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.
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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, the 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 firstname.lastname@example.org or call us at 01 582 3548.
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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.
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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.
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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.
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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 undercover within a few hours.
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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.
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What is Specified Illness Cover?
Specified illness Cover, also known as critical illness cover or serious illness cover is a benefit that, 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.
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.
I have Diabetes. Can I Get Life Insurance?
People with diabetes can get life insurance. The likelihood and cost of getting covered will depend on the severity of your condition and any other health factors.
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, the length of time you have now cancer, and any other health factors.
Contact us to speak with a life insurance expert who can advise you on the options available to you.
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.
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 to speak with one of our financial advisors for advice before you cancel your plan.
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 parent’s estate to the children.
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.
What is a Pension Term Assurance Plan?
This is a life Insurance plan that is usually set up for the self-employed or those who are not in an occupational pension scheme.
One big advantage if you qualify for this type of life Insurance plan is tax relief of up to 40% on any premiums paid.
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.
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.
Is Financial Life Regulated?
Is Financial Life a Broker?
Financial Life has agencies with a number of the most reputable Insurers in the Irish Market. This means we have access to and can advise on a variety of Insurance products across the market.
Are Financial Life Advisors Qualified?
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.
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.
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).
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.
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 an 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 able to access a maximum of 4% of your fund value each year. Whether you can invest in an ARF or must invest in an 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 email@example.com.
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:
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.
What is Income Protection in Ireland?
An Income Protection plan will protect up to 75% of your salary/ income if you are unable to work due to an illness or injury. Any medical condition or disability that can render you unfit to perform your own occupation is eligible for a claim.
That means from bad persistent migraines or mental illness to severe conditions like Heart attack or Cancer(The list is not exhaustive).
The only evidence your insurer will look for is the proof of condition from your Authorised Medical Attendant in Ireland. The payout will be subject to other policy conditions like deferral period, benefit amount, nearest retirement age, etc.
Is Serious Illness Cover the same thing as Critical Illness Cover?
Why Do I need Mortgage Protection Insurance?
If you’re buying a new home in Ireland with a mortgage loan, legally you are required to get Mortgage Protection. Legally, you do not have to take out mortgage protection insurance if:
However, most lenders insist on mortgage protection insurance as a condition of giving you a mortgage, even if there is no legal requirement.
What is Whole of Life Insurance?
A Whole of Life Cover plan is a life cover plan with no end date i.e. it pays a lump sum on your death, whenever that may be.
This type of plan is commonly used to cover funeral costs or inheritance tax bills.
What is Mortgage Protection Insurance?
If you pass away, Mortgage Protection Insurance pays off your mortgage to your lender. It is actually extremely beneficial because it removes a huge financial strain from your family.
Now, keep in mind that, in spite of what anyone may tell you, you only need mortgage protection if you’re buying a home with a new mortgage loan. For a mortgage application, you are not obligated to have other life or serious illness insurance.
How Much is Mortgage Protection Cover?
Similar to other insurance policies, the price of mortgage protection will vary based on the size of the mortgage, how long it will be remaining, your age if you smoke, and your general health.
If you have no health problems then obtaining a Mortgage Protection quotation is the easiest method to see how much Mortgage Protection might cost.
If you have medical issues or have had some in the past you are best calling us for expert advice regarding the plan and insurer best for you.
What is a Mortgage Protection Premium?
This is the monthly payment for your mortgage protection insurance. The cost will vary depending on a number of factors, including the level of cover, term of the plan, your age, smoking status, and overall health.
The monthly premiums are fixed for the term of the plan.
Where can I buy Mortgage Protection Insurance?
Simple answer, it’s up to you!
You can get mortgage protection from your bank or you can do your own research. The trouble is, that banks normally have an agreement in place to deal with only one insurance company for mortgage protection. This means you have no way of telling if they are offering you a fair price.
If you deal with Financial Life, you will have access to all the major providers (including the one your bank uses). At Financial Life we have access to all the top providers and we have extra broker discounts we can apply, meaning we will get you the best deal available.
What does Mortgage Protection insurance do?
Mortgage Protection is designed to pay off any outstanding mortgage balance in the event of the borrower’s untimely death. This type of plan can ensure your family is mortgage-free if you died before the mortgage term was complete.
Mortgage Protection is the cheapest form of life insurance and normally your bank will not give you a mortgage unless you have it in place.
How Do I Change Mortgage Protection Insurance?
Anytime is a good opportunity to change your mortgage protection company. At Financial Life we set up your new plan and cancel your old plan with your permission.
Always make sure to verify that your new insurance is activated before the previous one is canceled to avoid any uninsured period.
Which Mortgage Protection Insurance is The Best?
It depends on your goal.
For example, Royal London Ireland offers very competitive prices and includes dual life for the same cost as joint, along with some medical support benefits. Aviva is not currently the cheapest on the market but they do include some fantastic benefits free of charge with their plans, for example, free family GP access, counseling services, and second medical opinion service.
If you have medical issues, then this changes the situation again as the cheapest price you see online can work out very expensive after your health has been assessed.
The best policy will depend on your needs, but keep in mind that it’s not about getting the cheapest coverage; rather, it’s about getting the best deal for your money. At Financial Life you tell us what your goal is, and we do the research and comparison for you. We will apply our maximum broker discounts and ensure you get the best deal available.
I’m getting a new mortgage, can I transfer my Mortgage Protection?
If the level of cover and term on your existing Mortgage Protection plan matches that of your new mortgage, then your bank will be happy to accept the plan. However as the term and level of cover on your Existing Mortgage Protection decreases each year, it is very possible it will not match your new mortgage needs.
Don’t panic just yet, with no serious health issues it will be straightforward to get a new Mortgage Protection plan in place.
If you are in a hurry you can apply online and check all the different providers. If you need any advice just give us a call and we will be delighted to help.
Who Receives the Payout if I add Serious Illness Cover to my Mortgage Protection?
This can be a significant issue, the bank is entitled to any payout if you have a serious illness on your mortgage protection plan.
It is important to note why! When you take out a new mortgage you give legal ownership of your mortgage protection plan to the bank, so in effect, the bank becomes the new plan owner and you the borrower are the life insured. So any payout from the plan goes to the bank.
Remember, you do have the option to have your serious illness cover on a separate plan that will stay in your ownership and give you full control over what happens to any lump sum paid if you ever make a claim.
Will My Health Issues Affect my Chances of getting Mortgage Protection?
It varies. Now, for a lot of people, minor health difficulties shouldn’t hinder the possibility of getting Mortgage Protection. More serious health issues could result in you still getting cover, although you could pay more than the normal price and this is called an additional medical premium or Loading.
The worst outcome is that your application is refused or postponed for a period of time.
But relax, you’ve arrived at the right place. Every insurer looks at each health issue differently, so the outcome with each insurer can be quite different. At Financial Life we are experts when it comes to getting cover for anyone with medical conditions.
We will review your health issues and place you with the most lenient insurer to get you the best outcome.
Who Can be Covered?
This policy only provides coverage for one individual. If this person passes away during the policy’s term, the coverage sum will be paid to their estate or lender, whichever they choose.
This insurance provides coverage for both parties independently on one policy. Currently, with some providers in Ireland you can get Dual Cover for the same price as joint cover, so double the cover for no extra charge! For example, €200,000 Dual Cover plan has the potential to pay out €400,000, €200,000 for each life.
This policy provides coverage for two persons. but will ever payout on one life only. For instance, “Joint Life, First Death” will pay on the death of the first person to die and then the plan will end. For example, a €200,000 Joint Life plan has the potential to payout a maximum of €200,000 only.
Do I have to take Mortgage Protection from the Bank?
In fact, we advise against getting mortgage protection via your bank because the cost is often significantly higher because they typically only get quotes from one provider.
We will compare every provider in Ireland, apply our broker discounts, and get you the best price available.
How Long Does it Take to Take Out Mortgage Protection With Financial Life?
With Financial Life and with no serious health issues, it won’t take very long at all. i.e., with us, you can digitally sign your papers online (with optional phone support). i.e. after you’ve signed.
Your selected Insurance provider will receive your documents quickly when we urgently submit them on your behalf, allowing you to show the policy document to your lender(they will want this document) so that you can draw down your mortgage.
You can be on the cover in 24 hours. We also provide same-day cover priority service for urgent cases.
What if I Have an Interest Only Mortgage?
With an Interest Only mortgage, you are paying the interest due only so the actual mortgage loan amount borrowed is not decreasing.
Mortgage Protection is a low-cost life insurance benefit that declines annually along with the value of your mortgage while maintaining constant premiums for the duration of the policy. It is best suited for mortgage loans that are capital and interest payments, meaning your loan with the lender will be zero at the end of the mortgage term.
If your mortgage is interest-only the non-decreasing life insurance plan will likely be more suitable as the level of cover on this plan remains the same throughout the term, just like your interest-only mortgage.
What Happens If I Want to Top-up My Mortgage?
You will need to rearrange your mortgage protection insurance to ensure the term and level of cover match your new mortgage loan amount and new mortgage term.
It is likely the bank or lender will not provide a top-up mortgage until the above conditions are met.
Income Protection: What does it do?
In case you are unable to work due to a sickness or injury (other than pre-existing conditions), income protection insurance can pay you a replacement income of up to 75% of your salary. Consider it as an essential protection policy in your family’s financial planning
How long is the typical payout term for an income protection policy?
It pays out until you retire or go back to work, whichever comes first.
Where can I Buy Income Protection Insurance in Ireland?
Income Protection plan is a complex product. We recommend you to get financial advice around your specific needs. Our specialist advisors are well versed and experienced in selecting plans for you.
It is highly recommended to search the market for offers from different insurers. Our state-of-the-art, online quote engine can help you to get a comparative quotation from all the major Income Protection providers in Ireland.
When can I File for an Income Protection Claim?
Typically once the policyholder realizes that he/she will be out of work for a longer period due to illness/injury, the process may start. An email/letter to the insurer claims department from you or your financial advisor is sufficient. Upon receipt of the claim notification, the insurer sends a claim form to the policyholder. The claim notice should reach the insurer, at least a few weeks before the chosen deferred period in the policy ends.
That way the insurance company gets enough time to process the claim and also get reports from the policyholder’s GP.
At Financial Life, our expert financial advisors can help you with the claim process.
So, What Exactly is a Deferred Period?
This is the waiting period before your replacement income starts to flow. The longer the deferred period, the cheaper the premium.
You can select a deferred term of 4, 8, 13, 26, or 52 weeks after the diagnosis of illness or the incidence of injury. You are in charge of making that decision, but you will need to make that decision before joining the plan. Consider how long you and your family can survive on existing savings and without a regular salary, and use that as your guidance.
For most people, 8 or 13 weeks is probably great, but after that, things become a little hairy. Workers in the public sector and IT sector have longer paid sick leave already in their contracts. For them, considering a longer deferred period(typically 26 weeks) is less risky and hence less expensive.
Income Protection: When Does It Pay Out?
Once the insurer receives your claim, the process is fairly quick.
They investigate the claim and it may involve writing out to your GP to verify health details. Once the checks are done and the deferral period is over, the policyholder receives the benefit in the bank account regularly, until they are medically fit to join back work or until their chosen retirement age, whichever happens first.
How Much does Income Protection Cost?
The income protection plan is based on the below factors.
Please discuss your requirements with our expert financial planners and we can help you select an affordable plan.
Is Income Protection Benefit Paid, Subject to Taxes?
The simple answer is YES, benefit money paid from an income protection plan in Ireland, is subject to taxation under revenue rules.
In fairness, a tax relief on premium is available to you at your marginal rate, while you pay your regular premium. This means if you are taxed at the higher rate (40% currently), on a €100 monthly premium you will get €40 tax relief– so the net cost to you is only €60.
Although you receive tax relief on your premium payments, while you claim benefits in a claim period, the payout is taxed in the same manner as income.
However, you may pay less taxes during a claim, simply because your income will be less than the regular monthly salary.
How Helpful is Income Protection?
Your greatest asset is your income unless you are a millionaire already.
With your monthly salary, you cover your bills, living expenses, your mortgage/rent, and everything else. Imagine living off social welfare alone? An income protection plan helps you maintain your lifestyle by giving you a monthly income if illness or injury prevents you from going to work. This plan takes away the financial burden, so you can concentrate on getting better.
At Financial Life, our expert Financial Planners help you choose the plan that suits your budget. We strongly believe that an income protection plan should form a foundation for any financial planning.
How does Income Protection Relate to My Profession?
According to the risk of injury or illness at work, insurers categorise you into different occupational classes.
For instance, a plumber is a class 4 (higher risk), whereas an accountant is a class 1 (lowest risk). The risk factor affects the cost of your premium too.
Most insurers also publish a Class 5 or Class D(Decline) occupational class. Jobs coming under this area are automatically declined for income protection. Some occupations like, Member of Defence forces, Fireman, Boxer, Garda, Bus Driver come under this category. However, don’t feel let down if you are in a declined class. We can discuss alternate protection options for you.
At What Age Should I Get Income Protection Insurance in Ireland?
The earlier the better, is our norm.
Getting an income protection plan in the late 20’s and early 30’s makes the premium cost pretty affordable. People are usually much healthier at this stage, and medical exclusions in the policy are rare.
It may look like a younger person taking a policy will be paying the premiums for a longer duration. The comparison of actual cost with tax relief, indeed shows the the total cost of the plan is nearly the same or cheaper for a mid-20s individual when compared with a person entering the plan in mid 40s. Hence there is no actual monetary benefit in prolonging that decision to have income protection! In reality, the risks of not qualifying for a plan are greater in later life.
Is Income Protection Suitable for All People?
Our expert team of advisers can guide you in selecting plans that suit your needs.
Some occupations are automatically declined for income protection like high-risk jobs like Airline pilots, Members of defense forces, Train drivers, etc. We can guide you with alternate options in such a scenario.
In some circumstances, premiums could be prohibitory due to factors like age, smoker status, occupational class, and health situation. Our advisors will lay out all the details and also suggest alternate options in such cases.
With our expertise and knowledge in the medical underwriting process, we know which provider is more sympathetic, especially if you have a medical condition.
What Makes Serious Illness Cover a Good Idea?
Serious Illness covers up to 89 or 90 severe illnesses(depending on the insurer) including cancer, stroke, and heart attack. In most cases, a serious illness might take months or even years to recover which risks you and your family suffering financially because you’ll probably be out of work and not earning for a while at least.
With Serious Illness Cover you have a financial safety net, allowing you to concentrate on getting better.
Who Requires Critical Illness Coverage and Serious Illness Coverage?
Most people need this type of cover.
Unless you have several years’ worth of income saved, you should think about getting Serious Illness cover if you don’t already have Income Protection.
What Differentiates Accelerated Serious Illness Cover from Additional Serious Illness Cover?
The two types of serious illness cover are Independent Serious Illness cover and Accelerated Serious Illness cover.
Let’s look at a short example. You take out a €500,000 life insurance policy which includes €100,000 Accelerated Specified Illness Cover. Sadly, 2 years later you are diagnosed with cancer and as a result, you make a claim under your serious illness cover. From your specific illness claim, you get €100,000.
Your life insurance is decreased by €100,000, leaving you with a €400,000 life insurance policy. Whereas if you had an Independent Serious Illness Cover for the above plan, you would still have €500,000 Life Cover after you made your Serious Illness Cover claim.
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Serious Illness Cover: When Does It Pay Out?
With Serious Illness Cover, all providers have what is called a “minimum survival period” clause in their plans. This is essentially the period of time you must survive from the point of diagnosis, and is usually between 11- 14 days depending on the insurer chosen.
So for example, if you suffered a heart attack and died a few hours later, your serious illness cover pays out nothing as you did not survive the 11-14 days from when you had the heart attack.
How to solve this problem? Simple, ensure you have both Life Insurance and Serious Illness on your plan. So for the example above, a major heart attack followed by death a few hours later, the Life Insurance will pay out.
However, if you are lucky and recover from the heart attack you can claim the serious illness cover.
What Do You Mean by ‘Definition’ of the Illnesses?
It’s a bit confusing and requires a lot of reading, but it all depends on how each insurer defines and specifies each illness in the policy. For instance, the following can be found in Royal London’s definition of “Heart Surgery”:
2. Medical treatment using aorta grafts
A definition of policy
The act of having an aorta-related operation that involves the surgical removal and replacement of a piece of the damaged aorta with a graft. The abdominal and thoracic aortas are included in the term aorta but not its branches. Surgery for a traumatic aortic injury requiring aortic excision and replacement with a graft under general anesthesia is also covered.
The following things are excluded from the previous definition:
– Any additional surgical treatment, such as endovascular repair or the placement of stents.
If a stent was installed during cardiac surgery, you might assume that you would be covered. However, because of the exclusion listed above, you are not.
As I previously stated, carefully examine the definitions and analyse your options before choosing the coverage that best suits your needs.
How Much will Serious Illness Cover Cost?
Serious Illness Cover is more expensive than Life Insurance for the simple reason that there are more claims made on this benefit. For example, an individual who is aged 30 is more likely to get a serious illness than die over the following 20 years.
The actual cost will depend on the insurance company you select, the level of coverage you desire, as well as elements like your age, whether you smoke, and your general state of health.
It will cost more or you might get less coverage than you intended if you’re in poor health.
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What is the Best Time to Getting Serious Illness Protection?
The simple answer is if you currently have no serious illness cover then right now today is the best time to get cover in place.
Serious Illness Cover is best purchased when you are in good health, this way you will be covered for all serious illnesses listed on your plan. Serious illness cover will NOT cover any pre-existing conditions, for example, if you had cancer in the past and applied for serious illness cover, at a minimum cancer cover would be excluded from your plan.
In most cases, if you are diagnosed with a serious illness then you will likely not be working for at least the short to medium term. Serious Illness Cover will pay a tax-free lump sum on diagnosis of one of the specified illnesses covered such as cancer, stroke, heart attack, and many more. You can use this money for mortgage payments, medical bills, or day-to-day living costs.
You can purchase serious illness insurance as an add-on to your life insurance, mortgage insurance, or as a separate policy from your life insurance. The two types of serious illness coverage available when purchased as part of your life insurance are stand-alone and accelerated.
What is ‘Best Doctors’?
With all new Income Protection, Mortgage Protection, Life Insurance & serious Illness Cover, Aviva includes their free Aviva Care Benefit which gives you and your family free access to:
What is Helping Hand Benefit?
You get personal support from Royal London through their Helping Hand program.
Among the free extras are:
What is the Process for Whole Of Life Insurance?
You select the amount that will be paid out upon death when you purchase a Whole Of Life insurance coverage.
After that, you will make a predetermined monthly payment until your death. The insurance company then gives your family a lump amount.
This fee stays the same.
What Advantages does Whole Of Life Insurance Offer?
It pays a lump sum of cash that may be used to pay any inheritance tax due by your family after your passing.
When you pass away, your loved ones are financially secure.
For additional peace of mind, you can add optional benefits to your Whole Of Life Insurance.
No matter what occurs, you can use it to pay for your funeral expenditures.
What is Inheritance Tax?
When someone inherits money, property, or other assets like land after death, they must pay inheritance tax to the government. The individual who receives the asset is the one who must pay the 33% tax.
Wives, husbands, and civil partners who survive do not fall into this group. They are exempt from paying inheritance tax.
Your Whole of Life insurance can be used to partially offset any inheritance tax you may owe.
Never forget that we are here to help with any queries you may have about whole life insurance and inheritance tax.
What is the Minimum Age for Buying Whole Of Life Insurance?
You can purchase a Whole of Life insurance coverage starting at the age of 18 and keep it until you turn 75.
What is Medical 2nd Opinion Service?
Historical illness assessments by major medical advisors are available. This also applies to future diseases.
What if I Vape or Smoke?
Please be aware that vaping is now considered a nicotine replacement product, making it – ALL smokers.
Your entire life insurance premium will change in line with this.
What is a PRSA?
A PRSA is a Personal Retirement Savings Account. There are two main types 1) An occupational PRSA where you can retire from age 50(if you have left employment and are not currently working and 2) A personal PRSA. Retirement from a personal PRSA is from age 60 onwards. You can choose to access from age 60 but you can access from age 75 if you wish. Pensions work because they are incredibly tax efficient. You get tax relief on the contributions that you make at your marginal rate, the fund grows tax free and you get a 25% tax free lump sum at retirement.
So for example a higher rate tax payor makes a €200 contribution into their pension but the next cost would only be €120 as they get back €80 back off the government.
The amount you get at retirement will depend on the contributions that you made into the pension along with the tax free investment returns that you make. The returns will depend on your attitude to risk. Generally speaking the more risk you take (your score will be between 1-7) the better the returns will be over time.
If you are already in a current pension then you should look into PRSA AVCs which can be earmarked toward your tax free lump sum benefit at retirement. AVCs are great especially for those who work in the public sector.
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