Family Protection :: Oregan Financial Services Ltd

By: Oregan Financial Services  05/12/2011
Keywords: financial services, Financial Planning

As Benjamin Franklin once famously said 'In this world nothing can be said to be certain, except death and taxes'. It's an unpleasant thought and many people prefer to live their lives and plan their finances on the basis they're immortal and will live forever, but that's not how life works. It's funny how people will do the daftest things to try to make money (but which usually never do) yet they often refuse to do the simplest things which offer a certain return.

Why do people buy an overpriced apartment in Bulgaria or Cape Verde and spend thousands of € every year supporting it yet they are reluctant to spent a few € ensuring that money will be there for their loved ones in the event of their unexpected death or if they become seriously ill. That is not responsible financial planning.

Consider the facts. We are not immortal. People get sick. People die. Cancer effects 1 in 3 people in Ireland according to the Irish Cancer Society. If we truly care about our loved ones, any sensible financial plan has to ensure they are adequately provided for under all possible outcomes, whether you go on to live a healthy and prosperous life and can work into your 60's or 70's, whether you become ill and can no longer work at a much earlier age, or even if you unexpectedly die along the way.

Just because the average person will live into their late 70's doesn't mean you will. It's an average and like every average some will live longer but also some will die earlier. It's a fact and therefore your financial planning has to take account of it. Death is rarely a planned event. The phrase 'unexpectedly die' is important to place this in context. How often do we hear of somebody who has 'expectedly' died. Almost always death is unexpected and devastating to the loved ones of the deceased.

We will help you plan for the unexpected. We will ensure you are adequately insured not only today but into the future. Crucially any life cover you have should be capable of lasting into your later years and not expiring at some future date requiring you to be underwritten again. This is the key risk. Anybody can buy insurance if they're healthy but what if they're not.

Don't confuse life assurance with mortgage protection which is there to protect your lender by clearing your mortgage or with medical insurance such as VHI which is there to cover medical bills. Life Assurance is there to provide a lump sum sufficiently large to clear debts/liabilities and to replace the lost income. It's to pay for the household bills, the car, the weekly shopping, school and college fees. If you care about your loved ones, you need to ensure they are protected so that when you can no longer do so you've taken care of it as you always did.

The information in this article was current at 02 Dec 2011

Keywords: Financial Planning, financial services

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We can help you plan your retirement funding by reviewing your current pension in terms of its performance, costs, suitability of investment funds and associated risks and advise you on the best way forward. It's an unpleasant thought and many people prefer to plan their finances on the basis they're immortal, but that's not how life works.


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At normal retirement age having saved a large pot of money, you take a portion of the fund as a tax free lump sum and the balance provides you with an income to live the rest of your days in relative comfort. We will review your current pension in terms of it's performance, costs, the suitability of investment funds and associated risk to your circumstances and advise you on what you should be doing.


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You could also or alternatively insure yourself for a lump sum which would be paid out tax free in the event of you suffering a specified illness such as cancer. If you unexpectedly became seriously ill in the morning and could no longer earn how would it impact financially on you and your loved ones. People understand the logic of insuring their car yet they question the logic of insuring their income.


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The solution is to put in place Share Purchase Insurance to ensure a plan exists and more importantly that the necessary funds will be available. Unlike Share Purchase Insurance which is designed to protect the shareholders, Keyman Insurance is designed to protect the business. This often leads to problems as the next of kin may not have the ability or want to become involved in the business.