Our income is our most important asset. Our income allows us to maintain our standard of living. Without an income we would be unable to provide for ourselves and our families. We would be unable to plan for the future, to educate our children or even live comfortably in retirement.

In today's hectic lifestyle we often neglect attending to and protecting our income. Many factors can impact our ability to generate an income. What would happen if we suffered a serious illness and were unable to work? What financial burden would be placed on our family if we were to die prematurely? While these are certainly difficult scenarios to consider they are never the less important. It is vital to protect our income should we suffer a serious illness or even die prematurely.

Life cover, serious illness and permanent health insurance policies can each help in protecting our ability to generate an income.

At Ruth Mulcaire Financial Planning we can advise you on the level of cover appropriate to you We can then research the market and find the cheapest and most suitable solution for you.

Protection Products:


Mortgage Protection

Purchasing your family home is one of the most important life decisions any of us will make. As part of this process lending institutions will require you to affect a life assurance policy. This is designed to pay off the mortgage should you die during the term of the loan. As well as providing security to the lending institution, these policies also provide valuable peace of mind for you and your family.

This type of contract is designed to decrease in value (sum assured) as the outstanding balance of your mortgage decreases. It is designed to only pay off the outstanding balance on the mortgage in the event of death during the repayment period.

An additional benefit can also be included as part of your mortgage protection policy. This will provide a lump sum should you suffer from a list of serious illnesses during the term of your mortgage.

At Ruth Mulcaire Financial Planning we hold agencies with all the major life companies and can negotiate the best terms available on behalf of our clients.

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Life Cover

You never know what lies ahead or what life will throw at you next. Life cover can provide you with peace of mind that if you die prematurely your family will not have to struggle financially.

In Ireland, in 2006, 5,949 died before the age of 65 (source C.S.O.). The financial consequences to a family left without a main bread winner's income can be stark. 'Your health is your wealth' adequate life cover will protect your family from the financial consequences of the death of a loved one. It is important to note the word adequate in as much as many people have no life cover what so ever, many more have affected life policies where the level of cover is just simply not sufficient to replace current income levels. Life cover must be reviewed regularly to ensure it meets with your changing needs and life stage.

There are two main types of personal life cover policies:

Guaranteed Term - Life cover is guaranteed for the term of the plan provided you pay all the premiums due. The premiums are guaranteed for the term of the plan and cannot be increased unless the cover is increased.

Whole of Life - As long as the premiums are maintained the life cover will remain in place. Premiums are however in some cases reviewable and may well increase as the policy continues in force.

Why not use our protection calculator to determine what level of life cover may be appropriate for you

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Serious Illness Cover

Serious Illness cover pays a lump sum if you suffer from one of a number of serious and unfortunately common conditions such as cancer, heart attack, stroke etc. Serious illness can strike at any time and the effects can be catastrophic. Over 20,000 people are diagnosed with cancer every year in Ireland.

There are obvious consequences such as large medical bills. Ability to maintain income levels can also be compromised due to the duration of the illness as well as the period of time spent recuperating following the illness. The necessity of this type of cover cannot be underestimated.

Research has shown that for those in good health the probability of suffering a serious illness such as cancer, heart attack or stroke before age 65 is one in four for men and one in five for women (source GE Frankona Re).

In 2012 Irish Life Assurance paid out 606 claims totalling €41.15 million. The average claim was €68,408. The average age of those claiming was 49.

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Income Protection

Income protection provides a plan holder with a regular income which is paid if they cannot work due to long-term illness or injury. After a chosen deferred period of either 13, 26 or 52 weeks the plan holder receives the income protection benefit to replace up to 75% of the income lost less any social welfare benefit entitlement while off work.

The cover and potential benefit payment expires at 55, 60 or 65 depending on occupation and customer choice. The premiums associated with this cover are also fully tax deductible, assuming certain conditions are met.

This type of cover can be invaluable particularly if you are self employed as you are entitled to no social welfare payments.

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