You never know what’s around the corner. That’s why it’s important to plan ahead to protect your family financially if something happens to you.
At Christy McGee Insurances Ltd. we have a range of options to help you and your family cope financially if your income stopped due to an unexpected Accident, Illness or Death.
If you own your own home you’ll have mortgage protection. But, remember, mortgage protection will clear your mortgage and nothing else. That’s why Life Cover is so important. It pays your family a lump sum if you die which acts as a form of income replacement – just when they need it most.
If you have a mortgage, you most certainly have a mortgage protection policy. This clears the mortgage in the event that you pass-away. However a life assurance policy protects your family. It pays a lump sum out to your estate on your death, and with life insurance pricing at an all time low, there couldn’t be a better time to speak to us.
This insurance pays out a lump sum on your death, that’s linked to your mortgage. The amount that you’re insured for decreases down every year in line with your mortgage ensuring that if you do pass-away before the end of your mortgage, the bank debt is paid off, and not passed on to your loved ones.
Income protection is insurance for your salary. You can insure up to 75% of your salary which if your unable to work due to accident or illness, will pay that amount out right up until retirement. As a bonus, you can claim tax relief on the insurance premium, so it can cost less than you think.
Serious Illness Cover
Serious Illness Cover or Specified Illness benefit, pays out a lump sum upon diagnosis of you having a Specified Serious illness. Most life companies will cover you for between 42-50 conditions, depending on the provider, but every year we see pay-outs for the 3 big conditions, Heart Attack, Cancer and Stroke. This serious illness benefit can be added on to Mortgage protection policy which can clear off your mortgage should you be diagnosed with a specified illness.
Key Person Insurance
Most companies have a Key Person within their business which would directly account for a certain large percentage of their turnover. If that Key Person were to get seriously ill or even die, their would undoubtedly be a financial consequence to that business. Key Person Cover insures such a person that in the event of them becoming ill or passing-away, the company receives a lump sum to bridge that financial gap.
Company Director insurance policies help protect the company in the event a Director becomes ill or passes-away. The death of a Director can have far reaching implications for a business. If there are loans attached to the business, them loans maybe called in on the death of the Director or a family may need to be financially compensated for their shareholding. Company Director insurance pays a lump sum to the business to Buy back the deceased Directors shareholdings from their estate, without having to take a loan to do it.
When you have two or more self employed individuals working together to make profit, this is called a partnership. On the death of one of these partners, the partnership will break down and the family of the deceased partner could be left with nothing from that partnership. Partnership insurance pays out a lump sum on the death of a partner, thus securing the financial stability of their loved ones.
Section 72 (Inheritance Tax) Policy
The Current rate of inheritance tax in Ireland in 2021 is 33%. The total amount of inheritance or gift tax collected in Ireland in 2019 was €522 Million. A section 72 policy can help pay some or all of that inheritance tax bill…
Section 72 Life Insurance is a type of Life Insurance that parents buy in Ireland to pay their children’s inheritance tax bill. It’s called S72 because it’s defined in Section 72 of the Capital Acquisitions Tax Consolidation Act 2003.
It works much the same as regular Life Insurance in that you take out a policy, you pay your premium, and when you die, your benefactor gets a tax-free lump sum. In this case, they’ll use it to clear the inheritance tax.