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Hi Folks, based on the feedback forms that many filled out after the talk in the D hotel last Friday and also some questions I have received since, I wanted to answer and clarify a few points, in no particular order
Children’s cover – With most modern policies, if you have life cover, then your children are automatically covered for a nominal amount of life cover (usually approx. €5,000) up to about 18yrs old without even having to list them. A claim does not have any affect on the adult cover at all. If you also have specified illness cover, then your children are also covered for a nominal amount of cover (usually approx. €25,000) for the same list of illnesses. Again, a child’s claim does not affect your cover at all.
Retirement Planning – Your own circumstances will dictate what type of pension you are eligible to do, but the main point to note is that you must be earning a source of taxable income to be able to contribute to one and get the tax relief (e.g. If you’re only source of income was rental income or maintenance, you are not eligible in that tax year to contribute to a pension). The options at retirement will depend on which type but you will usually be able to take part of your pension as a tax free lump sum provided you satisfy certain requirements at that stage. The main attraction is the tax relief on contributions, so for someone paying 41% tax, every €100 you put into a pension, it’s like the government added another €69 to it!
Mortage Protection Life Cover – It was realised by some people that besides having a mortgage cleared in the event of a fatality, there is still a greater financial loss, particularly when there are young children to cater for. The level of personal life cover required is completely dependent on your personal circumstances and we will gladly show you how to calculate this. Many were honest enough to say that they have no idea what level or type of cover they had (or even whether they had any personal cover!)
Dealing with a Life Company directly – Contrary to belief by some that it might be cheaper to deal directly with a life company, this is not the case. In fact, as an independent broker, we can make one life company "price match" a cheaper premium by showing our comparison quote, which is not available to the public. Also, dealing with one company means you can only avail of their products, while we can avail of all of them.
Finally, the most common question I get asked is "how much do you charge for doing a review"? The answer is simply nil. We get paid by the life companies etc. for introducing business so it doesn’t cost you anything. And yes, evening appointments in your home are completely normal.
Thanks again to everyone for the feedback and questions, for further info or to arrange a review or coffee meeting, info@financialcompanion.ie 0876414570 or PM me here. Dave.
Don’t forget to check out the "Ask the Expert" section for regular tips and updates!
I was raging I didn’t get to the D hotel that day, I had to work!
Will there be any more talks like that?
Hi Sue, we may well do another one. It was hard to know how many were going to be there and what size room to have in case, so what we may do in the future is get people to confirm if they would like to attend and plan it from there.
If you have any specific questions please feel free to PM me or keep an eye on the "ask the expert" section for tips and info 😉
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