Life insurance
Almost all of our customers are aware that they need life insurance, however, most only become serious about the level of cover their dependents need until there is a life event that pushes them to putting it in place.
The majority of our customers who have bought life insurance in the last year are either; taking on a mortgage (where legal requirement), getting married, starting a family or a business owner.
Nelson Life have access to all the leading providers in the Irish market - this means we can compare costs and benefits of the different policies available.
The big question is what are the implications of not having protection in place?
What would it mean financially to have an accident/ illness?
Financial impact of not being able to work and reduced income?
What would it mean for your family if you were no longer there and they didn’t have your income?
How does it work?
You pay a monthly/annual payment (premium) and in return a fixed amount (sum assured) is paid to your estate or a named beneficiary. The amount and term that you require the cover for differs depending on the need – and most importantly your pocket.
For the self employed, there maybe the opportunity to receive tax relief - (T&Cs apply)
Why do you need it?
It is needed to protect against the financial loss of your income. Ask yourself, who will be financially impacted in the event of my untimely death?
Who would pay the outstanding debts?
Financial freedom for dependents
Cover future cost of ongoing childcare, educational costs.
How much do you need?
As part of the calculation we will discuss the following
Once off costs: Clearing mortgage, debts, funeral and credit cards.
Monthly living costs: The cost of living basics, lifestyle expenses and ongoing child care/educational costs (including longer term third level costs).
After tax income: Survivors net income (death in service/spouses and orphans pension+), State Benefits and other income. How long will this income be needed for?
Disposable assets: Current emergency deposits, savings, investments and other liquid assets.
Existing life cover policies:
+Employer benefits: Some employers provide a death in service scheme – this benefit (sum assured) may be 4 x salary. However, you may not always work your current employer and need to consider if this cover was withdrawn or you moved to a different employer that did not offer a death in service scheme. If you do leave service before aged 50, your scheme may have the option for you to transfer the death in service scheme into a policy in your own name.
Who should you buy it from?
There is a very competitive market for life insurance in Ireland. Currently, there is a broad range of providers offering life insurance.
Nelson Life have access to all the leading providers including - Zurich life, Aviva Life & Pensions, Royal London, Irish Life/Canada Life, Friends First, New Ireland.
Importance of age and health - sooner the better !
Life and Illness Insurance costs are based upon numerous factors the most important of which are your age and current health. We recommend you take advantage of your current age and health and set up your protection arrangements as recommended. If you do not do so the cost in the future may be substantially higher as it will then be based on your older age. In addition, there is no guarantee the arrangements currently being recommended are available to you should your health change which is obviously a concern the older one gets.
Material facts
When completing the application form you and the Life (Lives) Insured must disclose all Material Facts (including any Material Facts which came to light between the date the original policy was issued and the date this policy is issued, where this policy is replacing another policy).A Material Fact is any fact about your health, family history, smoking or drinking habits, occupation, pastimes, policies with other insurance companies or any other fact that may increase the risk of you making a claim or influence the assessment and acceptance of your application by the selected Life Assurance Company and/or product provider. You must also advise the selected Life Assurance Company immediately of any Material Facts or change in Material Facts that come to light between the date you sign the application form and the date the policy is issued. If you fail to disclose all Material Facts or fail to provide the selected Life Assurance Company with full and accurate information any subsequent claim may be rejected and your policy cancelled from the inception date.
Want to know more? We are available to discuss your options, and we look forward to hearing from you.
Our job is to help you choose a product and structure that will help you meet your goals.
telephone | 091441188 and/or email | office@nelsonlife.ie
RETIREMENT & PENSIONS | INVESTMENTS | FINANCIAL PLANNING | LIFE INSURANCE
Nelson Life Limited trading as Nelson Life is regulated by the Central Bank of Ireland.
WARNING: Past performance is not a reliable guide to future performance. WARNING: The value of your investment may go down as well as up. WARNING: You may lose some or all of the money you invest. WARNING: These funds may be affected by changes in currency exchange rates. WARNING: If you invest into this product you will have access until you retire (Pension Products). WARNING: The above content does not constitute investment advice, as it does not take into account the investment objectives, knowledge and experience of financial situation of any particular person. Prospective investors are advised to make their own assessment of the information contained herein and to obtain professional advice suitable to their own individual circumstances. WARNING: The information contained in this document is based on our understanding of current tax legislation and the current Revenue Commissioners interpretation thereof and is subject to change including retrospectively without notice. This is intended as a general guide only and is not a substitute for professional tax, legal and investment advice.