There has been a decline in mental health claims (Picture posed)

MENTAL health problems were the biggest single cause of claims for a pay-out on an income protection plan provided by Irish Life in 2015.

Cancer and back pain followed close behind in the list of reasons for claims for payments from an income protection plan.

A total of €53m was paid to people who were unable to work due to illnesses or injuries during 2015, an analysis of Irish Life's claims data shows. More than 3,000 income protection claims were paid in 2015.

Income protection is an insurance policy that pays benefits to policyholders who are incapacitated and unable to work due to illness or an accident.

The figures show that the average claimant's age was 49 for men, and 45 for women.

Claims averaged €19,380 per year. There was a fall in the number of claims for both mental health and cancer when the figures for the 2010 to 2015 period were compared with those for 2005 to 2009.

The decline in mental health claims was mainly due to a fall in claims for women.

In contrast, male claims rose from 2005 to 2009. The decreasing number of cancer claims is due to improvements in early detection and treatment, Irish Life said.

More people with a cancer diagnosis are surviving this illness, benefiting from income protection, and in a lot of cases recovering to be able to return to work, typically within 18 to 24 months, Irish Life said.

Managing director of Irish Life corporate business David Harney said income protection policies were important for those unable to return to work.

He said the company had more than 200,000 people insured for income protection.

 

 

Charlie Weston Personal Finance Editor

Irish Independent

 

Anthony Curran is an advocate for your financial future who takes a holistic approach to your needs and goals. He will work collaboratively with you to define what success and financial independence mean to you and how best to achieve them. Anthony is well qualified to provide long-term support and guidance on a variety of financial challenges and will help you focus on what you can control. Defining your own financial freedom will help you be more comfortable about retirement and the possibilities of creating the life you want. Whether you are single, married, or raising a family, your approach to financial well-being now will shape your life for years to come. www.lowcostlifecover.ie

Published in Blog

A guide explaining what happens to your bank accounts, loans, mortgage and utilities

 

It’s going to happen to us all, there’s no stopping it. And yet so many of us live our lives as if death isn’t inevitable. For most people, sickness will take them in their old age, which may give plenty of time to prepare.

For others however, death will come in their prime, leaving devastated families, and potentially finances, behind.

But what happens if you or a loved one dies unexpectedly? Does your family inherit your debts? Can they access your current account? Do you have to pay your mortgage if it’s in both spouses’ names? What about your mobile phone – do they have to continue the contract? And what about a car loan?

These are all questions which we will all ultimately have to face when a loved one dies, but ones which so many of us keep our heads in the sand about.

If you have already written a will, hopefully you have addressed many of these issues. If you haven’t, however, or if you did so a long time ago, you might have something to think about.

Keeping your finances in shape can help reduce stress at what is already a very difficult time.

1) Your bank accounts

You might be dead, but your financial accounts will continue to live on. Yes, until your “estate” informs the bank of your demise, money will continue to transfer into savings accounts, charges will be incurred on your account, and direct debits will be paid as usual.

Difficulties can arise when a spouse, or next of kin, is unfamiliar with that person’s financial information. How many accounts do they have? Where are they held? What about debts? And investments? And how can the bereaved access this money?

As a spokeswoman for AIB notes there is a “general lack of knowledge” among Irish people about what happens to your finances when you die and how probate works. If you’re the family’s sole, or bigger earner especially, your death can have significant ramifications on the family’s finances in the short term should your accounts be frozen.

 If the account is held solely in the name of the deceased for example, it will be frozen as soon as the bank is aware off the death. The proceeds of the account will fall into your estate and will be distributed to the beneficiaries of your will, or as per the rules of intestacy – but that’s generally a long process.

You will still be able to access some funds without the need of a grant of probate or letters of administration which arise when someone dies intestate (without a will), if looking for money to cover funeral expenses.

AIB for example, allows you to claim up to €5,000 to pay funeral expenses. You complete an application and indemnity to pay funeral and testamentary expenses.

Bank of Ireland will also allow payment for funeral expenses, directly to the funeral director.

“These are generally the only payments allowable until the estate is finalised,” a spokeswoman for Bank of Ireland says, though if there are any financial difficulties people can contact their branch or the special bereavement support unit.

An advantage of a joint account, however, is that “survivorship” applies. This means all the funds can pass directly to the named survivor on the account, so that a surviving spouse for example, won’t be restricted in accessing money in the days and weeks that follow a death.

This account can then be converted to a sole account.

If you have savings in a credit union, you’ll also be part of a life insurance scheme. The amount paid out in the event of a member’s death will depend on your age and how much you have saved with the credit union over the years.

Typically, every €1 saved before the age of 55 provides €1 of insurance. So someone who is 54 with €2,000 saved in the credit union, should be entitled to an insurance benefit of €2,000 should they die.

Over the age of 55, the benefits diminish, with someone aged between 65-69 earning 25 cent for €1 in savings. No insurance is payable on amounts saved after the 70th birthday.

For those earning almost zero interest on a deposit account, switching to the credit union would give an additional benefit in the event of an untimely death. And once you have earned these savings, the insurance stays in place, regardless of the age at which you might ultimately die.

Terms and conditions do apply however, and you should lodge the savings while you’re still in good health.

Keep an up-to-date list of your accounts and investments, either with your will, or give someone a password for access to a document containing this information.

You should also consider keeping a list of direct debit/standing orders that you would want to be reinstated and continued to be paid by your estate after your death.

2) Your loans

Maybe you took out a car loan in your name, or a credit union loan for a holiday, or have just overspent on your credit card. But what happens to these loans when you die?

Most financial institutions will simply pass these debts on to your estate – and interest will continue to accrue until they are repaid in full.

And, while the deceased’s family may be waiting on funds from their accounts to be released to settle day-to-day or other expenses, a lender is within its rights to take money from the deceased’s current accounts to pay off any loans they may have with that institution – before their estate gets to touch it.

“The bank will have the right to set off any debit and credit balances held in an account in the deceased’s name,” AIB says. If there aren’t sufficient funds to repay the loan, then the estate will also be liable “for any net debit balance due after death”, the bank says.

If the debt was taken out in both names, the surviving party will be liable for the loan.

Where there is not enough money in the estate to pay all outstanding debts, funeral expenses and the cost of administration of the estate, they will take priority, followed by secured debt (such as mortgages) and, finally, unsecured debts (eg personal loans).

If your loan is with a credit union however, it will typically be cleared upon your death. Typically, this is only offered up to the age of 70, but some credit unions will cover it up to the age of 85. Again, terms and conditions do apply. For instance, you can’t get a diagnosis of a serious illness and then take out a loan, expecting it to be covered by insurance.

Car loans can also be problematic. If the deceased entered into a hire purchase agreement to buy a car, for example, whether or not the estate will be on the hook depends on how much of the purchase price has been repaid; it all comes down to the so-called “half rule”.

According to Bank of Ireland, which arranges finance for Opel, if a customer has paid half of the hire purchase price (or more) and the agreement is up to date with no arrears, the car may be returned to the bank with no further liability. The estate can keep the vehicle and repay the rest of the loan if they so wish.

On the other hand, if less than half of the price has been repaid the estate will be liable for the contract. “Arrears, if any, must be paid and such sum to make up half the hire purchase price must be paid if that sum is not already paid,” the bank says.

Keep a record of outstanding loans and where they are held. And remember that it is the deceased’s estate that is liable for debts – not the deceased’s family. If a financial institution is trying to get you to take on the debts of the deceased, just say no.

3) Your mortgage

When it comes to mortgages, the good news is that some banks, including AIB, may allow a moratorium following the death of a borrower. This means the bereaved won’t have to scramble for funds to meet mortgage repayments while their finances are still up in the air.

Interest however, will typically continue to accrue on the mortgage until it is repaid in full by a life policy. If you have life insurance it’s worthwhile checking if this policy is assigned to your mortgage lender.

“This will reduce the delay in the insurance company making payment to the bank to clear the debt [during which time interest may continue to accrue] as the insurance company would not be required to wait for the grant of probate/letters of administration to be extracted first,” AIB advises.

According to Shona Chambers, financial adviser with John McColgan Financial Services in Donegal, mortgage protection claims usually go through “fairly quickly” in about four-six weeks or so.

“What usually what slows it down is a doctor filling out the report,” she says.

4) Your utilities

The gas bill is in your name; the electricity in his. You’re loyal to Bord Gáis but your husband was forever seeking out the best deals. Now he has died unexpectedly and your bank has stopped withdrawals and direct debits from his account.

You will need to contact your gas provider and arrange an alternative form of payment – but who is your gas provider? In the era of paperless billing, it can be a further complication if such information isn’t shared.

Another issue can arise with mobile phone contracts. If you die with 10 months left on your contract, must your estate settle the amount outstanding?

Fortunately, it appears not. According to Three, in the event of a customer’s death, an executor can contact the mobile operator and the account will be closed “with no outstanding costs pursued”.

Fiona Reddan

http://www.irishtimes.com/business/personal-finance/don-t-die-before-you-read-this-what-happens-to-your-money-if-you-die-unexpectedly-1.2962525

 

Anthony Curran is an advocate for your financial future who takes a holistic approach to your needs and goals. He will work collaboratively with you to define what success and financial independence mean to you and how best to achieve them. Anthony is well qualified to provide long-term support and guidance on a variety of financial challenges and will help you focus on what you can control. Defining your own financial freedom will help you be more comfortable about retirement and the possibilities of creating the life you want. Whether you are single, married, or raising a family, your approach to financial well-being now will shape your life for years to come. www.lowcostlifecover.ie

Published in Blog


Life insurance: Irish Life’s paid out €171 million on 2,600 claims during 2016, up by 10 per cent on 2015. Photograph: Getty

 

Claim book analysis shows a third of parents have no life insurance at all!!

Cancer is still the leading cause of death and illness in Ireland according to new figures, which also show accidents are the second biggest cause of death for the under- 40s, while a third of parents have no life insurance.

An analysis of Irish Life’s claim book shows that the life assurance company paid out €171 million on 2,600 claims during 2016, up by 10 per cent on 2015.The average payment was €66,880 for life insurance claims, €62,229 for specified illness cover, and €94,860 for terminal illness.

The largest individual life insurance claim paid out last year was €1.5 million, which went to the family of a claimant in their 50s who died of lung cancer. The family of a claimant in their 30s, who died of lymphatic cancer just 11 months after starting a life insurance policy, received a payment of €151,000.

Martin Duffy, head of underwriting and protection claims with Irish Life Retail, said the report highlights how important it is that people protect themselves against any financial difficulties caused by unexpected illness or death.

“When we look at how young many of our claimants are, it’s worrying that a third of parents still say they’ve no life insurance at all.”

Heart conditions

The number of people dying from cancer is continuing to rise, the data shows. Over half of women’s deaths (51 per cent) and 41 per cent of men’s death were attributable cancer last year, up from 48 per cent and 39 per cent respectively in 2015.

Heart-related conditions also featured as a leading cause of death but were more common in men at 13 per cent than women (9 per cent).

When it comes to specified illness claims, the disparity is not as great, with 53 per cent of claims paid to men, and 44 per cent to women. Malignant cancer was the main cause of such claims for women in 2016, with 74 per cent of women claimants having malignant cancer compared to just 46 per cent of their male counterparts. Breast cancer was the most common cancer in women, for men, it was prostate cancer.

 

http://www.irishtimes.com/business/personal-finance/accidents-are-second-biggest-cause-of-death-for-under-40s-says-irish-life-1.2966518

Anthony Curran is an advocate for your financial future who takes a holistic approach to your needs and goals. He will work collaboratively with you to define what success and financial independence mean to you and how best to achieve them. Anthony is well qualified to provide long-term support and guidance on a variety of financial challenges and will help you focus on what you can control. Defining your own financial freedom will help you be more comfortable about retirement and the possibilities of creating the life you want. Whether you are single, married, or raising a family, your approach to financial well-being now will shape your life for years to come. www.lowcostlifecover.ie

Published in Blog

Don’t die before you read this: what happens to your money if you die unexpectedly?

 

 

Keeping your finances in shape can help reduce stress for your family if you were to die unexpectedly. Photograph: Getty Images/Echo

Keeping your finances in shape can help reduce stress for your family if you were to die unexpectedly. Photograph: Getty Images/Echo

 

A guide explaining what happens to your bank accounts, loans, mortgage and utilities

Keeping your finances in shape can help reduce stress for your family if you were to die unexpectedly.

It’s going to happen to us all, there’s no stopping it. And yet so many of us live our lives as if death isn’t inevitable. For most people, sickness will take them in their old age, which may give plenty of time to prepare.

For others however, death will come in their prime, leaving devastated families, and potentially finances, behind.

But what happens if you or a loved one dies unexpectedly? Does your family inherit your debts? Can they access your current account? Do you have to pay your mortgage if it’s in both spouses’ names? What about your mobile phone – do they have to continue the contract? And what about a car loan?

These are all questions which we will all ultimately have to face when a loved one dies, but ones which so many of us keep our heads in the sand about.

If you have already written a will, hopefully you have addressed many of these issues. If you haven’t, however, or if you did so a long time ago, you might have something to think about.

Keeping your finances in shape can help reduce stress at what is already a very difficult time.

1) Your bank accounts

You might be dead, but your financial accounts will continue to live on. Yes, until your “estate” informs the bank of your demise, money will continue to transfer into savings accounts, charges will be incurred on your account, and direct debits will be paid as usual.

Difficulties can arise when a spouse, or next of kin, is unfamiliar with that person’s financial information. How many accounts do they have? Where are they held? What about debts? And investments? And how can the bereaved access this money?

As a spokeswoman for AIB notes there is a “general lack of knowledge” among Irish people about what happens to your finances when you die and how probate works. If you’re the family’s sole, or bigger earner especially, your death can have significant ramifications on the family’s finances in the short term should your accounts be frozen.

If the account is held solely in the name of the deceased for example, it will be frozen as soon as the bank is aware off the death. The proceeds of the account will fall into your estate and will be distributed to the beneficiaries of your will, or as per the rules of intestacy – but that’s generally a long process.

You will still be able to access some funds without the need of a grant of probate or letters of administration which arise when someone dies intestate (without a will), if looking for money to cover funeral expenses.

AIB for example, allows you to claim up to €5,000 to pay funeral expenses. You complete an application and indemnity to pay funeral and testamentary expenses.

Bank of Ireland will also allow payment for funeral expenses, directly to the funeral director.

“These are generally the only payments allowable until the estate is finalised,” a spokeswoman for Bank of Ireland says, though if there are any financial difficulties people can contact their branch or the special bereavement support unit.

An advantage of a joint account, however, is that “survivorship” applies. This means all the funds can pass directly to the named survivor on the account, so that a surviving spouse for example, won’t be restricted in accessing money in the days and weeks that follow a death.

This account can then be converted to a sole account.

If you have savings in a credit union, you’ll also be part of a life insurance scheme. The amount paid out in the event of a member’s death will depend on your age and how much you have saved with the credit union over the years.

Typically, every €1 saved before the age of 55 provides €1 of insurance. So someone who is 54 with €2,000 saved in the credit union, should be entitled to an insurance benefit of €2,000 should they die.

Over the age of 55, the benefits diminish, with someone aged between 65-69 earning 25 cent for €1 in savings. No insurance is payable on amounts saved after the 70th birthday.

For those earning almost zero interest on a deposit account, switching to the credit union would give an additional benefit in the event of an untimely death. And once you have earned these savings, the insurance stays in place, regardless of the age at which you might ultimately die.

Terms and conditions do apply however, and you should lodge the savings while you’re still in good health.

Keep an up-to-date list of your accounts and investments, either with your will, or give someone a password for access to a document containing this information.

You should also consider keeping a list of direct debit/standing orders that you would want to be reinstated and continued to be paid by your estate after your death.

2) Your loans

Maybe you took out a car loan in your name, or a credit union loan for a holiday, or have just overspent on your credit card. But what happens to these loans when you die?

Most financial institutions will simply pass these debts on to your estate – and interest will continue to accrue until they are repaid in full.

And, while the deceased’s family may be waiting on funds from their accounts to be released to settle day-to-day or other expenses, a lender is within its rights to take money from the deceased’s current accounts to pay off any loans they may have with that institution – before their estate gets to touch it.

“The bank will have the right to set off any debit and credit balances held in an account in the deceased’s name,” AIB says. If there aren’t sufficient funds to repay the loan, then the estate will also be liable “for any net debit balance due after death”, the bank says.

If the debt was taken out in both names, the surviving party will be liable for the loan.

Where there is not enough money in the estate to pay all outstanding debts, funeral expenses and the cost of administration of the estate, they will take priority, followed by secured debt (such as mortgages) and, finally, unsecured debts (eg personal loans).

If your loan is with a credit union however, it will typically be cleared upon your death. Typically, this is only offered up to the age of 70, but some credit unions will cover it up to the age of 85. Again, terms and conditions do apply. For instance, you can’t get a diagnosis of a serious illness and then take out a loan, expecting it to be covered by insurance.

Car loans can also be problematic. If the deceased entered into a hire purchase agreement to buy a car, for example, whether or not the estate will be on the hook depends on how much of the purchase price has been repaid; it all comes down to the so-called “half rule”.

According to Bank of Ireland, which arranges finance for Opel, if a customer has paid half of the hire purchase price (or more) and the agreement is up to date with no arrears, the car may be returned to the bank with no further liability. The estate can keep the vehicle and repay the rest of the loan if they so wish.

On the other hand, if less than half of the price has been repaid the estate will be liable for the contract. “Arrears, if any, must be paid and such sum to make up half the hire purchase price must be paid if that sum is not already paid,” the bank says.

Keep a record of outstanding loans and where they are held. And remember that it is the deceased’s estate that is liable for debts – not the deceased’s family. If a financial institution is trying to get you to take on the debts of the deceased, just say no.

3) Your mortgage

When it comes to mortgages, the good news is that some banks, including AIB, may allow a moratorium following the death of a borrower. This means the bereaved won’t have to scramble for funds to meet mortgage repayments while their finances are still up in the air.

Interest however, will typically continue to accrue on the mortgage until it is repaid in full by a life policy. If you have life insurance it’s worthwhile checking if this policy is assigned to your mortgage lender.

“This will reduce the delay in the insurance company making payment to the bank to clear the debt [during which time interest may continue to accrue] as the insurance company would not be required to wait for the grant of probate/letters of administration to be extracted first,” AIB advises.

According to Shona Chambers, financial adviser with John McColgan Financial Services in Donegal, mortgage protection claims usually go through “fairly quickly” in about four-six weeks or so.

“What usually what slows it down is a doctor filling out the report,” she says.

4) Your utilities

The gas bill is in your name; the electricity in his. You’re loyal to Bord Gáis but your husband was forever seeking out the best deals. Now he has died unexpectedly and your bank has stopped withdrawals and direct debits from his account.

You will need to contact your gas provider and arrange an alternative form of payment – but who is your gas provider? In the era of paperless billing, it can be a further complication if such information isn’t shared.

Another issue can arise with mobile phone contracts. If you die with 10 months left on your contract, must your estate settle the amount outstanding?

Fortunately, it appears not. According to Three, in the event of a customer’s death, an executor can contact the mobile operator and the account will be closed “with no outstanding costs pursued”.

By Fiona Reddan

 

http://www.irishtimes.com/business/personal-finance/don-t-die-before-you-read-this-what-happens-to-your-money-if-you-die-unexpectedly-1.2962525

Anthony Curran is an advocate for your financial future who takes a holistic approach to your needs and goals. He will work collaboratively with you to define what success and financial independence mean to you and how best to achieve them. Anthony is well qualified to provide long-term support and guidance on a variety of financial challenges and will help you focus on what you can control. Defining your own financial freedom will help you be more comfortable about retirement and the possibilities of creating the life you want. Whether you are single, married, or raising a family, your approach to financial well-being now will shape your life for years to come. www.lowcostlifecover.ie

 

Published in Blog
Tuesday, 06 September 2016 09:18

Business Partnership Insurance

Bring security to your business partnership

Many business partnerships are based on years of collaboration, mutual support and friendship. The death of a partner can be an extremely distressing and traumatic experience for those involved. As well as that, this unfortunate event might jeopardize the financial security and stability of the partnership. The remaining partners may be obliged to pay a capital sum to compensate the deceased estate for his/her stake in the partnership. Partnership Insurance can release the funds to make this possible, and allow the partnership to continue without the involvement of next of kin.

What is Partnership Insurance?

This is a specific kind of life insurance that can provide compensation to a business partnership. If one of the partners dies a lump sum will be released, allowing the deceased person's share of the partnership to be bought from their next-of-kin.

How does it work?

Before taking out a Partnership Insurance Policy, the assistance of legal and taxation advisors needs to be sought. The premium that is paid on a regular basis during the term of the policy will be dependent on a number of different factors, such as the value of partnership etc. If the unexpected happens and a partner dies, the policy will provide a lump sum to compensate for this event.

Product features

Financial Stability: Gives surviving partners the funds to repay the deceased 's estate.

Ease and Choice: The deceased's successor is not obliged to become involved in the business.

Peace of Mind: Partners have the security of knowing they can retain control of their affairs.

Flexibility: This insurance plan can be tailored to include serious illness cover.

 

Who is Partnership Insurance for?

 

Partnership Insurance can be taken out by members of a business partnership of any kind. In the event of the death of one of the partners, it will provide funds to allow for the purchase of the deceased's share of the partnership from next-of-kin.

Why take out Partnership Insurance?

The death of a partner may bring financial and legal problems for a business partnership. The remaining partners could be legally obliged to pay an immediate capital sum to the deceased's estate. This money may need to cover a range of different costs such as undrawn profits, any share of partnership fixed assets, the balance of the deceased's capital. The partnership may be under financial pressure to provide the deceased partner's next of kin what is owed to them. Partnership Insurance will provide the necessary funds to pay the deceased partner's estate for their share of the partnership.

Other ways to protect your business

Low Cost Life Cover.ie can offer your business several other ways to safeguard its people and interests, as well as Partnership Insurance. Key Person Insurance, Co-director Insurance and Corporate Co-director Insurance are just some of the plans we offer. Our advisors are on hand to talk you through your options and to help you choose the right plans for your business. Call us directly at 01-6853818 to find out more.

 

Anthony Curran is an advocate for your financial future who takes a holistic approach to your needs and goals. He will work collaboratively with you to define what success and financial independence mean to you and how best to achieve them. Anthony is well qualified to provide long-term support and guidance on a variety of financial challenges and will help you focus on what you can control. Defining your own financial freedom will help you be more comfortable about retirement and the possibilities of creating the life you want. Whether you are single, married, or raising a family, your approach to financial well-being now will shape your life for years to come. www.lowcostlifecover.ie

Published in Blog
Tuesday, 06 September 2016 08:52

Am I Too Young For Life Insurance?

The honest answer is no. Many of life’s adventures occur in our young adult life. Whether you’re buying your first house, getting married or having children, there’s often a reason to consider life insurance.

Ask yourself this, if you’ve bought a house with your partner, could they afford to pay the mortgage and cover the bills if you were no longer here? It’s likely that you’d want to know they’re supported if anything unfortunate happened to you, or that you will get the help you need if anything happened to them. That’s why buying life insurance is often encouraged for couples buying property together.

And if you’ve got children, or are planning to in the future, you ought to start thinking about the possible impact your loss could have on them. Could their other parent afford to run the house in your absence? Would your children be able to live the same lifestyle if you were no longer there to support? 

 

What life insurance should be considered for new parents?

 

The most affordable life insurance premium is likely to be decreasing term insurance; this is often referred to as mortgage life insurance as the lump sum paid out decreases over time in line with your outstanding mortgage balance. As the amount paid out decreases over time the monthly premiums are often lower than that of a policy where the pay-out doesn’t decrease.

Deceasing term insurance would pay out if you passed away, which would allow your loved ones to cover the mortgage and potentially clear outstanding debts that you might leave behind.

However, another option is level-term insurance. The difference with this policy is that the level of cover remains the same over the period of your policy and doesn’t decrease. These insurance policies are valid until the policy expires on the date which you agree when you take out the policy.

 

The final option is very much like level-term insurance however the policy covers your whole life. This is known as whole-of-life insurance, and will quite literally cover you for the whole of your life and not just a set period of time.

How much life insurance do new parents need?

Everyone has their own circumstances, so there are no quick answers as to what will suit you best. Life insurance could be an important aspect of your new families’ security and you should ensure that you put a lot of thought into the amount of cover that your family will need.

If you are struggling to find a baseline to work from, you could try to begin with considering what costs will be left for your family to cover in your absence (mortgage, bills, childcare), and what financial sum is needed to relieve these costs. 

What should I take into consideration when deciding upon the amount of cover I need?

There are a lot of variables to consider and some personal to you that won’t even be touched upon here, however these can help give you a quick idea of some of the basics:

The amount spent to up keep your home.

The amount spent on regular food and clothes shopping.

The amount of household income contributed to from you and your spouse.

Any credit cards debts

The balances remaining on your mortgage

How much should I expect to pay for life insurance?

It is difficult to estimate the amount your policy would cost without accounting for the variables we have begun to discuss above. The best way to get a fair deal on your life insurance policy would be to let us shop around for you and find an insurer that suits your needs.

Whilst that used to be a time consuming task, you can now compare life insurance providers right here and get a quote within just a few minutes. Just select the type and the amount of cover that you would like and provide some basic information about you and we will take care of the rest.

 

But don’t forget to make sure that you thoroughly read through the terms of the policy and have accounted for all of your outgoings. Life insurance is a huge part of your family’s financial security and it deserves your time and attention.

 

Anthony Curran is an advocate for your financial future who takes a holistic approach to your needs and goals. He will work collaboratively with you to define what success and financial independence mean to you and how best to achieve them. Anthony is well qualified to provide long-term support and guidance on a variety of financial challenges and will help you focus on what you can control. Defining your own financial freedom will help you be more comfortable about retirement and the possibilities of creating the life you want. Whether you are single, married, or raising a family, your approach to financial well-being now will shape your life for years to come. www.lowcostlifecover.ie/live-quote

Published in Blog
Tuesday, 12 July 2016 09:13

Real Cost of Cancer

 

Cancer patients and their families face a financial crisis while they are going through their treatment, according to the results of a report published based on research we commissioned called ‘The Real Cost of Cancer’.

A large number of patients face a severe drop in income while at the same time running up extra bills on a range of items such as home heating, parking, childcare, travel, prescription charges, hospital stays, over-the-counter drugs, consultant visits, dental care, physiotherapy as well as clothing and personal care.

 

The average extra spend per month for a cancer patient is €862, even for patients with a medical card or private health insurance, according to the survey.

Those who cannot work, work less or lose income as a result of having cancer face an income drop averaging €1,400 a month, or €16,750 per year.

 

Overview of Real Cost of Cancer research findings

 

Costs

Specific average costs on medical care per month include:

€303 spent on medical costs that cannot be claimed back. They include things like over-the-counter medication, hospital stays, specialist dressings and GP visits. These costs affect 77% of cancer patients;

Four out of five cancer patients pay an additional €69 to cover the medication they need to manage the side effects of their treatment (for example, fatigue and nausea).

 

Specific average costs on day-to-day household expenses per month include:

 

€226 on increase in childcare costs as a result of not being able to care for dependents;

€153 on increased food and drink expenses because of the time being spent out of the home;

€140 on increased heating and electricity bills (chemotherapy patients often feel the cold worse than people not going through treatment);

€99 on additional domestic support;

€53 on increased phone bills.

 

Specific average costs on travel expenses per month include:

 

€166 on traveling to and from appointments;

€62 on hospital parking;

€179 on other costs associated with appointments.

On average, one off purchases cost cancer patients:

€891 to modify their home;

€653 on dental work and care;

€511 on wigs and hair pieces;

€215 on specialist equipment for the home (example, a commode);

€704 on ‘other’ one-off costs.

 

Loss of Income

 

In almost all cases, cancer patients are working less as a result of having cancer. Many have either retired or become unemployed.

60% of cancer patients are on a reduced level of income since they were diagnosed;

The reduction on average is €16,785 per annum or €1,400 per month. 

Source: http://www.cancer.ie/

 

Get you Cancer Care and Serious Illness Quote NOW www.lowcostlifecover.ie/live-quote

 

Anthony Curran is an advocate for your financial future who takes a holistic approach to your needs and goals. He will work collaboratively with you to define what success and financial independence mean to you and how best to achieve them. Anthony is well qualified to provide long-term support and guidance on a variety of financial challenges and will help you focus on what you can control. Defining your own financial freedom will help you be more comfortable about retirement and the possibilities of creating the life you want. Whether you are single, married, or raising a family, your approach to financial well-being now will shape your life for years to come. www.lowcostlifecover.ie

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One afternoon my parents sat my sister and me down for a family meeting that would change our lives forever. “I have bladder cancer,” my father told us.

He had previously one of his kidneys removed that was cancerous. My father never told us because he was assured it was a low-grade cancer. The doctors confirmed he had stage 4 bladder cancer. It was an incurable and inoperable cancer and his life expectancy was limited.

August 2010 was the beginning of the end. His condition worsened, and he was admitted into the intensive care unit due to renal failure followed by a brain aneurysm and coma. At the time, I didn’t know what to think, but the worst feelings came over me. I was scared I would never be able to say good bye to my dad or tell him that I loved him.

On Nov. 19, 2010, the day before my 15th birthday, I watched my father take his last breath at 4:20 A.M.

My father’s death impacted me emotionally. He was my best friend. We were inseparable! My freshmen year of high school was one of the most difficult times in my life. His death made me realize that my life would never be the same.

All the repercussions of my dad’s death

My father’s death greatly affected our family financially. After three years of treatment, our savings were completely depleted, as he was being treated at and travelling to Hospital.

My father didn’t have adequate life insurance coverage. I have had to grow up quickly and work to help my mother.

My mother was faced with medical bills and major house repairs. The exterior walls of the house, chimney and duct units in the attic had holes. Rodents were in the attic and walls of the house. My mother had not worked so she could care for my father.

My father didn’t have adequate life insurance coverage. I have had to grow up quickly and work to help my mother.

Had my father had life insurance we would not be in the position we find ourselves today. His death has made my future plans to attend college even harder to achieve. With the values my parents taught me, I have worked hard to achieve high academic accomplishments and I was accepted into University.

 

Life would certainly be different if my father was still here and cancer free. However, this isn’t the case and my only hope is that I would be blessed with financial help in order to pursue my educational goal. With all I went through with my father, it has inspired me to become a doctor of radiology. With that degree I hope to help others in similar situations as my father. I am a strong and better person today as a result of all the obstacles I have overcome. I have learned how important life insurance is to a family with young children. 

 

 

Published in Blog

“If I didn’t have this income protection policy, I would have had to sell my house”

Clodagh, Dublin

 

The financial headache you face when an illness or accident prevents you from working can be severe. Income protection is a policy that provides an alternative income if you find yourself in that situation. It means you can focus on your recovery.

 

It can provide you with up to 75% of your normal income when you're off work due to illness or injury - helping to cover regular expenditure & ensure minimal lifestyle changes for you and your family.



 

Income Protection

When the unexpected happens, we know that what matters is peace of mind from a policy you can trust. An income protection policy:

  • ·         Can pay up to 75% of your usual income*, allowing you to continue to take care of your loved ones

 

  • ·         Some plans qualify for Tax Relief at your marginal rate

 

  • ·         Pays a daily replacement income if you are in hospital during your deferred period

 

Friends First paid out over €34 million in Income Protection claims in 2015, with average claims lasting 5.5 years.

 

What exactly does Income Protection cover?


Income Protection can replace up to 75% of your usual income less any social welfare payments when you’re off work due to illness or injury. You pay a monthly premium determined by your age, occupation and health status.

 

If you are absent from work due to illness or injury, income protection provides you with a replacement income after a deferred period which is chosen by you at the outset of your policy.

 

 

Why would I need Income Protection?



When illness or injury leave you unable to work you need the financial security of a product that keeps you on top of the bills that matter including:

  • ·         mortgage payments
  • ·         car loans
  • ·         food bills
  • ·         rent and more

If you do not have an alternative source of income, how would you maintain your lifestyle? In 2015, the State Illness Benefit amounts to just €188 per week. Could you survive on this?

 

Income protection helps take care of your financial needs while you are focusing on recovery - a time when money worries should be the last thing on your mind.

What are the chances?



  • ·         One in three people in Ireland will develop cancer during their lifetime (Irish Cancer Society, 2013)
  • ·         An estimated 30,000 people are living in the community with disabilities as a result of a stroke (Irish Heart Foundation, 2013)
  • ·         With medical advances, people are more likely to survive serious illnesses but this means that more people are likely to take prolonged periods off work for treatment and recovery. This could have a huge impact on their ability to earn.



While Life Insurance pays out after you die, Specified Illness and Income Protection cover pay you while you are living. You need the benefit of financial assistance at these difficult times, which is why they are often referred to as living benefits.

 

Additional Income Protection Benefits


Other Benefits include rehabilitation assistance, relapse benefit, partial benefit, home-visits with independent qualified nurses or professionals, return to work support, and career change guidance.

 

Income Protection will help to relieve the financial burden while you get your life back on track. Get cover today - contact us in Dublin on 01-6853818 or Mullingar on 044-9348531 or online at http://lowcostlifecover.ie/income-protection-quote

 

Anthony Curran is an advocate for your financial future who takes a holistic approach to your needs and goals. He will work collaboratively with you to define what success and financial independence mean to you and how best to achieve them. Anthony is well qualified to provide long-term support and guidance on a variety of financial challenges and will help you focus on what you can control. Defining your own financial freedom will help you be more comfortable about retirement and the possibilities of creating the life you want. Whether you are single, married, or raising a family, your approach to financial well-being now will shape your life for years to come. www.lowcostlifecover.ie

 

Published in Blog

Irish banks are charging as much as €3,000 more for life cover than brokers are, according to a new survey.

 

The survey, by the life assurer Royal London, found that you could pay pay as much as 21pc more a month for life assurance if you buy it from a bank instead of a broker. This could add an extra €3,067 to the cost of a policy over 30 years.

 

Royal London checked the price of various life assurance policies sold by AIB, EBS Building Society, KBC Bank and Permanent TSB. It then compared those prices to the cost of similar policies sold by brokers.

 

Life insurance pays out a lump sum or regular income to your dependents should you die while the policy is in force. A 35-year-old non-smoker could pay €23.79 a month for a 30-year life insurance policy of €200,000 were he to buy it from a bank, according to the survey. However, a broker could charge €19.63 a month (about 21pc less) for a similar policy. The pricier monthly premium charged by the bank would add an extra €1,500 to the cost of the cover.

A couple taking out mortgage protection insurance (which repays your mortgage should you die before repaying it) to cover a 30-year mortgage of €500,000 could pay €55.65 a month were they to go through a bank, but €48 a month were they to use a broker - assuming neither partner smokes, according to the survey. Going with a bank instead of a broker could therefore cost this couple an extra €2,754 over the lifetime of their policy.

 

Were the same couple to buy a 30-year life insurance policy of €500,000, they could pay an extra €3,067 for their cover by using a bank instead of a broker. In this case, the survey found that a bank could charge as much as €81.57 monthly for cover; while a broker could charge €73.05 monthly.

 

The main reason banks often charge more for life insurance than brokers is because they are usually tied agents - so they can only offer you the products of one company, according to Joe Charles, a spokesman for Royal London. Most Irish banks are tied to Irish Life for life assurance, apart from Bank of Ireland, which is tied to New Ireland.

 

"Brokers can shop around," said Mr Charles. "They have access to multiple life companies' products and prices."

As a result, brokers will often know - and be in a position to offer you - some of the best deals and discounts on the market.

When asked to comment on the Royal London survey, AIB, EBS and KBC (which are tied to Irish Life) said their prices for life insurance were "competitive".

"Looking at price alone ignores the fact that protection plans across the market vary in terms of the quality and benefits," said a spokeswoman for AIB. "For example, Irish Life plans include additional benefits not included in all protection plans offered by competitors."

 

All the same, with savings of as much as €3,000 up for grabs, it could certainly cost you to blindly stick with your bank when buying life cover. By choosing a broker who offers you the choice of a wide range of life insurance products on the market (including those sold by the banks), you could save yourself about €100 a year - more if you're buying a number of products.

 

Choosing a bank over a broker when buying life cover isn't the only thing which could push up the cost of your insurance. Your habits - as well as any illnesses or medical conditions you have - also come into play.

 

What habits will cost me with life cover?

 

Smokers could pay as much as 50pc more for life cover than non-smokers "A non-smoker is generally someone who has not smoked any tobacco products in the past 12 months,".

Similarly, you could pay three times as much for life cover than a teetotaler would - if you have a history of heavy drinking. You could also struggle to get insured.

When you apply for life cover, your insurer will ask you how many units of alcohol you typically drink a week. "If your weekly consumption of alcohol is above certain limits, you may not be able to get cover,". "If you have suffered from alcohol dependence, you may not be able to get cover until a year has passed since you stopped drinking."

After that year, you may be able to get cover - but at three times the price charged to someone who does not have a history of alcoholism or heavy drinking. "This 300pc loading could decrease gradually over the years to 50pc as certainty of recovery becomes apparent,".

Adrenaline junkies will also pay more for life cover - because of the high risk of accidental death. So a fondness for boxing, diving, motor racing, mountaineering, parachuting, hang-gliding and pot holing could lead to a higher premium.

Another thing which could push up the cost of life insurance is your weight. Overweight people can pay more than twice the price for life cover as slim people do. Insurers look at your body mass index (BMI - your weight in kilos divided by your height in metres squared) when you apply for life insurance.

"Insurers would expect you to fall within a 'normal' BMI range,". "If you go beyond this, you could see your premium increase by between 75pc and 225pc. If you are underweight, but with no other underlying medical or mental condition, you can also pay around 50pc extra for cover, depending on by how much you are underweight."

You could struggle to get cover at all if seriously overweight.

 

What about illnesses and medical conditions?

 

There are a number of medical conditions that you might consider manageable, but which could still see you either paying over the odds for life cover - or having insurers turn you down. These include anxiety, asthma, Crohn's disease, coeliac disease, raised cholesterol, diabetes, depression, epilepsy, hypertension, and stomach and thyroid disorders.

People with diabetes often struggle to get life and mortgage protection cover - particularly if it is type 1 diabetes.

"There are many factors that insurers say they consider when looking at type 1 diabetes - not just the fact that the person has diabetes,".

"For example, the insurer claims that they consider the current age of the applicant, the number of years since the individual was diagnosed with type 1 diabetes, and how well he is controlling the condition.

 

"They would also claim they take into account factors like raised blood pressure, cholesterol, family history of cardiovascular disease - as well as whether the individual is a smoker or not. Obesity would also be an important factor."

 

If you have poorly managed type 1 diabetes and are at risk of falling seriously ill (because you are a heavy smoker perhaps or have a family history of heart disease), you will probably find it hard to get life cover. You could get insured if you manage your condition well - but at a price.

But even if you are healthy, sporty and have type 1 diabetes, your premium can be loaded by as much as 700pc - which can represent over 10pc of the purchase price of a house.

Insurers certainly have themselves well covered with life insurance.

 

Sunday Indo Business

Anthony Curran is an advocate for your financial future who takes a holistic approach to your needs and goals. He will work collaboratively with you to define what success and financial independence mean to you and how best to achieve them. Anthony is well qualified to provide long-term support and guidance on a variety of financial challenges and will help you focus on what you can control. Defining your own financial freedom will help you be more comfortable about retirement and the possibilities of creating the life you want. Whether you are single, married, or raising a family, your approach to financial well-being now will shape your life for years to come. www.lowcostlifecover.ie

http://www.independent.ie/business/personal-finance/are-you-paying-3000-too-much-for-insurance-31085012.html

 

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