In recent times the clients I have been dealing with are focused on ensuring they have enough protection to cover them and their families in the event of death and serious illness. With everyone still looking for savings and trying to cut costs, I decided for my 60 seconds, to outline the savings I had made for clients on their mortgage protection and life assurance.

In the last 4 cases I looked at there have been potential savings for each client on their life assurance or mortgage protection, or by restructuring the way they have their life assurance. On average the savings on the last 4 cases were €6000 approximately.  I outline two of the scenarios in this blog.

In the first case for a couple in their mid-forties their mortgage balance was €140,000 their current mortgage protection policy was costing them €38.50. I ran the quote and could save the clients €11.37 per month on their policy. This may not sound like a lot but when you look at this saving over the remaining term of the mortgage (16 years in this case) the savings were €2,183.

In the case of a 26 year old male, first time buyer who is purchasing a property with the mortgage amount to be covered of €150,000. The bank providing the mortgage had quoted €40 whereas the quote I could provide was €10.10. A saving of €12,558 over the life of the policy.

So it is worth shopping around and not just accept the bank’s quote, after all they are usually a tied agent of a particular insurance company.

So if you think you are overpaying on your mortgage protection it is a good time to have a review and see if there are savings to be had.

Contact us today if you want to make an appointment to see if you can qualify for savings on your mortgage protection or life cover.

Link to an article on this matter is here.

Friends First offer of 2 months premium cashback is open until 30 March 2012.

Those in tenancies prior to 7 December 2010 can continue to claim the rent credit. However it appears (from the wording in the Finance Act) that any new entrants to the rental market will not be able to claim this credit. The wording of the Finance Act states the credit will apply

“in respect of rent paid by a tenant who on 7 December 2010 is paying rent under a tenancy”.

Rent Tax Relief

The measures announced in Budget 2011 are unchanged:

Claimants who were not renting at 7 December 2010 and who subsequently enter into a rental agreement will not be able to claim relief.

Thursday 8th March marks International Women’s Day. This day has been observed since the early 1900s and since then we have witnessed a significant change and attitudinal shift in both women’s and society’s thoughts about women’s equality.

With more women in the boardroom, greater equality in legislative rights, and an increased critical mass of women’s visibility as impressive role models in every aspect of life, one could think that women have gained true equality.

Why then has a new academic study found that a majority of females rely on their partners to pay for their retirement? Less than one in three women who are entitled to a state contributory pension qualify for the full €230 a week payment, a study by academics from NUI Galway and Queen’s University, Belfast, found. A majority of men, by contrast, end up with the full state pension when they retire.

Women have inferior pensions compared with men because they are mainly engaged in low-paying jobs or only work part-time and do not earn enough to qualify for a full state pension, with most of them not paying into a private retirement fund.

The fact that the primary role of many women is caring also accounts for poor pension provision among women.The study, ‘Older Women Workers’ Access to Pensions’, found that many depend on their partners’ or husbands’ incomes for a secure future, even though they may well outlive them as women tend to have longer life expectancies. This is a high-risk strategy because they could be left with nothing in the event of a separation, divorce, widowhood, illness or redundancy.

Women only tend to become aware of the importance of having a personal pension late in life when it becomes too expensive to fund for an adequate pension.With an aging population and the Trioka having already signalled that state benefits to pensioners should be reduced, the notion of a state sponsored retirement is a high risk strategy.

Supplementary pension coverage and contributions through private pensions must be increased to improve adequacy of incomes in retirement. They say life begins at retirement and for many women while it will be nice to get out of the rat race, without an adequate private pension they have to learn to get along with a lot less cheese.

For further information on pensions and retirement planning contact us today at 087-1202405 or 091-871613.

ECB president Mario Draghi is likely to put the onus on governments to fight the crisis now after the central bank pumped over €1 trillion into the euro zone banking system in the last two months with twin three-year funding operations.

The ECB cut rates twice late last year to a record low of 1.0 per cent and the policymaking governing council, which started meeting this morning, is likely to hold the main refinancing rate at that level although they may not rule out cuts in the future.

The euro zone economy has stabilised over recent months, in part thanks to the ECB’s back-to-back rate cuts in November and December and the twin funding operations, which brought calm to euro zone debt markets.

Mr Draghi, who faces unease among his fellow council members about the risks the ECB has taken on with the funding operations, told EU leaders last week it was now up to them to revive growth by implementing reforms.

Zurich Life offers a 5% discount instead of the cash-back of two months premiums. This may offer better savings depending on the policy length and premium amount ends on 16th March 2012. Applications must be submitted to Zurich prior on or before this date.

Friends First offering ends on 31 March 2012 and the offer is for 2 months premiums cash-back.

For further details on how to avail of the offers contact Shane today on 091-871613 or 087-1202405.