Income protection insurance is a type of policy that would make regular payments to you in the vent you have a loss of income due to a medium to long-term illness, injury or disability.
The payment of benefits only begins after a deferred period, a set period of time described in the policy document. A shorter deferred period usually means premium will cost you more. Before you make a decision on the deferred period, check if your employer offers sick pay and if so, how much and for how long.
The amount of income insured can be decided upon when taking out the policy. This is usually 66% or 75% of your earnings before you became ill or disabled, less any other income you get while out of work, such as sick pay, and single person’s social welfare illness benefit – if you are entitled to it. Payment usually lasts until you can return to work or reach the age threshold of the benefit cessation age described in the policy.
Do I Need Income Protection?
Income protection would be worth considering if you are self employed with no other source of income, have little paid sick leave from your employer or you do not have sufficient benefits to replace any potentially lost income.
Before taking out an income protection policy you should check if there are any other benefits you might be entitled to such as social welfare payments, sick pay or ill health retirement pension plans.
Costs will usually depend on your job, the level of cover you want, your age, health, medical history and lifestyle choices, ie smoking and drinking.
Call Lloyds Insurances today 01 531 0900 for a quote on income protection or request a quote online and we’ll take it from there!
Mortgage protection insurance pays out a lump sum which is sufficiently large enough to pay off the outstanding debt if you die before the end of your mortgage term.
Policies can be taken out in joint names and if one of the policies holders dies the policy benefit is paid directly to the lender and if there is an amount left over this can pass to the joint holder.
Mortgage lenders will require you to have a policy in place before you can draw down your mortgage.
As insurance brokers we are not tied to any particular bank or institute. We will research the market on your behalf and advise you on the options available.
Its important that you get the best value and highest quality mortgage protection cover available. We aim to always offer the best coverage at competitive prices.
At Lloyds we can offer mortgage protection on a dual lie basis for the same price as joint life. This would get you double the cover at no extra cost.
Call Lloyds today 01 531 0900 or request a quote online for advice on mortgage protection.
Reasons to start your pension contributions
For many people their pension will be their second largest asset after their home. In order to have the home we want, many people have to take out mortgages. None of us want to be putting a mortgage repayment into our pension, so we should really plan for our retirement as early as possible. Listed below are ten reasons to invest in a pension
- You will save tax on pension contributions, on any investment growth and on income in retirement (within limits)
- Your income could drop by up to 70% in retirement as the maximum state pension (contributory) is ~€12,000 a year while the average wage is ~€35,000 a year
- You may need an income for up to 30 years or more when you retire. This could amount to up to a third of your life, so it makes sense to start saving early.
- If you do qualify for the state pension you could be 68 before you receive it as the qualifying age is changing from 65 to 68. That is a potential shortfall of ~€25,000 per year for 3 years.
- Starting pension contributions early can have a significant impact on your retirement fund.
- Higher rate tax payers can potentially benefit from up to 40% in tax relief on every €1 saved. A €100 contribution only costs you €60! If you pay at the standard rate you can benefit from 20% tax relief.
- A pension can give you access to a wide range of investment funds which can give your money potential for growth over the longer term.
- At retirement you may be able to take a retirement lump sum, tax free, subject to a limit of €200,000
- Investment choice, choose from a wide range of investment funds from global investment specialists.
- The sooner you start the better. Even if you are older its not too late. You can claim tax relief on a higher percentage of your earnings so there may still be time to catch up.
Reasons to use a broker
Pensions used to be a lot simpler than they are today. You didn’t have the same range of products to pick from. You might have had a choice of only 4 or 5 funds to invest in and at retirement, you only had to decide if you were taking or leaving the lump sum. With the remainder you got a pension for as long as you lived.
Today there are a confusing number of Pension products to choose from. You could have to pick from up to 40 different funds, and when you retire, there are several options to pick from, some with terms and conditions attached, just to add to the confusion.
This is why you need your Broker to help you identify the right Pensions savings plan, assist in picking the right fund, meet you regularly to ensure your plans are kept in line with any changes in your circumstances, and eventually, guide you through your options in retirement.
Call Lloyds today 01 531 0900 or request a quote online for best advice on flexible options on Pensions and Investments in Ireland.
Importance of restaurant insurance
Restaurants are fast-paced establishments with no two days being alike. There are many potential for things to go wrong in the kitchen and on the dining room floor because there is so much going on. Restaurant insurance can help protect your business from some of the more frequent threats it may face.
Insuring your business through Lloyds Insurances can cut costs while still providing the most comprehensive policy on the market.
You can get a policy specifically tailored to your needs, with a dedicated team member to deal with your queries or claims throughout the year.
Our policies include:
- Employers Liability up to 13 million
- Public liability up to 6.5 million
- Fire, perils, threat
- Business interruption
- Loss of licence
- Entertainment and night club cover
- Optional legal expenses cover
Why use a Broker?
Using a good insurance broker will take the hassle from the process of finding the best policy for your business that covers everything you need it to cover. We at Lloyds research and compare the best value policies on the current market to ensure the following:
- Adequate cover for your staff and customers
- Best value for money policies
- Up to date advice to cover coronavirus related issues
- We advice on risk management
- We handle claims for you
- Fast turnaround.
Call Lloyds Insurances today 01 531 0900 for a quote on restaurant insurance or request a quote online and we’ll take it from there!
“Liability insurance” or “third party insurance” is the term used to describe a product that provides the insured party protection against claims arising from injury or damage to a third party or their property.
Any legal expenses and payouts that an insured party is accountable for if they are proven legally liable are covered by liability insurance plans. Liability insurance, unlike other forms of insurance, pays third parties rather than policyholders.
Every type of business need some form of liability insurance. Liability insurance is required if you work as a tradesperson, operate a shop, office, or factory, or organize an event.
The main types of liability insurances that can be purchased are
The purpose of public liability insurance is to protect your company in the event that you are sued by a third party who claims they have suffered a loss as a consequence of negligence.
Employers Liability Insurance protects your company against legal liability in the event of an employee’s accident, illness, disease, or death while on the job.
Product Responsibility Policy offers coverage for legal liability resulting in injury, loss, or damage as a result of items sold or provided, or labor or services performed in the course of your business, up to the amount of coverage specified during any one insurance term.
Call Lloyds Insurances today 01 531 0900 for a quote on liability insurance or request a quote online and we’ll take it from there!
Welcome to the Lloyd’s Insurances news section where we hope to provide helpful and informative regular news and updates from the Insurance industry.