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Life Cover
If you have an income and have children, life cover typically is your number one priority when it comes to Financial Planning. If your household would suffer financially if you were to die then you need life cover.
We can’t predict what life has in store and when it comes to premature death we usually think ‘it will never happen to me’.
In reality, we all know someone who has been affected. So it is important to protect our loved ones and ourselves by planning in advance.
It’s our job at Oates Breheny Financial Services to explain to you how much cover you require and what type of cover you need. It’s also our job to make sure you’re getting your protection at the best possible price for the best product.
If you have dependents then give yourself peace of mind by making sure they have financial security after you’re gone.
Serious Illness Cover
After Life Cover, Serious Illness Cover (or Income Protection) is typically your second priority in your Financial Planning process.
There are a number of other names for this product such as Specified Illness Cover or Critical Illness Cover however they all do the same thing. It pays you a lump sum if you are diagnosed with one of the illnesses noted on the policy document. You can use this lump sum to help maintain your family’s standard of living, pay for medical bills and help cope during a difficult time.
Serious Illness Cover protects you from financial hardship if you were to be diagnosed with a serious illness such as cancer or heart attack. It covers many more illnesses than this; every company has different illnesses covered and different options you can take out.
It’s important to get advice from us when thinking of taking out a Serious Illness Policy so that we can take you through all the options and make sure that if you’re going to pay for a policy for the next 20 or 30 years that you get the one that is most suited to you at a competitive price.
Pensions
Your retirement may seem like a long way off, but it is never too early to start planning. Smart planning for your retirement will ensure that when you do retire you can maintain the standard of living you have become used to.
While you may be entitled to a State Pension at retirement, the age at which you can access this pension is 66 years of age. If you do qualify for the full State Pension, at €289.30 per week (October 2024) , it’s designed to cover the basic necessities of life and will often be a sharp drop from your annual income.
Bearing this in mind you will need a plan to supplement the State Pension payment. In particular, if you are self-employed or working for an employer who does not include you in a pension scheme for retirement benefits, it is up to you to make additional financial provisions for your retirement.
Pensions are a complex financial product and its important to get your information from an experienced advisor. Oates Breheny Financial Advisors have many years experience helping clients save for their retirement and ensuring that they have the most suitable pension. Charges can eat into your pension pot and again its important that you are aware of what you are being charged and the funds that you are invested in.We at Oates Breheny Financial Services will advise you on the best pension for you and can also audit your existing pensions to ensure you are getting the best
Inheritance Planning
Estate Planning is important for everyone. If you are planning to leave assets after your death to certain people, some of the questions below may need to be considered.
- What should happen the assets after your death?
- Do you want to save tax and avoid legal problems?
- Who are the beneficiaries; a spouse, a civil partner, children or a friend?
- How is your estate to be divided up?
- Have you made a will?
Making a will is the most important step you can take for efficient estate planning. A will can help you make maximum use of the thresholds and it also legally binds your wishes.
If a potential inheritance tax liability is identified, you could take out a guaranteed whole of life plan to help ensure the tax liability does not put the person to whom you want to leave an inheritance in jeopardy of losing their business or home.
It’s our job to help you make sure the real value of these assets is not reduced by inheritance tax.
Savings
We have a number of options for people who are looking to save regularly. The option you take should depend on the amount of risk you are willing to accept on the capital you are putting into the plan and also the interest expected.
We specialise mainly in people who wish to save long-term and are willing to accept the risk that there is no guarantee on the money put into the plan or the amount of interest achieved.
We do provide a service where we will meet our clients and review their plan bi-annually or annually, whichever they prefer, and they can view their own plan at any time as well to keep an eye on how it is doing. To find out the most suitable plan for you contact us.
Investments
Most people will have some form of savings in place. Savings can be for a specific purpose, like paying for your children’s education or paying off your mortgage early. You may just want to build up a rainy day fund that can help you deal with unexpected costs or finance some home improvements. Or you may already have a lump sum that you want to put aside for the future.
You have worked hard for your money so it is important that you have someone who is willing to work hard to help you generate decent interest on your investment to help it increase in real terms.
It might be time to look into a long-term plan for your savings. Longer term savings typically involve some element of risk. While the majority of investment products involve an element of risk, over the longer term they may give you a better return than a simple savings account.
We do provide a service where we will meet our clients and review their investment bi-annually or annually, whichever they prefer, and they can view their own plan at any time as well to keep an eye on how it is doing.
With any investment product you need to thoroughly consider the level of risk involved and we have risk assessments tools to help you gauge what level of risk you are willing to take.
Business Protection
Anyone in business today wouldn’t think twice about insuring their business against loss from theft or fire.
However, there are many other circumstances that can have damaging and lasting consequences for your business. Indeed, without the right kind of protection, your business, even your family’s finances, could be in financial ruin.
Ask yourself the following:
- How would your business survive if one of your key employees or shareholders became seriously ill or died suddenly?
- If your business partner died what would happen to their share of the business?
- How would you feel about a shareholder’s family joining your business if he or she died suddenly?
- If you died what would happen to your share of the business?
- Are your spouse or children in a position to take your place in the business?
How would your family survive financially?
If any of the questions above are a cause for concern, then maybe you need Business Protection.
If you want to find out more contact us.
Income Protection
Income Protection is a type of Insurance that pays you a regular income if you can no longer work due to injury or illness.
It’s aim is to replace some of your earned income once any State Benefits are taken into account, so you could still maintain the level of lifestyle you are used to.
If you are in full time employment or you are self-employed and earn an income you can take advantage of an Income Protection Plan.
If you have people who depend on your income or you have debts you need to pay from your income it is important to make sure you are protected if that income was no longer coming into the household.
It is one of your household’s main Financial Planning priorities.
There are many different options and companies providing this Protection so talk to us if you want to get the widest choice.