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Financial Protection
Protect The Important Things In Life
No matter what life brings your way, we can help ensure that you and your loved ones are protected. As life changes however so do your protection requirements. Make sure you review regularly to ensure you are not over or under insured.
Mortgage Protection
Before you can secure a mortgage in Ireland, you must have adequate insurance in place to guarantee that your loan can be repaid should you die within the term of your mortgage.
Mortgage protection is designed to work alongside your mortgage with the amount of cover reducing as you continue to pay off your mortgage loan over time.
With mortgage protection insurance in place, you and your family have the security of knowing that your home is safe should the very worst happen.
The monthly premium you will pay depends on a number of factors including:
- your mortgage loan amount
- your mortgage term
- whether you add any additional benefits (e.g specified illness, conversion option etc)
- your age
- your general state of health
- your smoking status
- whether your policy is a single or joint policy
There are a number of mortgage protection types for you to choose from depending on your individual requirements:
- Guaranteed mortgage protection (decreasing term protection) – It is important to be aware that your level of cover decreases in line with your outstanding mortgage balance
- Convertible mortgage protection – enables you to extend your cover at any time without the need to provide further medical information.
- Single, Dual and Joint Life Cover – with dual cover the policy will pay out on the death of both insured parties. With joint cover the policy will pay out on only one insured party.
- Specified illness Cover – provides a lump sum payment to support you in the event you are diagnosed with one of the illnesses covered in the policy.
As an insurance broker, we can advise on all of the options available to you. We also have discounted rate agreements with many of Irelands insurance providers.
Income Protection
What would happen to your family if you or your partner became sick and were unable to work? Income Protection is an insurance policy that provides you with a monthly income if you cannot work due to illness or injury.
With income protection, you or your loved one can take the time needed to focus on getting better knowing that your family is secure, and you can continue to meet your most important financial obligations (e.g. mortgage payments etc).
An income protection policy can provide up to 75% of your salary on a monthly basis until you are able to return to work, you reach your chosen retirement age, or until your policy term ends.
Rehabilitation, proportionate benefit (partial benefit income should you return to work on reduced earnings) and digital medical services are additional benefits available through insurers in Ireland.
Questions to ask yourself:
- How would I/we manage financially if I/my partner was unable to work?
- How long will my employer pay me if I need to take a prolonged period of sick leave?
- Am I entitled to the State Illness Benefit?
Benefits of Income Protection:
- Receive up to 75% of your income on a monthly basis until you return to work, or you retire.
- Guaranteed premium that won’t rise once your policy is in place
- No premium payments while sick or injured and receiving your benefit
- Get tax relief on your income protection premiums
- Choice of deferred payment options
- Flexibility to adapt your policy as needed
- Access to rehabilitation services
- Access to digital medical services
Proportionate benefit may enable you to receive a partial benefit amount should you return to work on a reduced earnings basis.
For us, income protection is the number #1 recommended product for our clients to ensure that you are financially protected while at your most vulnerable.
Talk to us today to discover the options available to you and to avail of discounted rates on income protection policies.
Life Insurance
Life insurance protects your family by providing them with a tax-free sum if you die within the term of the policy. You can have peace of mind knowing that your family is looked after financially if the worst were to happen.
There are four main type of life insurance, the main difference being the period of time covered by the policy.
- Term life insurance – cover is for an agreed term with premiums guaranteed never to increase.
- Convertible term life insurance – same as term life insurance but with conversion option available to extend the policy before the policy ceases without the requirement to provide any updated medical information.
- Whole of Life Insurance – cover that lasts for a whole lifetime and not limited to a specified term.
- Pension term protection – provides cover for the period up until retirement (tax relief available on premiums, terms and conditions apply.)
The amount of cover you opt for will depend on your personal and family circumstances.
Key Considerations:
- How much cover do you require? Think about how much your family might need to cover expenses in the event of your death.
- How long do you want the cover to last?
- Do you want to index link your cover so that it aligns with inflation?
- Do you want to add a convertible option so that you can extend your cover without the need for a medical review?
- Will the cover only apply to you, or do you want to add your partner or spouse?
- Do you want to add specified illness (stand alone or accelerated) to your protection policy?
How much your policy costs will depend on the level and duration of cover you choose as well as the benefits you apply, your age, your current state of health, and your smoking status.
Various additional benefits are also available through insurance providers that include digital GP, second medical opinion, mental health support, and bereavement support etc.
You also have the option of adding specified illness cover (standalone or accelerated) to your life insurance for even greater protection.
With a standalone specified illness plan, your life insurance and specified illness insurance are distinct i.e. one has no impact on the other. With an accelerated specified illness plan, any benefit you receive from your specified illness insurance will be deducted from the level of cover available through your life insurance.
Talk to us today about the range of policies available and let us help you choose the right one for you. Discounted rates available.
Specified Illness Cover
None of us like to think about becoming ill, however, being diagnosed with a serious illness can have a major impact on our own lives and those of our loved ones and may require a prolonged period of treatment, care and recovery.
If you were diagnosed with a serious illness and were unable to work, how would you manage financially? And if you have a family and dependents, how would they cope?
Specified Illness Cover, sometimes referred to as Serious Illness cover or Critical Illness cover provides you with a tax-free cash lump sum if you are diagnosed with one of the many illnesses covered on your policy.
At a time of extreme vulnerability, this money can help cover bills or expenses that may not be provided for under your health insurance or other protection schemes. You can choose the level of cover you want, and the cash payment can be used for any purpose.
Some providers will also extend specified illness benefits to your children providing even greater assurance that your whole family is protected in a worst-case scenario.
Specified illness cover is often added to a life insurance policy. It can be taken out in two ways: as a standalone policy or as an accelerated benefit.
- Standalone: This covers only the specified illnesses, and any payout does not affect your life insurance.
- Accelerated: This option is cheaper than stand alone as, if you claim under the specified illness cover, the payout is deducted from the total amount payable under your life insurance policy upon death.
We work with numerous insurers and can advise on a wide range of specified illness plans to ensure you have the level of cover you need.
Protection Review Service
None of us know what’s around the corner and a premature death or serious illness diagnosis can have a profound impact on your life and your loved ones’ financial security. Our priority is ensuring that our clients are financially protected should something unforeseen happen.
Through our protection review service, we can help you determine the right level of cover to ensure your family is protected in the event that:
- You or your partner die
- Your or your partner are diagnosed with a serious illness
- You or your partner cannot work due to illness or injury
As a broker, we can advise on a wide range of policies available through the insurers we work with and can secure discounted premiums on your behalf.
We work with multiple insurers meaning we can find you the best policy, rate and benefits to suit your unique circumstances, requirements and affordability.
During a protection review, your Symmetry advisor will:
- Review your current circumstances
- Assess the level of cover needed
- Assed your level of affordability for such cover
- Advise on providers and policies that match your requirements
- Assist with documentation and application submission.
With the right protection in place you can relax knowing that you’ll be covered for whatever life brings.
Who We Work With
We work with Ireland’s major insurance companies and can source the best policies to suit your needs. We can also secure discounted deals for our clients.
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