DAVE DENNIS FINANCIAL CONSULTANT. Income Protection.. Your Needs.
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Transcript of DAVE DENNIS FINANCIAL CONSULTANT. Income Protection.. Your Needs.
![Page 1: DAVE DENNIS FINANCIAL CONSULTANT. Income Protection.. Your Needs.](https://reader033.fdocuments.in/reader033/viewer/2022051307/5a4d1b917f8b9ab0599c1420/html5/thumbnails/1.jpg)
DAVE DENNIS – FINANCIAL CONSULTANT
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Income Protection……..Your Needs
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What is your biggest asset ?
Is it your home ?
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Your Income is an asset
Annual salary of €40,000, aged 35
Earnings to retirement = €2M
*Based on retirement age of 65
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What Does Income Protection Do?
Income Protection
Insures Salary
Tax Relief
Guarantees Changing Occupation
Long term cover
Any Illness or Injury
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SALARY Food
Mortgage
House/Motor Insurance
ClothingVHI
Entertainment
Light & Heat
Pension
Holidays Life CoverSavings &
Investments
Car Loan
SOCIAL WELFARE
€196pwSelf Employed
Nil
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Why do I need cover ?
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Over-optimism re: State Benefit
Married with 2
Dependants: €19k p.a.
Self Employed: NIL
25% believe they could survive on the State benefit
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Disability on the rise Financial consequences of disability are
severe More workers & families financially unprepared
“Consumers need to take greater responsibility for their personal financial well being”
The Need has never been greater……
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Causes of Disability Orthopaedic 23%*
Psychiatric 23%*
Heart & Cardiac Disease 12%
Cancer 10%
Respiratory Disorders 3%*
Multiple Sclerosis 3%
Stroke 4%
Other Illness 25%**
* These illnesses would be excluded from payment under Critical Illness** Some of these claims would be excluded from payment under Critical Illness
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• One Insurer paid out over €17m in claims in 2008• Their average claim period is 5½ years• Statistically you have a 1 in 6 chance of being out of
work for more than 6 months during your working life• 90% of disabling accidents & illnesses are not work
related• You are 3 times more likely to suffer a disability than
die during your working life - have you life cover?
What are the chances……
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1 What are my “necessary” monthly living expenses that would continue if my income stopped e.g. mortgage, utilities, food, medical insurance etc.
2 Would my personal savings pay for my “necessary” monthly expenses - for one month, three months, six months, longer?
3 How long would my assets last if they were funding my day to day living expenses?
4 What state benefit I’m entitled to?5 Does my employer have a sick pay plan or long-
term disability cover, how long does it pay for?
5 Questions Everyone should ask……
Have a plan in place for disability
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Asset Protection
€50,000
With IP
Without IP
40 41 42 4443 45 46 47 48 49 500
50,000
100,000
150,000
200,000
250,000
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YOUR INCOME
In Summary……Mortgage
Bills
Sports & Social
Children’s expenses
Holidays
Investment &Loans
Pension
Car
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Liberty Asset ManagementOther Services -
• Pensions• Life Cover
• Investments• Mortgages
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Thanks for your attention …..
Any Questions?
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Liberty Asset Management Limited
Cherrywood Business ParkLoughlinstown, Dublin 18.mail: [email protected]
call: 01 6362700 fax: 01 6362780
click: www.lam.ieLiberty Asset Management Limited is regulated by the Financial Regulator