Protection & Insurance: JFL Financial Advisors

Protections & Insurance

Life has a habit of presenting us with unexpected events, some good and some not so good. It’s nice to know that should unexpected events happen, it is possible to face them with confidence.

Protecting you and your Family

These days, whether you are single, married, bringing up children or looking forward to retirement, we all have financial responsibilities, whether it is to maintain your financial freedom, or to ensure the financial security of your family.

Type of cover available to protect your standard of living:

What do the different life assurance products cover?

• Level Term: With level term, the value of cover remains the same for the term of the cover. In the event of the policyholder’s death, the full amount that has been insured will be paid out.
• Convertible Term: This is similar to level term, but it gives the added option of continuing the policy at the end of the term – with no further medical examinations required.
• Whole of Life: This is a more flexible approach to life cover as there is no policy term. The policy continues until the death benefit is paid providing you continue to pay the premiums.
• Permanent Health Insurance: If you become unable to work as a due to a medical condition or accident, this type of cover will provide you up to two-thirds of your income until you can return to work, or until your pension starts working
• Serious Illness Cover: In the event you are diagnosed with a medical condition which is covered under your policy, you will receive a tax-free lump sum.
• Mortgage Protection: This runs along side your mortgage, and decreases over time in line with your mortgage. In the event of your death, the life insurance company will pay off the remaining balance owed on your mortgage.
  

Protection cover is all about ensuring your family can remain financially independent – if the worst should happen. Could you family maintain their current standard of living on the current widow’s pension?

The good news is that the cost of this cover has been coming down over the years so now is a great time to reprice your existing cover to see if it still offers you good value for money. One of our Fully Qualified Financial Advisors can help you review your existing cover.

As independent life assurance advisers, John F. Loughrey & Associates Ltd can guide you through all the options that are available, and help you find a product that best suits your needs. We will explain to you in simple terms, the benefits and costs of the various products provided by a range of life assurance companies.

If you have no cover in place, it will cost you less than you think. You may be able to write the premiums off against your income tax bill reducing the cost even further.

Contact one of our Qualified Financial Advisors for FREE Independent Advice

Important Notice for our Customers

1% Life Assurance Premium Levy

On 7th April, the Minister for Finance announced the introduction of a 1% levy on life assurance premiums as part of his budget speech. Under the Finance Act 2009, life assurance premiums paid into both new and existing policies on or after 1st August 2009 will be subject to the levy.

Despite lobbying by the Life Assurance industry, the levy has been passed into law and will be effective on premiums received on or after 1st August. Any premiums received on or before 31st July 2009 will not be subject to the levy.

As a result, Life Companies will apply the 1% levy to all protection policies from 1st August 2009. This will mean Life companies will collect an additional 1% from protection policies with effect from 1st August on the following policy types;

• Life cover policies
• Mortgage protection policies
• Policies which pay an amount on disability or the diagnosis of a specified illness..

Our customers do not need to take any further action. The relevant insurance providers will collect this levy and pay it directly to the Government.

Please note that the 1% levy extends to all Life Assurance companies in Ireland.