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73% are not adequately financially protected in the event of serious illness

According to the survey, just one in ten (11%) Irish consumers has a specified illness policy.  It also found that 73% do not believe they or their families would be financially secure should they be diagnosed with serious conditions such as cancer or heart disease.

Just 40% have life insurance cover and two thirds (66%) say they do not feel they have adequate protection in place for their dependants in the event of their death.Last year, Aviva paid out €8 million to their customers in Ireland with Specified Illness cover: €4.6 million to women and €3.4 million to men.  The amount was up from €6.5 million in 2013, reflecting the increase in their customer base.   In the majority of cases, cancer was the cause of the claim at 63% with heart

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Save up to 40% with Tax efficient life cover.

Chances are you were never informed that you can save up to 40% on your life cover. This is one of the best kept secrets in the insurance world.

We all know taking out Life Cover is a good idea…

But sometimes with all the other demands on your income such as mortgage payments, utility bills, holidays, school fees, the weekly grocery shop… it can be hard to see how to budget for Life Cover. However, there is a solution available that delivers the peace of mind that comes from knowing that these expenses can be covered should you die. In fact, it can cost up to 40% less* than a regular Term Assurance policy.

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Teaching your children about money

Teaching your children about money will help them pick up good habits for the future.  We have pulled together some helpful steps so you can show your children how to make smart money decisions:

Step 1- Keep it fun

A great way to help children get started is to have three jars with the following labels:

●          Spending – for buying something now.

●          Savings – for a saving goal – such as a toy, book or sports jersey. Explain why it is important to save. Help them work out the cost of the item they are saving for and how long it would take to save for it, based on how much pocket money they get.

●          Future – this is money that is put away and can’t be touched until an agreed time in the future, such as summer holidays. Teaching your child to put a little away for a rainy day is a good way for them to be prepared for what might happen in the future.

Every time your child receives money they can decide how much they would like to put into each jar. Over time your child will begin to understand how to manage money and will be ready for the next step, opening their own savings account.

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Welcome to our Budget 2015 Summary

1. Pensions

The pension changes outlined in the Budget and current relevant rules are as follows:

Pension Fund Levy

The Pension Fund Levy will continue in 2015 at the rate of 0.15% as confirmed in last year’s Budget. Minister Noonan has confirmed the levy will cease after 2015.

This is encouraging for all those who hold private pensions and should ensure greater certainty in retirement funding.

Standard Fund Threshold (SFT)

The Minister did not mention in his Budget speech a change to the SFT of €2 million.

Those individuals with pension rights in excess of the SFT of €2 million as at 1 January 2014 have until 2 July 2015 to protect the capital value of those rights by applying for a Personal Fund Threshold (PFT) up to a maximum of €2.3 million. Individuals who already have a PFT will retain that PFT and do not need to take any action.

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Tax-saving opportunities for the Self-employed

If you are self-employed you must calculate your tax liability and make a payment by 31st October 2014 (13th November if registered with ROS) in respect of your:
 
1. Final Tax Assessment for 2013;                                              2. Preliminary Tax for 2014.

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Savings Tips

1. Setting a savings target right at the beginning will give you something to aim for and a better
chance of achieving your goal. But make sure your target is realistic. Not too much, but more importantly not too little.

2. You should try to build up a savings pot of at least three months’ salary, so you’ll have enough money

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