Safeguarding ourselves and our family’s financial future is a priority for most people. Life is full of surprises and a serious illness, accident or extended period of unemployment can really throw a spanner in the works. The key is to anticipate those bumps in the road and be prepared for them.
At O’Leary Financial Planning we can help you build that financial safety net for you and your family.
We insure our home against fire and theft. Our car against accidents. We even insure our holidays against financial loss.
Your income is your most important asset; it pays the mortgage, car insurance, electricity, food bills etc., yet it’s the last thing we think of insuring. How would you manage if this income suddenly came to an end? State benefits are very limited.
Income Protection Cover will protect your lifestyle. It provides you with a replacement income until you get back on your feet so you can continue to meet your monthly mortgage repayments and other financial commitments.
We can answer any questions you might have and will provide you with a range of options to suit your specific circumstances.
“It’s great to have someone in your corner who listens to you and actually focuses on what you need to achieve financial peace of mind, not on selling you a product they think you need.”
Jenny & Calin Tasnadi - Clients
Guaranteed Mortgage Protection, provides security for your family by protecting your home, in the event of your death. Unlike most types of insurance, the benefit decreases over the term of the policy, in line with the decreasing capital owed on your mortgage.
You can choose standalone cover for mortgage protection that will protect your mortgage in the event of death or you can combine your policy with serious illness cover. If you choose to add serious illness cover onto your mortgage protection policy, your mortgage would be repaid in the event a serious illness or death.
Whether you are taking out a new mortgage or have an existing plan in place, why not give us a call. We have access to a wide range of options on the market and can source the most suitable one for you and your specific requirements.
Life Insurance provides financial security to your family in the event of your untimely death. Your beneficiaries are guaranteed to receive a tax-free lump sum that can be used to replace your income, pay bills and clear outstanding loans. Generally, you will only require life cover when you have dependents who rely on your income.
Life Insurance policies may be liable for inheritance tax as part of the total net value of all the assets received by the beneficiaries unless you have a Section 72 Life Insurance Policy.
You should consult your Financial Adviser about succession planning.
Serious Illness cover protects you and your family against the financial impact of a potential life changing diagnosis. It pays you a lump sum that can go towards paying your day-to-day household bills, travel expenses, extra childcare or additional specialist costs not covered by your health insurance. Whether you have dependents or not, serious illness cover provides you with financial security so you have time to recover and get back on your feet.
Serious illness can have a devastating impact on your life. Check with your employer if this is included in your benefits or give us a call for more information and advice.
Inheritance Tax Planning
Whole of Life Cover is a straight-forward life assurance protection policy that pays out a lump sum when you die. This policy can be used under Section 72 of the Capital Acquisitions Act 2003 for inheritance tax planning to help offset any inheritance liability by setting up a ‘Section 72’ Life Insurance Policy which has been approved by the Revenue Commissioners. It can be taken out specifically to pay inheritance tax and is therefore not liable to tax. The amount of cover you take out will depend on what you can afford, the value of your assets, who is to benefit, and the amount of inheritance tax they will have to pay.
At O’Leary Financial Planning we can help reduce the inheritance tax payable by your family and beneficiaries. We will answer any questions you have and will advise you on the amount of cover that best suits your circumstances.
“I met with Cleona for financial planning advice after a friend recommended her and I’m so happy I did. I’ve now set up a workable financial plan that meets my needs and is reviewed every year giving me complete control over my finances.”
Ray Carroll - Client