Invest, Portages etc
Invest, Portages etc
Invest, Portages etc
Q1: How does Life Insurance work?
The terms and wording used to describe Life Insurance can make it sound complicated, however it is actually quite simple.You choose the level of cover you want and for how long you want this cover. You pay your premium, which is usually paid monthly.
If you die during the term of your plan, the level of cover you are insured for is paid as a lump sum.
Q2. How much Life Insurance is needed.?
This can be tricky for you to work out on your own. It depends on various factors such as your income, your financial goals,number of young children in the family etc. For further information go to the life insurance page. ( internal link)
If you just want some help to work this out please email us at info@financiallife.ie or call us on 01 582 3548
Q3. Do I need Life Insurance?
Is there someone in your life you would like to protect financially if you were to die suddenly? If you answered yes then life insurance is worth serious consideration. Speak with one of our Qualified Financial Advisors who can help you choose the right type of cover.
Q4. Do I get tax relief on Life Insurance premiums?
Some types of life insurance offer tax relief on premiums in Ireland. Pension Term, a type of Life Insurance(click here for pension term internal link), for self employed is one of them.
Q5. Is a Life Insurance claim taxable?
A life insurance lump sum payment is paid as tax free. However inheritance tax may be applicable depending on who receives the payment. The claim amount, if paid to a spouse of the deceased, is tax free.
Q6. How long does it take to complete the application process and get cover.?
With our e-signing option, getting cover is simple and straightforward. Most clients with no serious health issues can be under cover within a few hours.
Q7. What is the difference between Life Insurance and Mortgage Protection?
Life Insurance covers you for a fixed lump sum that does not change throughout the term. Mortgage Protection covers you for an initial amount which then decreases year on year, usually in line with your mortgage balance. If your mortgage is interest only , it is possible a life insurance plan may be a more suitable cover to protect your property in the event of your death.
Q8. What is Specified Illness Cover?
Specified illness Cover, also known as critical illness cover or serious illness cover is a benefit, which if you choose to take, will pay a tax free lump sum to you in the event you are diagnosed with one of the specified illnesses covered. Click here(link) for more information.
Q9. What is the difference between single, joint and dual cover?
Single Cover means one person will be covered under the plan and only one claim can be made.
Joint Cover means two people will be covered under the plan however a claim can only be made once, for the first person who needs to make a claim.
Dual Cover means two people are covered on one plan independently of each other. If a claim is made and paid for one person on the plan, the remaining person will continue to be covered and a second claim can potentially be made.
Q10. I have diabetes. Can I get life insurance?
People with diabetes can get life insurance.The likelihood and cost of getting cover will depend on the severity of your condition and any other health factors.
Q11. I have been diagnosed with Cancer in the past, can I get life insurance?
It is possible to get life insurance after having recovered from a cancer diagnosis .The likelihood and cost of getting cover will depend on a variety of factors such as the severity of your cancer, length of time you are now cancer free and any other health factors.
Contact us(link) to speak with a life Insurance expert who can advise you on the options available to you.
Q11.Can I replace my existing Life Insurance policy?
Yes and it is easier to do than you might think. We strongly recommend you seek financial advice before making any changes to your existing Life Insurance plans.
Q12. What if I cancel my Life Insurance plan?
You can cancel your Life Insurance anytime without penalty. Once your plan is cancelled you are no longer covered. We would strongly advise you speak with one of our financial advisors for advice before you cancel your plan.
Q13. What is section 72 Life Insurance policy?
This type of policy is used to pay inheritance tax liabilities on death. Usually these plans are set up by parents to ensure a lump is paid to cover any inheritance tax liability their children may incur on the transfer of the parents estate to the children.
Q14. Why choose a section 72 Life Insurance policy?
Once certain conditions are met, on death, the lump sum paid and used to pay the inheritance tax liability will itself not be subject to any inheritance tax.
Q15. What is a Pension Term Assurance Plan ?
This is a life Insurance plan which is usually setup for the self employed or those who are not in an occupational pension scheme. One big advantage if you qualify for this type for life Insurance plan is tax relief of up to 40% on any premiums paid.
Q 16. I quit smoking.Will this have any impact on the cost of life Insurance for me?
Life Insurance is cheaper for non smokers for obvious reasons. If you have not consumed any tobacco or nicotine replacement products including Vapes in the last 12 months, then you should qualify for non smoker rates.
Q 17.My bank can get me mortgage protection cover, why should I search for a broker to search the market?
Banks can be an expensive option when taking out mortgage protection.Many of us price around for Car or Home Insurance before we purchase so why should it not be the same for your Mortgage Protection or Life Insurance?
We will search the market to ensure you are getting the best value for your money.
Q1. Is Financial Life Regulated?
Yes.Financial Life is authorised and regulated by the Central Bank of Ireland. Our authorisation code is C194892. You can check the central ban
Q2. Is Financial Life a broker?
Yes. Financial Life has agencies with a number of the most reputable Insurers in the Irish Market. This means we have access and can advise on a variety of Insurance products across the market.
Q3. Are Financial Life advisors qualified?
Yes. All our Advisors and Financial Planners are Qualified Financial Advisors (QFA), Retirement Planning Advisors (RPA) and meet the Central Bank of Ireland’s Minimum Competency Code.
Q 1. What is a Pension?
A Pension is a tax efficient savings plan for retirement . You will receive tax relief on all of your contributions and your plan grows tax free. On retirement you can draw down your pension which will include a tax free lump sum.
Q2. How do I set up a pension?
It is a very straightforward process. Our pension experts can help you find which pension funds would suit you best based on your individual goals and circumstances. Once we know which plan is the right one for you, we will provide and help you complete the relevant forms.
Q3. How can I make a pension contribution?
It is very easy. You make a regular contribution by direct debit or you can make a single lump sum contribution via EFT(most providers will only take a minimum of €5000 contribution).
Q4. What is the tax free lump sum on retirement?
It depends on the type of pension plan you have. If you are in a company scheme you may have the option of a tax free lump sum based on your final salary and the number of years you were employed.
Alternatively you will have the option to take a 25% tax free lump sum with the balance invested into either an ARF or AMRF. Under certain circumstances you may be able to take the whole pension as a lump sum subject to some tax.
Q5 .What is the difference between an Approved Minimum Retirement fund (AMRF) and an Approved Retirement fund (ARF)?
One of the key differences between an ARF and AMRF is access to your funds. The funds in an ARF can be accessed at any time of your choosing(withdrawals are taxable).
With an AMRF you are restricted to being to access a maximum of 4% of your fund value each year.Whether you can invest into a ARF or must invest into a AMRF will depend on pensionable income and details of any other existing retirement funds.
If you would like one our our pension experts to review your current retirement plan or would like advice as you approach retirement, please call us on 01 582 3548 or email info@financiallife.ie.
Q6 .I have a small limited company. What pension options are available to me?
As a director you will have the option to take out a
If you would like one of our pension experts to help find the most suitable pension plan for you, email at info@financiallife.ie or call us on 01 582 3548
Q7. I am self employed. How do I start a Pension?
It is a very straightforward process. Our pension experts can help you find which pension funds would suit you best based on your individual goals and circumstances. Once we know which plan is the right one for you, we will provide and help you complete the relevant forms.
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