Life Insurance & Protection

Discussing death is always difficult.  Every one of us is going to die, but not one of us knows when.  Most people live to a ripe old age before passing away, having led full and healthy lives.  The sad reality is that many others die at a young age, as a result of accident or illness.  Every family has been touched by the grief and the trauma that losing a loved one can cause for those left behind.  Very often there are also very serious financial consequences.  The emotional aspect of losing a loved one is difficult to heal, but the financial loss of such a death can be compensated for by taking out an adequate Life Assurance Policy.  For a relatively small premium the financial loss caused by premature death can be reduced, if not eliminated.  CONTACT US TODAY at Liam McGuire Financial Services for a FREE NO OBLIGATION quotation.  The reality is that for some of us tomorrow may be too late!

Medical advances and healthier lifestyles mean that many people are now surviving serious illnesses and leading long active lives following recovery.  Often, although they get a clean bill of health patients may be ordered to reduce their workload or stop working altogether.  This could obviously have a serious financial effect, with mortgages and other outgoings remaining due.  Specified Illness Cover is also known as Serious Illness or Critical Illness cover.  With such policies the sum assured is paid out once the policy holder is diagnosed with a serious illness or dreaded disease.  Each life company has a list of the conditions covered and the terms under which claims will be settled. A Specified Illness Policy from Liam McGuire Financial Services will provide financial comfort in such cases. read more

Income Protection provides financial assistance in the event of policy holders being unable to work due to accident or illness.  By paying a set monthly premium a predetermined monthly income is payable in the event of one being unable to work though illness or injury.  Benefits are payable after a deferred period of 13, 26 or 52 weeks.
At Liam McGuire Financial Services we are passionate about the need to protect you and your family.  read more

Life Assurance

In simple terms, a life assurance company will pay out a lump sum if a person covered by a life policy dies.  There is a wide range of life cover options on the market, from basic cover to more complex policies devised for specific technical needs.  At Liam McGuire Financial Services we can talk you through the various products, the differences between them and why the policy we recommend is the best one for you.  CONTACT US TODAY for a FREE QUOTATION

Term Assurance

Term Assurance provides low cost life cover for a fixed premium over a specified term of years. The cost and the sum assured remain fixed for the entire term. If you survive to the end of the term, then the policy simply lapses.  Your premiums have produced no monetary return, but they have provided peace of mind both for you and your dependants. There are two main types of term assurance:

• ​Level Term:                           In this case the sum insured remains the same for the term of the policy. 
• Convertible Term:               This provides the same cover as level term assurance, but with an option to convert 

Level term assurance can also be arranged to include specified illness cover.

Single, dual and joint life cover

Single Life cover is taken out on the life of one person and is payable on that person’s death during the term of the policy.

Dual Life cover is effected on the lives of two people and is payable on each death during the term of the policy.  If one person dies the sum assured is paid out but cover continues on the second life assured.

Joint Life cover is also effected on two lives and it can be taken out on a first death or second death basis (i.e. payable only on the first death or only on the second death). 

Whole of Life Cover

A Whole of Life policy, as the name suggests, provides cover for all of the assured’s life and therefore there will eventually be a pay-out, if premia are maintained.  For this reason whole of life assurance can be more expensive than term assurance.  The main type of whole of life assurance used today is unit-linked whole of life, which offers a mix of investment content and life cover.  The initial premium is usually fixed for 10 years.  The cost of the protection element of the policy is recalculated annually, with any ‘residual’ premium allocated to investment units.  As the insured gets older the cost of protection will, naturally, increase, to the point that the cost of protection equals the premium being paid the premium paid.  Subsequent premia will fall short of the actual cost of protection and at that stage any shortfall will be funded by the investment element of the policy.  After say, 10 years, the premium is reviewed to see if the growth of the investment fund is sufficient to fund the protection element going forward.  It is possible that the premium may have to increase at that point, if the sum assured is to be maintained. While most whole of life policies are now unit linked, they may also be with profits; low cost; universal or non-profit whole of life.

Keyman Insurance

Keyman Insurance, sometimes referred to as Co-Director Insurance, provides protection against the death of key personnel, business partners or fellow directors.  Apart from the emotional aspects of a death, the loss of a highly skilled, specialist employee can have a huge financial impact on a business.  Keyman Insurance is most often desirable in a partnership or on a company board, where it is necessary to provide for a payment to next of kin in the event of a premature death, in return for any stake in the business that the deceased may have owned. For further details 

Estate Planning

In the event of  a person's death one’s estate is administered either under the terms of a will (testate) or under the terms of the Succession Acts (intestate).  Capital Acquisitions Tax (CAT) thresholds have reduced in recent years, and the parent to child figure is to be reduced to €250,000 following Budget 2012.  If the testator has no children or if the estate is sizeable, considerable CAT liabilities may be payable.  With correct planning and through use of life policies effected under Section 72, the CAT payable can be reduced or eliminated.  At Liam McGuire Financial Services your estate planning will be effected by a qualified party, with a detailed knowledge of CAT.