I was asked recently the difference in cost between smoker and non smoker rates for a mortgage protection policy. It ended up being €35 a month. For a 25 year mortgage, this totaled €10,500 over the term of the mortgage. I also calculated the cost of her husband’s 20 a day habit would be €220,000 […]
Part of my job as a financial planner is catastrophe planning. Are you and your family protected against premature death or the loss of the ability to earn an income. Insuring this risk is the simplest way of negating this risk. I occasionally talk to people who are sceptical about cover, believing that insurance companies […]
When it comes to buying risk benefits, whether you smoke or not is a major factor in the price of your cover. For life cover and specified illness cover, you can expect for the cost to be double for a smoker than it for a non smoker. The increase for income protection isn’t as much […]
I went to the barbers recently to get a haircut. The barber was as mad a box of frogs and was chatting away to me about this or that. During the chit chat she asked me what I did, so I told her I help people with their money. People normally switch off when I […]
Life cover is a necessary outgoing for most of us, especially if you have a family; we all know how expensive children can be. I have heard some people use a rule of thumb of 10 times salary, which to me, is far too general. That’s just plucking a number out of the sky and has […]
A few weeks ago, a woman sued Irish Life over an alleged failure to pay an income protection claim. The case was eventually settled out of court. For sick clients, this is a nightmare scenario, you are unable to work, your income has stopped and you make a claim on the insurance policy that you […]
Clients come into me with lots of plans for what they want to do in the future; renovate an old house, go scuba diving in tropical waters, own a log cabin, even just maintain their current lifestyle. All these ambitions are based on their ability to earn an income. What is income protection? Income protection […]
Life cover has two main roles; (1) replace lost income and (2) cover large debts. While it is cheap when you are young, it is another expense that you are committing to paying for most of your working life. There are enough demands on your money, so why pay for something you don’t need. Today, […]
In last weeks blog, I suggested cohabiting couples take out life of another cover to protect themselves financially if their partner dies. People have been asking me what life of another cover is and how does it differ from normal life cover. Life of Another Cover Usually, people take out life cover on their own […]
In 95% of the key person insurance plans that I have set up for clients, it is because a bank had requested it before they give a loan. Key person insurance has a lot more benefits than just that and company owners should be looking at using it a lot more to protect their company. […]