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Lack of homeowner savings highlights the importance of IPI
A recent survey carried out by a leading financial institution has highlighted the value of income protection insurance for homeowners, revealing that 31 per cent of households have less than €250 set aside as a financial safety net. The results of this research fly in the face of the recommended minimum ‘salary cushion’, which prescribes that householders should have at least three months’ average take-home pay, which is currently amounts to €5,756.20.The survey of over 1,000 households has also revealed that just under a fifth (19 per cent) have no savings at all, whilst 12 per cent have less than €250. When stacked against a typical household’s average monthly outgoings, currently €1,669, these savings would last for j...Income protection insurance FAQs
As a team of specialist online insurers, our customers often ask us questions about income protection insurance, and so they should - that’s exactly what we’re here for. Although we are more than happy to answer any questions over the phone, we have also compiled this helpful list of income protection insurance FAQs to provide the information you need. What is income protection insurance? Income protection is a form of insurance cover which provides you with a replacement source of income if you are unable to work due to long-term illness or accidental injury. Typically, income protection insurance pays up to 75 per cent (less social welfare payments if any) of pre-illness income, and will normally not payout until you have been o...Saving for a comfortable retirement – just how much is enough?
We all understand the importance of saving for our retirement. The last thing we want is to work and toil throughout our lives, only to have to watch every penny when it comes to our retirement. When investing in a a pension, it is a good idea to have some idea of just how much money you’ll need to be comfortable; here’s our guide... How much do you need to live on? Trying to get an accurate idea of just how much money you’re going to need to enjoy a comfortable retirement is not always easy, after all, there’s no way of predicting how much items will cost, and what later life has in store for us all. The first thing to consider is whether you will have paid off your mortgage by retirement age, or if you will still be forki...How are life insurance premiums calculated?
When you’re quoted a price for your life insurance premiums, it’s reassuring to know a little about how your premiums are calculated. At the very least, it’s comforting to know that insurers aren’t simply plucking a price out of the sky. Life insurance premiums are calculated by individuals called actuaries, who are experts in risk management. The majority of actuaries work in the life insurance and pensions sectors, and use complicated mathematical techniques to measure the probability and risk of future and uncertain events. When calculating life insurance premiums, actuaries measure the risks of illness and death to calculate an appropriate premium. In calculating the premium, they also have to take into account how muc...Take an active approach to planning your pension
It is all too common for people to work all their lives, paying into their pension at the end of every month, only to reach retirement age and realise, to their surprise, that the total pot they have built up is not as much as they had expected. This is hardly surprising when you consider just how much can change during 40 years of work. The economic climate is constantly changing, as is the lifestyle you become accustomed to. With that said, it is essential you review your pension every couple of years to avoid any nasty surprises, and ensure your money is being invested in a pension plan which is well suited to your specific circumstances. Every couple of years, particularly as you draw closer to the age of retirement, you should ask y...