with replacement income if you cannot work as result of an illness or injury after a certain time period.Cost will depend on your age,income, health and your occupation. Payment on your plan are eligible for tax relief at your marginal rate of tax.The maximum benefits payable is 75% of your total yearly earnings less any state benefits.
- Serious/ Critical Illness Cover,
The cover provides a lump sum in the event that you contract one of the illnesses covered under the plan.The cost depends on your age, health the term and the amount of cover you choose.It can be bought separately or as part of a life insurance plan such as term insurance.
- Mortgage protection /Decreasing term assurance
This is the basic cover that you have on your home loan. It is life insurance to cover your outstanding mortgage if you die.The level of cover provided will reduce over the term in line with the proposed decreasing capital owed on your mortgage.The cost will depend on the amount of cover required, term of the loan, your age, whether you are a smoker or non-smoker and your health status.
- Life Cover
Life cover pays a lump sum to your family or personal representatives when you die.
Life insurance is an insurance product where you agree to make a monthly payment to the insurance company in return for a lump sum payment to help protect your family’s standard of living if you die.
You can purchase term assurance or whole of life assurance. Term assurance is for a set duration ie typically 20 or 30 years.Whole of life insurance you will be insured for your whole of life until you die, as long as you continue to pay your regular payments.The cost is life insurance is based on your age, your health whether you smoke and how much protection you want.You can also have it inflation protected (ie indexation) which allows you to increase your cover every year to keep in line with the cost of living.This protects the real value of your cover as time passes. You will have to pay extra for this indexation benefit.