There are 3 key areas that individuals need to make sure they are covered for:

Income Protection - Permanent Health insurance

An income protection policy is a simple and tax efficient plan that provides you with an alternate source of income until retirement if you are unfortunate enough to be out of work because of an illness or suffer a loss of earnings as a result of disability, injury or accident.

It can give you peace of mind to know that in the face of these events, your financial situation and lifestyle, and that of your dependants, won't have to suffer.

The current limit you can be covered for is 75% of your current annual salary (less state disability) subject to a maximum of €175,000 per annum. The cost of your premium is tax deductible making it very attractive for professionals and high earners to avail of.

Your consultant can give you more details on 1850 260 261 or email to : john@omegafinancial.ie

Mortgage Protection

When you get a mortgage from a bank or building society, there is a requirement that you take out a mortgage protection policy to ensure that the mortgage is fully repaid even if you (or your partner) die during the term of the loan. The amount of cover reduces each year, in line with your decreasing mortgage as you pay it off. On an interest only mortgage the cover must stay the same. When your mortgage is fully paid off your cover will be reduced to zero.

Mortgage Protection is both the cheapest and most popular type of life insurance on the market. It is the minimum life cover that you are required to take out.

It is generally not a requirement for investment properties although as the premiums generally are allowable against rental income it is an excellent way of having good life Insurance cover.

If you have any queries or need an independent quote one of our mortgage consultants will assist you.

Call us now on 1850 260 261 or email to: deirdre@omegafinancial.ie

Life Insurance &Serious Illness

Life cover, as the name implies, is an insurance which pays out a predetermined lump sum of money to your loved ones if you die within a specified time period

Serious illnesses such as cancer and heart disease can unfortunately occur all too frequently. As health care has improved over recent years most people usually survive these life-threatening diseases however it can be extremely difficult to cope with the financial difficulties that follow. Everybody needs some form of financial protection in case the worst happens.

The requirements for Serious illness cover vary according to each life stage. It is influenced by number of children and of course their ages etc. The minimum the main earner in a household should have is 4 times their salary ( apart from mortgage protection etc.) The ideal way to assess how much cover is required is for your partner to decide how much they would need in the event of your death. Oftentimes this discussion can highlight the reality of how much cover will be .

It is also the case that many times the main earner of the house neglects to cover his or her partner. This can prove to be a very costly omission as the outlay for care of children and home can be substantial.

If you have any queries about any of the above or need an independent quote one of our mortgage consultants will assist you.

Call us now on 1850 260 261 or email to: deirdre@omegafinancial.ie

What our clients have said about Omega

"Some time ago my company purchased a death in service and PHI product from Omega Financial with Friends First. Unfortunately, we had a claim under this policy in late 2006, when a young member of our staff died in tragic circumstances. Despite the nature of the circumstance and the fact the staff member was only days under cover with the policy, Friends First paid out on the policy expediently. Throughout our dealings with them on this matter they dealt with our HR department in a sensitive, informative and courteous manner at all times.

The team at Interaction are very grateful to Omega and Friends First for enabling to provide comfort to the family of our lost colleague."

Karl Llewellyn