Protection for Your Family

Family is everything. That’s why we work hard to ensure that our loved ones have everything that we can possibly provide them with now, and into the future.

But what happens if the breadwinners die unexpectedly or have a life changing illness. Will there be enough to maintain the family lifestyle or will a bright future be replaced by a constant struggle in the times to come.

After all, what is the point in having dreams and goals for a family only to see them curtailed or even ended dramatically when the source of funding is no longer alive or in good health?

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Protection Is Part Of Your Financial Planning

The main financial tool that we recommend is the use of an appropriate insurance product that will pay out a lump sum or a regular income if our clients die or suffer a serious medical condition that interferes with their livelihood.

While every client’s circumstances differ, we always start by reviewing access to readily accessible investments or cash, adjusting for debt to banks and others and then overlaying the aspirations of our clients so as to ensure that their personal and family financial futures are not compromised.

How Family Protection Insurance Helps

Where there are shortfalls, we advise plugging gaps by using:

Life Assurance to clear debt and provide families with an immediate lump sum to carry on towards their shared aspirations.
Income Protection Cover to provide a replacement income when either an employer or the client’s own business did not pay any income to a long term sick or injured employee.
Specified Illness Cover to provide a lump sum in the event of a major ailment that requires our clients to take time out and review their life.

Questions you may have..

There is no set one-size-fits-all figure for single people or families. To ascertain the level of Life cover you will need your total household income would need to be considered as well as the value of the debts, if any, you would leave behind upon your passing. You would also need to consider what monthly life cover premium you could afford and/or what cutbacks you may want to make to facilitate this payment.

It’s important to also consider what cover you already have in place. If you own your own home and have a mortgage in place you will most likely have a mortgage protection policy in place that will pay off the mortgage in full if you die. You may also have a Death-in-Service life assurance benefit from your employer that will pay somewhere between 3 to 5 times your salary on passing also. That being said, not all employers take out such life policies for their employees.

The term of the life cover arrangement is also an aspect to consider when taking out Life Assurance cover. If you have young children it would be wise to have such a policy in place until they graduate from college or enter the work force.

To qualify for the State Invalidity Benefit a number of criteria must be met.

You must have at least 260 PRSI contributions (5 years) made in your lifetime.
Only class A, E, H and S contributions count towards the Invalidity Benefit and voluntary contributions do not count.
You must have 48 weeks of paid or credited PRSI contributions in the last or second last year before the start date of your permanent incapacity for work.
You must be permanently incapable of work due to illness or incapacity.

An officer from the Department of social Protection will decide if you qualify upon reviewing your case.

The Invalidity Benefit rate for 2021 is €208.50 and is increased by €148.90 for an adult dependent. If you have a dependent child under 12 the rate increases by €38 (full-rate) or €19 (half-rate) per week. If your child is aged 12 and over the rate increases by €45 (full-rate) or €22.50(half-rate) per week.

Applications for the Invalidity Pension can be made at the following link:

https://www.gov.ie/en/service/d148b9-invalidity-pension/

Statistically and only focussing on two particular conditions of the many that is covered by Specified Illness cover, 1 in 3 men and 1 in 4 women in Ireland will get cancer by the age of 75 and more than 9,000 people suffer from a stroke in Ireland annually. You should consider taking out specified Illness Insurance in particular when you do not have income protection or any other cover for ill health in place or when you have a family history of illness that you want to provide a level of cover for as a part of your overall financial planning strategy for your family and loved ones.

The benefit of having the cover itself is that you would receive a lump sum on diagnosis and this sum would be tax free also.

Using Our Services

How We Work

As one of Ireland’s leading financial planning firms based in south Dublin, there’s very little we haven’t encountered to help our clients prepare for. Our experience, technical knowledge and willingness to see things from your perspective means that whatever you have in mind for you and your family’s future we can help you plan the best way to get there.

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What The Aspire Life Plan™ Provides

We look for more than the financial facts and need to understand what shapes your goals and aspirations and how you want to live your future life.

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How We Are Paid

We are a fee based financial planning firm. This means that we can focus on delivering the best advice for our clients needs and aren’t compromised by ties to financial product providers such as investment companies and pension providers.

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