"As a pensions expert I have helped design, implement and monitor and mature pension plans for clients for over 20 years. In that time tax legislation has changed, people’s attitude to risk has altered, and the investment markets have fluctuated wildly. It is important that in an ever changing world, the provision of expert, professional and impartial advice is constant and available. We have helped guide clients through these times and assist them every step of the way."
ersonal Risk Management Plan
Insurance is simply a mechanism of removing the financial burden that death or sickness could impose, and placing it on the shoulders of a much wealthier institution to bear. The cost of doing this is the premium, the cost of not doing it could be incalculable.
Our role is to
- Review your current insurance arrangements
- Assess what the potential risks you face are
- Design a risk management plan to provide you with the most comprehensive and tax efficient insurance solutions that you can afford.
- Regularly review the plan to ensure it remains adequate
The aim of the exercise is to provide you and your family with a complete insurance package at a price you can afford, and which provides you with peace of mind that any financial problems that are caused by death, illness or sickness will be taken care of.
Below are some statistics that you should be aware of;
- 1 in 6 Irish workers will suffer an injury or illness which stops them working for 6 months or more. State protection is very limited and if you are self-employed you do not qualify at all.
- You are four times more likely to suffer a serious illness before the age of 65 than die. The average age of adult claims is 52.*
- Average age of successful claimant under a life insurance policy was 63, 44.3% of claims were on lives under 60 years of age.*
- The average death claim in 2012 was €65,560.* Assuming this was put into a deposit account it would yield a weekly income of just €74.11 per week. On top of the Widows pension of €230.30 per week, this would be a combined income of €304.41 per week.
- In a business with two partners, the odds of one partner dying or becoming seriously ill before age 50 is 36%, and in a business with three partners those odds increase to 49%.*
- There are 140,000 co-habiting couples in Ireland, approximately 60% of these have children** Potential tax liabilities for surviving partners can arise should the life insurance policies not be correctly arranged. This tax bill can be eliminated by adequate planning at little or no additional expense.
- An average of 30,000 new cancer cases are diagnosed each year. The number is expected to rise to over 40,000 by 2020.***
*Irish Life Claim Statistics 2013
** Census 2011
***www.cancer.ie, November 2013
Business Risk Management Plan
Most of us know that we should protect ourselves and our families against the financial hardship that death, illness or sickness can cause. Yet often we fail to consider the insurance needs of our business. We insure against loss of profits caused by fire or flood, but fail to insure the human capital that drives our business. If you are a Business owners you need to address two fundamental questions;
- Is your business protected against the loss of a key person? (Keyperson Insurance)
- What arrangements do you have in place should a shareholder become sick or die? (Shareholder Protection)
We review businesses current insurance arrangements and advise on;
- Estimating the appropriate level of cover
- The tax treatment of the premium for the company
- The tax treatment of the premium for the individual
- The tax treatment of the sum insured in the event of a successful claim
- The appropriate legal documentation that is required
- Structuring the arrangement in a logical, tax efficient and stream-lined manner
As a result of our audits
- Shortfalls in cover and threats that exist to the firm are identified
- Tax effective solutions are outlined and are fully costed
- Remedies are implemented where necessary, in a timely and effective manner