Eolas Money - Protecting you against the 'what ifs' of life

Financial Planning involves looking at the big picture for our clients and considering their goals, dreams and aspirations in order to identify the correct actions that may need to be taken to help them achieve their goals. Part of that process is ensuring that clients have peace of mind when it comes to the “What If” scenarios that life can throw at you. 

When analysing these scenarios, we encourage you to consider your protection planning in terms of your living benefits separately from your death benefits. 

Living Benefits: 

As the title suggests, you are alive but may have been diagnosed with or suffer from a serious illness that forces you to stop working while you focus on your recovery. The Real Cost of Cancer report by The Irish Cancer Society states that 1 in 2 people in Ireland will be diagnosed with cancer, with most of us unaware of the financial impact it can have such as:

• An increase in additional monthly expenses of up to €756,
• 7 in 10 cancer patients will suffer an average income drop of €1,500 per month,
• 75% of cancer patients are forced to change their profession,
• 45% of cancer patients will stop working completely. 

With these in mind: 

• Have you considered the impact a serious illness will have on your ability to maintain your household’s standard of living if you are unable to earn your income? 
• Have you sufficient savings to replace your normal income and how long will these savings last? Has your employer a long-term illness benefit scheme in place? 
• Will you be reliant on the State’s Illness Benefit? 

Income Protection & Specified Serious Illness Cover are insurance products that provide you with living benefits should you be unable to work due to illness, disability, or diagnosis of a specified serious illness such as cancer. These payments can be used to cover medical expenses, lost income due to time off work, and other costs associated with a serious illness. 

Death Benefits: 

As this title suggests, death benefits are payable upon your death and provide financial security to surviving individuals and families in the event of a premature death or terminal illness. Life assurance provides a tax-free lump sum payment to the estate of the insured individual and this payment is designed to cover upfront expenses such as funeral costs, eliminating household debts and providing for future expenses such as children’s university costs, weddings and home deposits.  

Knowing that your loved ones will be financially secure will provide significant peace of mind and help to improve your financial wellbeing. 

If you want to chat about your personal protection planning and ensure you are protected against these What If scenarios, please email queries@eolasmoney.ie

This article is provided for general information purposes only and does not amount to financial advice. While every care has been taken in the preparation of the information, we advise you seek professional advice before making any personal financial planning decision. Eolas Money Management Limited, T/A Eolas Money is regulated by the Central Bank of Ireland. www.eolasmoney.ie

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