Irish Insurance Brokers

Insurance brokers can offer a wide variety of services to customers. Some brokers specialize in certain areas of Insurance, investments, Pensions and other financial products. The main benefit of using the services of a broker over say a bank is that with a broker there are a number of different services offered to the client. In most cases banks are tied to an insurance agency so the client can only get 1 quote with them. In a brokerage, you will find a number of different providers with multiple different quotes and rates. This gives the broker some leverage over the insurance agencies in order to get the client the best deal available to them. 

For a potential client, the most time efficient way to price the market for a policy is to use a broker. The broker will offer the most suitable product available at the best price and in many circumstances improve on the policy already in place through a bank. 

There are a variety of insurance products on the market to suit every need. Life assurance on the …

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Savings of €635 a year to be made in Mortgage Protection

We were mentioned in an article by Charlie Weston writing in the Independent about mortgage protection. The point was raised (figures supplied by the Competition and Consumer Protection Commission) that savings of up to €635 were possible.

The parts mentioning Irish Mortgage Brokers are what follows next: It’s normally done on a “joint life, first event” basis which means that if two people take out the policy and die simultaneously it only pays out once and the sum is usually engineered to cover only the balance of the loan.

It does this because it’s created as a “decreasing-term” policy, which means the amount it pays out decreases over time, the same as your mortgage does as you pay it.

It has a set term, in line with the mortgage term, according to Karl Deeter of Irish Mortgage Brokers.

So if you take out a mortgage for €250,000 over 25 years then this policy should track it fairly closely, so that if the policy holder or holders die the mortgage is cleared.

Typically, it’s the cheapest type of life …

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RTE Talking Money on Life Insurance

Back in June (sorry for the delay, we had the recording but didn’t post it!) we did a piece on life insurance and both how and why it matters.

As usual, Jill and Karl didn’t always agree on everything but the need to insure against your greatest risk was universally accepted and how to do it sensibly is really straight forward.

You can catch us again ‘Talking Money’ every Monday on RTE Drivetime at about 18:15.

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RTE Drivetime: ‘Talking Money’ on good versus bad insurance, 2nd March 2015

Talking Money is a segment every Monday on RTE’s Drivetime show where Karl Deeter and Jill Kerby talk about big financial issues. This week it was about insurance, and how to tell the difference between the ‘good’ kind, the ‘bad’ kind and how much each one matters and costs.

This is an important topic because too many people have too much of the wrong type of cover and not enough of the good type.

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Return of Payments (Insurance Undertakings) Regulations 2011 (S.I. No 641 of 2011)

These regulations were introduced in 2011.  They require Life companies to make returns to Revenue on an annual basis, where payments have been made to policyholders in respect of savings and investment policies.

The first returns were made to Revenue by Irish Life in September 2012.  In future years, the returns must be made by 31st March each year.

Revenue may follow up in respect of some of the cases reported in the returns.  This may involve follow up queries to Irish Life to seek clarification of the information returned.  It may also result in queries being directed by Revenue to customers who receive the payment. Depending on the nature of the queries raised by Revenue, the customer may need to contact Irish Life to clarify details relating to the payment.

With effect from 1st January 2013, an additional requirement comes into effect arising from the new regulations.  This requires Irish Life to ask customers for their PPSN/tax number at the point of sale and to record this on our systems.

When payments are made out to customers in respect …

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Group Mortgage Protection Cover

The housing loan lender is obliged under the Consumer Credit Act 1995, section 126(1) to arrange at least one group or block policy with a life company to cover those borrowers who do not have their own protection cover.

The lender is the legal owner of the policy however the cost of each borrowers cover is passed on to them by means of increasing their loan repayments accordingly. While the lender is obliged to attempt to cover all its housing loan borrowers there are  some exceptions allowed under section 126(2) of the Consumer Credit Act 1995. a: when the house under loan is not intended to be the principle residence of the borrower or their dependants. b: borrowers who are not acceptable to the insurer or would only be acceptable at significantly higher premium rate than normal (i.e. high risk individuals or are in bad health). c: borrowers who are over 50 years of age at time of loan approval. d: borrowers who at the time the loan is made have sufficient life assurance cover that can be assigned to …

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Types of life cover, term assurance and whole of life

Temporary Assurances

Temporary assurances (term assurance) provides life assurance and /or serious illness cover for a fixed period (called the term) usually for a fixed premium. These policies are called temporary because they provide life and serious illness protection cover, when the policy term ends there is no cash pay out and the policy ceases.

The policy pays out a capital sum if the insured event happens, that is death or serious illness. Of course should the policy holder stop paying the premiums the cover will cease. The policy term is from 1 year upwards, typically 30 – 40 years, some life companies have an upper age limit on temporary assurances of 75 – 80 years.

There are five types of temporary Assurance Policies. a: Term Assurance b:  Convertible Term Assurance (CTA) c: Section 785 Assurance d: Family Income benefit (FIB) e: Mortgage Protection (MPP)

Whole of Life Assurances

Whole of life assurance policies have no fixed term, they do not cease at a fixed point in time, they provide cover throughout life. However this cover might not be guaranteed. …

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Interesting Life Assurance statistics

This is based on research from the Broker/Life Assurance industry, so put on your filters, but nonetheless it is interesting.

1 in every 2 adults (1.6 million people) have NO Life cover or protection of any kind, but 9 out of 10 people admit to needing it.

1 in 5 people (360,000 families) are considering taking out life cover in the next 12 months, but most think it is dearer than it is. Engagement is the big issue – almost 60% of people say they are simply not being asked. On the last point, it seems we have some more phone calls to make!

🙂

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The ‘Rich Man’ died a ‘Pauper’… LTV’s and Life Cover

There is a risk creeping into the lives of many that they are not aware of, one that every generation has continually faced and also one that is the greatest wealth destroyer of all, namely death and debt. Nothing kills wealth quicker than death and in particular in circumstances where the estate is not settled correctly in advance or where there are large debts that were not covered.

Every person I know is bulletproof in theory but corporeal in practice and that means that many of us have risks that we are not covering, you can’t cover 100% of the bases 100% of the time but some do need to be covered and it doesn’t have to be rocket science.

How did the rich man die a pauper? We’ll take an example of a person with a home and two RIP’s (residential investment properties), We’ll say that the lady of the house is a solicitor earning €120,000 a year her name is Jane Doe, and the man of …

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