This week in Life Insurance in Ireland 2 we delve into some extras and hot tips!
Ok, so, Life Insurance in Ireland 2 doesn’t sound like a very interesting topic, let’s be honest. But it is an important issue that can be vital for many families. In this issue we will point out some extra benefits and some ways to potentially save money.
PS: If you missed our recent article covering the basics of Life Insurance please click here https://osullivanfinancial.ie/life-insurance-in-ireland/
Life Insurance Hot Tip 1: Get Tax Relief on Life Insurance:
- If you are not a member of an occupation pension scheme you could take out Life Insurance and claim tax relief on it!
- If you pay 40% tax this is a 40% saving on the cost.
- This also applies to the self-employed and company directors.
- There are limits and some tax regulations to adhere to, but a potential saving of 40% is worth checking out.
- Personal Pension and Executive Term Assurance could be an efficient way of protecting your family.
Your local Financial Advisor can explain all!
Key Point: No one wants to pay too much tax or miss out on reliefs available. Could you get tax relief on Life Insurance?
Life Insurance Hot Tip 2: Get some serious illness cover!
- Do you know anyone about your own age who has had a serious illness? (Cancer/Heart Attack/Stroke etc.)
- Having such an illness is distressing enough, but what about the cost? Time off work? Medical Bills? Other unexpected expenses?
- It has been estimated that the average cost of getting a serious illness is €60,000.
- Cover is relatively cheap and having it would take pressure off you at a time you certainly wouldn’t want it!
- Serious Illness Cover (AKA Specified Illness Cover) can be taken out in its own right or in conjunction with Life Insurance. (Terms and Conditions will apply)
- On average 1 in 3 people will get a serious illness during their working life.
Talk to your local Financial Advisor today.
Key Point: The younger you are the cheaper the price! Start when you are young, fit and healthy.
Life Insurance Hot Tip 3: Get cover that lasts!!!
- We all know that people are living longer (and healthier) lives.
- You can get Life Insurance with a Guaranteed (fixed) monthly cost to age 85 and beyond.
- If looking at this area why not look at the long term and take out cover that really lasts?
- In the end it’s about protecting your loved ones.
Once again your friendly financial advisor can show you how to plan for the future (however distant!)
Key Point: Taking out cover late in life can be difficult as many of us will have some sort of medical condition, get in early and go for the long game!
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McCann Financial Consultants t/a O’Sullivan Financial Solutions is regulated by the Central Bank of Ireland