Baby Boom!!!

Do you know that Ireland is currently experiencing a Baby Boom, having one of the highest birth rates in the EU?

BECOMING A PARENT

Becoming a parent will naturally cause you to revaluate your priorities, and protecting your family will undoubtedly be top of this list. These are thousands of new parents in Ireland right now going through the same wonderful life changing experience as you are, with Ireland currently in the midst of a Baby Boom, having one of the highest rates in the EU.*

We all know how much our children depend on our support. This feeling of knowing they are provided for is one of the many joys of being a parent. Being in a position to give them all the love and attention they need, all their daily wants as well as those little extras, like Birthday gifts and Christmas treats are what make their childhood so exciting and memorable.

BUT WHAT IF...?

Having a family is a wonderful thing, but there's no doubt it's also expensive! School fees, medical expenses, clothing, food, childcare - these are just a sample the on-going expenditures a parent will incur over a child's life.

This topic is not something anyone likes to dwell on, but have you ever before considered how your family would cope in financial terms, if you were to die suddenly? Not something any of us like to think about and fortunately for those of us in good health, this prospect is a distant thought. However, it is very important to protect your loved ones and provide them with the means and peace of mind of knowing, that they can continue to meet future and ongoing expenses and bills. In the unfortunate event of your death, having the adequate Life cover provisions in place can help your family to cope financially with such a loss, without the added presure of extra cash and monetary concerns.

LIFE COVER

Life Cover provides your dependents with a guaranteed lump sum payable should you die during the term of your policy. Premiums are paid to a Life Assurance provider throughout the term of your policy, to guarantee a payout from them to your dependents in the event of your death.

Taking out a €350,000 Life Cover policy today can cost as little as €16 per month for females** & €21 per month for males***.

We understand that following the birth of a child, being inundated with expenses such a financially demanding time can be difficult. But as you know, th emost prudent thing to do is to prioritise what represents a necessity. Thankfully, with a decrease of up 40% in Life Cover over the last decade there is great value now currently available in the market, with these manageable monthly payments contributing towards securing your child's future financial welfare.

We can also advise you on the benefits of Specified Serious Illness Cover for you and your family.

Simply contact us on 053-9146592 or by email info@nfs.ie at a time that suits you, and we will be delighted to assist you in choosing the best cover to meet your needs.

Follow your natural protective instincts by talking to us today about Life Cover.

41% LESS* than a regular life policy!!!

It is that time of year again, with tax returns due just around the corner at the end of October. With this in mind, do you know there is a tax relief associated with the current pension legislation which can allow both self-employed, & employed individuals not currently involved in a pension scheme, save up to 41% on Pension Term Assurance*....

The deadline for the 2012 Tax Return is Wednesday October 31^st.

(For more information please visit www.Revenue.ie)

WE ALL KNOW TAKING OUT LIFE ASSURANCE POLICY 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 only be hard to see how to budget for Life Cover.

There's a solution available that delivers the peace of mind that comes from knowing that these expenses will be covered should you die. In fact it can cost up to 41% LESS* than a regular life policy.

Its name.....PENSION TERM ASSURANCE

Quite simply, this is a Life Assurance product that is structured to utilise the tax relief that is available under Pension legislation - and you don't even need to have a Pension to benefit from this type of policy!

You can avail of the benefits of Pension Term Assurance and protect your family and their financial security provided you are:

• Self employed or
• Working in non-pensionable employment

* Tax relief is available at the marginal rate of tax. 



IMPACTS OF GENDER NEUTRAL PRICING ON THE LIFE INSURANCE INDUSTRY FROM 21st DECEMBER 2012

Life Insurance Pricing
Typically, Life Insurers currently use 3 main rating factors for calculating life insurance premium rates - age, gender, and wether or not the individual smokes. For over 80% of customers, the premium rate will be calculated based on this information only. The health of the individual is only taken account of in a small minority of cases, with a loading to standard rates applied if the underwriter determines that the individual has a lower than average life expentancy. This may be due to the individual's medical history, occupation, family history or ill-health etc.

For smokers, the cost of life insurance can be more than double the cost for non-smokers. This reflects the fact that smoking shortens average life expectancy by up to 10 years.

For females, the cost of life insurance is typically 25-30% less than the cost for males. Throughout history, females have tended to live longer than males, and, currently, females live on average about 5 years longer than males. The reasons for this are not completely clear - it has been speculated that this is due primarily to lifestyle and occupation factors, rather than genetic factors. For example, males tend to drink more alcohol than females and also tend to have poorer quality diets. Both of these factors will tend to result in females living longer. In addition, males tend to have much higher rates of suicide than females and are much more likely to die as a result of a road traffic accident.

However, there is also some evidence that females are genetically  more likely to live longer. Females have higher life expectancy in all countries in the world, and longer female life expectancy is also found in most animal species. The gap between female and male life expectancy has been gradually declining in recent years, presumably as a result of female and male occupations, and lifestyles, becoming more similar.
Whatever the exact breakdown of the different factors which go into explaining the gap between female and male life expectancy, life insurers have found gender to be a very useful proxy for the various risk factors involved. From 21st December, this approach will no longer be possible.

Initially, it is likely that life insurers will simply calculate new premium rates based on the expected mix of males and females in their portfolio of business, using the existing separate premium rates which they have for males and females as a base. There will be some uncertainty about the mix of new business between males and females, and therefore insurers are likely to take a somewhat conservative view on business mix to beging with.

This will result in males paying a similar rate to current rates for life insurance, and females paying significantly more (30% to 50% more, depending on age). So, for females needing life insurance cover, now is time to buy!

Income Protection Pricing
For Income Protection products, insurers use a somewhat more sophisticated pricing approach, taking account of occupation class in addition  to the usual factors of age, sex and smoker status. Occupations which are office based typically pay a lot less than occupations involving significant manual work. For some occupations, insurers do not provide income protection cover because of the high risk of injury or disability.
All other rating factors being equal, females are currently charged 50-60% more for Income Protection cover compared to males. In setting a gender-neutral price, insurers will take account of the expected mix of business, in the same way as on other product lines. This is likely to result in a rate which is closer to the current male rate than to the female rate, because insurers will not expect a major change to their mix of business. Therefore, females requiring income protection cover might be well advised to review their cover, and the price they are paying for it, after the introduction of gender neutral rates on 21st December 2012.

Impact on existing business
Life insurance contracts are typically written on a long-term basis. The Test-Achats judgement does not impact the premium rates which Life Insurers can charge on existing contracts, even where gender has been taken account of in calculating those rates. This means that clients with existing contracts need not worry that their premium rates could be increased as a result of the introduction of gender neutral pricing. However, life insurers need to be aware that any changes made to an existing policy, which are not part of the original terms and conditions, may result in a need to apply gender neutral pricing to the policy.

Conclusion
Gender-neutral pricing is the most significant change to the pricing of life insurance products in Ireland which we have seen in the last 10 years. The impact of gender-neutral pricing will vary depending on the product line, and insurers are likely to take a prudent view on calculating gender-neutral rates until the market settles down. Over time, life insurers may look to develop more sophisticated pricing approaches and the introduction of gender-neutral pricing may be a spur for greater product innovation.

If you are a female and you are thinking to take a life cover or you already have one, do not hesitate to contact us to review your premium rates or benefit of the advantages before the gender-neutral pricing takes place from 21st December 2012.

New Cancer Cover with Zurich Life!!!

NEW CANCER COVER AVAILABLE WITH ZURICH LIFE!

Zurich Life is offering a new protection solution for you and your family, CANCER COVER is now available on the Guaranteed Term Protection policies.

This benefit pays a lump sum on diagnosis of Cancer at significantly lower cost alternative to full Serious Illness Cover.

CANCER IN IRELAND....The reality of the disease

Cancer was principle cause of death claims in 2011. According to the Irish Cancer Society (April 2011), only in Ireland, there are 30,000 new cases every year but will rise to 40,000 by 2020.  The National Cancer Registry Ireland 2010 foresee that only 50% of people who get cancer will survive for more than 5 years.

But how does survival look like?....The financial reality

A 60% of cancer sufferers experience an increase in household bills, medical costs and travel expenses normally followed by a reduction of earnings. Now CANCER COVER or Serious Illness Cover can give you the breathing space you need in case you are diagnosed with Cancer. 

Cancer Cover vs Serious Illness Cover

Protecting your family is one of the most important financial decisions you can make. It means your family could get a lump sum or a regular income if you die, become seriously ill or are unable to work because of an illness or injury. This will help to maintain their standard of living and make sure that your children could have all of the opportunities you'd love them to have, such as going to university.

If you find this Cancer cover interesting or want to review your existing cover, do not hesitate to contact any of our advisors on 053 9146592 and get you and your family protected today!

Neiland Financial Services Ltd, Carrig House, Roche's Road, Wexford - T: 053 9146592 | F: 053 9152090 | W: www.nfs.ie

Neiland Financial Services Limited T/A Neiland Financial Services and Ace Mortgage Solutions is regulated by the Central Bank of Ireland.
Directors: Kenneth Neiland & Margaret Neiland Registered information: Company No. 440364 Registered Office: Carrig House Roche’s Road Wexford.

New code promises safer navigation in financial sector

New code promises safer navigation in financial sector

Two months cash back - up to €1,000 for all new protection plans!!!!

Start a LIfe Cover plan and get €50 cash back or more!

Closing 02 March 2012!

 

If you earn an income, own a home, have a family, a business or an investment property then you probably need to protect yourself and your family against the financial impact of ill-health or death. We all need to protect what's important to us.


With a Life Cover plan you can relax knowing your family could be looked after in the future. Now Irish Life and New Ireland would like to give you a helping hand to get you started!! Apply for any new Life Cover plans before 02 March 2012, then start the plan on or before 27 April 2012. You will get your first two months payments back!!! Don't miss this opportunity to give you and your family some peace of mind!

How the cash back offer works

They will pay you two month's payments back with a minimum cash back payment of €50 and a maximum of €1,000.

So if for example your monthly payments are €550, after your second monthly payment is made, they will give you €1,000 cash back. And, even if your monthly payments are €15, after your second payment is made, they will still give you back €50! Once you make your second plan payment, they will issue your cash back within 60 working days of this payment.

To avail of this offer

This offer is open to all New LIfe Cover applications (Life Term Cover, Mortgage Cover, Life-Long Cover, Pension Life Cover, 50+ Life Cover and Income Protection) received between 16 January 2012 and 02 March 2012 inclusive. It's limited to one plan per person and one cash back payment on each plan. When you have paid your first two months payments into your plan on time, you will get your two months cash back.

This offer is only available if:

• your application is received between 16 January and 02 March 2012 inclusive
• your plan is accepted and starts by 27 April 2012
• you are not replacing an existing Irish Life or New Ireland plan to avail of this offer.

Remember, you must keep up your payments to maintain your cover. Acceptance and Terms and Conditions apply.

Contact us for more information about this offer on 053 9146592.

We are happy to help you to protect you and your family against the financial impact of ill-health or death.

Your peace of mind....our guarantee to you! 

€200 Million in FREE Life Insurance? Yes Really!!

Yes, really,  Irish Life is giving away €200,000,000 in FREE life insurance to Irish Parents for one year. This is their BIGGEST EVER OFFER, it’s a major move to highlight the importance for parents to protect their family’s income should they die. Why do we need to highlight this? Well it continues to be a major problem for Irish families when you consider the facts:

• There are 500,000 Irish families with Children under 13.
• 60% of parents say that they could not cope financially if one parent died.*
• Yet only one in every three families have life cover other than basic mortgage protection.
• This leaves around 350,000 Irish Families with insufficient cover.

That’s why they are offering €10,000 worth of life insurance to up to 20,000 parents of young families on a first come-first served basis. 

The promotion is open to adults under 55 years of age who have a child of 13 or younger and the application process is simple.

We are passionate about making sure every parent is aware of the importance of life insurance.  In the last 5 years alone Irish Life has paid out OVER HALF A BILLION EURO in death claims.  Many of those claims were paid to customers with young families.  We want Irish families to really think hard about their life insurance and if we can do this, the €200 Million promotion will be well worth it.


Sign up for the free life insurance now.