Life / Income / Mortgage Protection

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Mortgage Protection

Life has a habit of throwing up unexpected surprises. By having adequate protection in place you can ensure that your family are protected should the worst happen. Many people will have mortgage protection in place which will pay off their mortgage should they die within the term of their mortgage. However, they do not consider the effect the death or serious illness of either parent would have on the family should the worst happen.

Whole of Life Cover

A Whole of Life policy will provide protection to your family on your death irrespective of when your death occurs. The cost of this product differs widely between different providers and it is therefore important to obtain Impartial, Independent advice so that you are aware of the terms, conditions and benefits of each policy. Typically these policies are set up as Section 73/73 and used for inheritance tax purposes.

Term Life Assurance

A Term Assurance policy will pay out a Tax Free lump sum to your family on your death if you die during the term of the policy. Term Protection is cheaper than Whole of Life Cover as it will only pay out if you die within the term of the policy.

The following options can be added to your Life Assurance Policy:

Serious Illness Cover

Serious Illness Cover will pay a Tax Free Lump sum if you are diagnosed with a specified Serious Illness. This will provide cover for you and your family when you need it most. The last thing you will want to think of in this situation is money. An adequate Serious Illness policy will ensure that you can concentrate on getting better without having to worry about your finances.

You are four times more likely to suffer a Serious Illness before the age of 65 than to die (Source: Irish Life Claims 2011)

Cancer Cover

There is now a one in three chance of a man, and a one in four chance of a woman developing invasive cancer in their lifetime. (Source: Cancer in Ireland 2011: Annual Report of the National Cancer Registry).

Cancer Cover will pay a Lump Sum if you are diagnosed with Cancer, as specified in the policy, to help with the extra financial burden caused such as:

Income Protection

Income Protection provides a replacement income should you be unable to work due to Any Illness, Any Accident or Any Disability.

There is a 1 in 6 chance that you will be out of work for 6 months* or more during your working life. That’s the same odds as throwing a dice! (* Source: Central Statistics Office, 2007)

Your Income is your Most Important Asset – Your income pays for all your outgoings:

If you were unable to work could you survive on the State Illness benefit of €188 per week?
No Illness Benefit is paid if you are self-employed!
Employers aren’t obliged to pay for Sick Leave!
Income Protections Premiums qualify for Tax Relief
Income Protection Benefits are paid until you are able to return to work or until you retire
As an Independent Financial Broker, Key Financials highly experienced and qualified financial advisers will provide you with quotes from a number of providers and we will explain the differences in each policy.