Life Insurance and pensions

10 October 2013
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Some things in life you just have to do - even if you don't want to.

A ladyLife insurance for many, is considered an unnecessary evil and for others a waste of money. However, despite the bad press, Life insurance is surprisingly cheap, if you get on the road at a young age.

See for the latest quotes from all the life companies

A thirty year old, non smoker, can avail of €500,000 life cover for less than €30 per month, over 20 years. The cost rises significantly when:

  • You get older
  • You have ill health
  • A member of your family has certain diseases that Life Companies consider may indicate an increased risk for you

Life Insurance provides protection for the ones you love.

So the time is now - check out the price and at least make an informed decision

Pensions are another financial product that many people put off - as the pay day is so far in the future, it is easy to leave it to another day. But time goes by very quickly and unfortunately the longer you put it off the harder it is to build up sufficient savings to have a comfortable retirement.

Some key points to note are:

  • Ireland will not be able to afford the State old age pension in its current format in the future - we just will not have the money and the pension pay out will be reduced , forcing individuals to rely on private pensions
  • Pension contributions are allowable against tax at your highest rate. If you contribute €1,000 the net cost to you is €590 etc.
  • Pension funds do not pay tax within the fund and your fund grows tax free
  • You can receive up to €200,000 of your fund tax free on retirement
  • Your pension fund can act as additional protection for your family in the event of premature debt.
  • Pension life insurance premiums are also available as a deduction against tax.
  • Delaying the start of a pension can really make it impossible to accumulate sufficient money fro a comfortable retirement

If you do not have your life insurance or pension arranged - just give us a call and we can talk you through your options --01 8327250