Life Assurance/Critical Illness

Protection through financial planning against the unexpected provides security and peace of mind. MMPI advises on all aspects of financial planning – including serious illness cover and income protection insurance, life assurance, mortgage protection and term assurance – so that its clients can make informed decisions about the types and levels of protection that are most appropriate to them.

Typical insurance products you can avail of include the following:

  • Decreasing Term Assurance (Mortgage Protection)
  • Level Term Assurance
  • Whole of Life
  • Serious Illness Cover
  • Income Protection

Serious Illness Brochure

If you believe you require further clarification on any matter relating to financial planning around life or serious illness insurance please feel free to contact us for impartial advice.

Financial Planning

 

Decreasing Term Assurance (Mortgage Protection)

Decreasing Term Assurance also known as Mortgage Protection is a simple, cost effective form of life assurance, designed to pay off the balance of your mortgage in the event of death and/or critical illness. You select the level of cover you need (loan amount) and the length of time you need it (term of loan).

Your premiums are fixed for the life of your policy, meaning that the amount you pay each month will never go up.

Under a Mortgage Protection plan, the level of cover chosen is designed to reduce each month in line with your mortgage, reflecting the fact that you are gradually paying off your mortgage.

If you believe you require further clarification on any matter relating to Mortgage Protection insurance please feel free to contact us for impartial advice.

Level Term Assurance

Term Assurance provides you with a specified amount of cover over a specified term. Your premiums are fixed for the life of your policy, meaning that the amount you pay each month will never go up.

There are various different types of cover:

  • Single Life – there is one life assured and the policy pays out on death
  • Joint Life – there are two lives assured and the policy pays out on the first death
  • Dual Life – there are two lives assured and the policy pays out on each death

It is important to note there is no savings element or cash-in value to Term Assurance.

If you believe you require further clarification on any matter relating to Term Assurance please feel free to contact us for impartial advice.

Whole of Life

Guaranteed, Whole of Life cover pays out a predetermined lump sum on your death. It is designed to cover you for the whole of your life, so there is no fixed policy term.

Who is it for? – Anyone looking to protect loved ones from a large inheritance tax bill when they die.

Benefits – The policy can cover the inheritance tax your family is liable for when you die – meaning the people that matter to you are financially protected on your death.

If you believe you require further clarification on any matter relating to financial planning around Whole of Life cover please feel free to contact us for impartial advice.

Serious Illness Cover

Serious Illness Cover is a form of “living insurance”. It is sometimes called Specified or Critical Illness Cover, but it aims to do the same thing – rather than paying out when you die, like life cover, it pays you a lump sum if you are diagnosed as suffering from one of a list of serious conditions.

Types of Cover

There are two different types of cover available:

Stand-alone – Serious Illness Cover is separate to any other type of cover. It pays out a specified amount over a specified period. While it may be purchased in conjunction with a term policy a claim will have no effect on the amount of life cover.

Accelerated – This cover is attached to a term policy, when it pays out it reduces the amount of life cover by the same amount. For example if you have life cover of €500,000 and accelerated Serious Illness cover of €250,000. If a claim is made and the €250,000 of Serious Illness cover paid out the life cover will reduced to €250,000

Purpose of Product

It is different to insurance cover, such as health insurance, in that it is aimed at serious conditions only that may have a major effect on your ability to work and your family finances. The lump sum paid is totally tax-free and aims to replace any shortfalls in income or increased expenditure due to illness.

Why take out Serious Illness?

For people with mortgages it is an important cover to have; if you were to suffer a serious illness and give up work, it is important to ensure you’ll have the money to pay off your mortgage or meet the repayments. At the very least, your mortgage should be covered.

What does it cost?

This depends on a wide range of criteria such as age; health status; level of cover and the term of insurance required.

If you believe you require further clarification on any matter relating to financial planning around Serious Illness cover please feel free to contact us for impartial advice.