By Dave Kavanagh
Understandably, during these restrictive times when new deaths are a daily feature on the news, as well as much talk about access to regular hospital services, people have given more consideration to the impact that serious illness or a fatality would have on their financial security. The sudden impact that many experienced just by suddenly being off work and having their income impacted, certainly gave food for thought. The most common plans that people can commence to protect against some of these events, are life cover, serious illness cover and income protection. Life cover can pay out a lump sum (or the option of regular payments) to cover the financial loss suffered from a fatality, This may include protecting a mortgage and also having personal cover. Serious illness cover (aka critical illness cover or specified illness cover) also pays out a tax free lump sum on diagnosis of any of the specified illnesses. While there are a multitude of illnesses covered, 5 account for about 95% of claims - Cancer, Heart Disease, Stroke, Multiple Sclerosis and Loss of Independence. In Ireland there are approximately 40,000 new cancer cases every year. Income protection will pay a portion of someone’s income if they cannot work due to illness or injury after a short deferred period.We often see that people may have their home and contents insured, their pets insured, their mobile phones insured, their travel plans insured and their laptops insured, without giving proper consideration to how appropriately they insure themselves. As with any important decisions (that may not be considered “fun” activities!) it is crucial that you make the time to consider the properly.
Dave Kavanagh QFA has been advising people financially for over 25 years. For quotes or information (with no cost or obligation) he can be contacted by emailing firstname.lastname@example.org or use the contact form on www.financialcompanion.ie or phone 087-6414570. Combined with his previous role of gym/nutrition adviser, he regularly gives talks and workshops at seminars and events for groups, companies and government departments on financial wellbeing, positivity and motivation. As heard on RTE 2FM and TV3.