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  • How safe is your State pension? Five ways the benefit may be cut
    who are making PRSI contributions Over in the UK the government has just launched a radical review of the pensions regime to assess whether or not their system is sustainable and affordable for future generations The UK already expects to link its pension age to general life expectancy after 2028 The Office for Budget Responsibility the financial watchdog has forecast that the pension age will have to rise to 69 by the late 2040s before increasing again to 70 by the early 2060s For Culligan it s the most credible approach provided that life expectancy continues to rise Today a 65 year old male is expected to live until he is 81 3 years and a female until she is 84 8 years Fast forward 30 years however and by 2045 life expectancy may have increased to 86 years for a man and 88 9 years for a woman Push out the dial to 2065 and a man may be expected to live until 88 6 years and a woman until 91 4 years As such Culligan suggests in his report that the pensionable age should increase again to 69 years by 2038 and by one year every 10 years thereafter In practice this would mean that the State pension age would have risen to 70 years by 2055 and to 71 years by 2065 So anyone born after 1969 wouldn t be entitled to a pension until they were at least 69 while those born after 1994 wouldn t get their pension until they were 71 While it might reduce the period of pension payments for the State and therefore ease the burden this won t offer a solution of itself As Culligan notes in the report using this lever in isolation would not put the State pensions system on a sustainable footing Moreover increasing the pension age can be a bit of a distraction from the real issues at hand After all people retiring at 65 now have to wait until they are 66 before they can claim the State pension but they are entitled to jobseeker s benefit albeit at a lower rate of 188 a week This means that there is still a cost to the exchequer whether people in this category are getting the pension or not While employers have been loath so far to increase their own pension age to match the new State pension age of 66 Kelly says that new legislation will make it more difficult to prevent employees from working longer It will become an area under increasing pressure she says Employees will want to work beyond age 65 or their contractual age and employers will be grappling with that Another option suggested by the OECD in its review of the Irish pension system in 2014 is that increments and decrements of the State pension could be introduced for late and early retirement This means that the later you retire the more you would be entitled to get in your weekly pension Option Three Cut eligibility for the pension If fewer people qualify for the State pension and fewer people are entitled to get it the cost of servicing it will drop significantly Already eligibility has tightened People are now required to have 520 full rate social insurance contributions up from just 260 prior to April 2012 The actual pension paid is then determined by the annual average number of contributions since you first joined the system An average of 48 a year will give you the maximum weekly pension payment while you will need a minimum of 10 a year to get the minimum contributory State pension of 93 20 a week with an additional 61 80 for a qualifying adult dependant This could introduce the possibility of means testing the payment or simply introducing an arbitrary threshold such as 100 000 and deciding that no one earning more than that should be entitled to the State pension However this would cut the link between social insurance contributions and benefits for higher earners which could lead to considerable resistance If that was to be introduced it would have an impact on about 5 per cent of the population according to statistics from the Revenue Commissioners However according to figures prepared by Culligan it would deliver only a slight reduction in the cost of the pension to the exchequer with the cost of pension provision as a percentage of GDP dropping to 6 5 per cent from 6 8 per cent by 2035 under tighter eligibility rules Another option would be to allow certain types of workers such as manual workers to retire earlier than those who are office based If auto enrolment whereby employees have to opt out rather than opt in to a private occupational pension scheme and employers are obliged to contribute was to be introduced in Ireland this could also be factored into how much someone gets in their State pension Option Four Increase PRSI contribution rates This is perhaps the simplest solution and the one that will keep benefits as they are But increasing taxes is always a contentious move At present employees and the self employed currently pay PRSI at a rate of 4 per cent with employers paying a further 10 75 per cent However while the system might just about work now with fewer and fewer people working and paying PRSI to support those in retirement in future it won t be enough to cover the level of benefits the State pension offers As Kelly points out there are currently five employees working for every person in retirement fast forward to 2055 however and that ratio drops to just 2 1 To fill this contribution gap Culligan suggests that the State could increase the level of PRSI people pay However to make a real difference it would need to increase by 20 per cent over the next couple of decades and by about 25 per cent thereafter This would mean that people paying

    Original URL path: http://lowcostlifecover.ie/blog/item/53-how-safe-is-your-state-pension-five-ways-the-benefit-may-be-cut (2016-04-26)
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  • What Every Millennial Should Know About Life Insurance
    for you depending your particular situation Both have advantages Whole life policies provide coverage for up to a lifetime as long as premiums are paid Some people prefer whole life insurance because policies will pay out the sum insured when they die regardless of term Term life policies provide coverage for a fixed period of time or term Term Plans offers a term from 5 years up to 50 years Some Millennials opt for term life insurance because premium rates are usually lower than for whole life coverage Want more information At Low Cost Life Cover ie we re available online or by phone Our knowledgeable Customer Service representatives will be pleased to answer your questions or help you determine which kind of policy makes the most sense for your needs Call us today on 01 6853818 or our Mullingar office on 044 9348531 Read 76 times Tweet Published in Blog Tagged under Low cost life cover Life insurance personal finance Term assurance mortgage protection money pension retirement planning mortgage insurance cheap life cover Cheap life insurance investing financial advice financial planning choosing a financ Low Cost Life Cover Latest from Low Cost Life Cover Loosing the ability to earn an income could be a financial headache How safe is your State pension Five ways the benefit may be cut How safe is your State pension Five ways the benefit may be cut Are you paying 3 000 too much for insurance Cancer The Biggest Claim For Serious Illness How Well Are You Protected More in this category Are you paying 3 000 too much for insurance How safe is your State pension Five ways the benefit may be cut back to top Mortgage Protection Life Insurance Get a Quote Family Protection Life Insurance Get a Quote Serious Illness Cover Get a Quote Most Popular Warning to Co habiting Couples against Unforeseen Tax Bills in the Event of Death Ireland s 140 000 co habiting couples should be aware of potential tax liability when it comes to Life Cover claims Most co habiting couples are unaware of the potential tax implications for them on claims of Life Cover policies They can however legitimately manage the potential tax implications on their Life cover claim Written on Wednesday 27 November 2013 11 44 in Blog Tags Low cost life cover Life insurance personal finance Term assurance mortgage protection money pension retirement planning mortgage insurance cheap life cover Cheap life insurance investing financial advice financial planning choosing a financ Read 5619 times Tighten Santa s Belt This Christmas Christmas is an exciting time of year but many of us are short on time and money If you re trying to tighten Santa s belt this Christmas follow our Christmas shopping tips this festive season Leave the credit card at home and bring cash or your debit card instead Credit card Written on Wednesday 13 November 2013 15 39 in Blog Tags Low cost life cover Life insurance personal finance Term assurance mortgage protection

    Original URL path: http://lowcostlifecover.ie/blog/item/50-what-every-millennial-should-know-about-life-insurance (2016-04-26)
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  • Are you paying €3,000 too much for insurance?
    This 300pc loading could decrease gradually over the years to 50pc as certainty of recovery becomes apparent Adrenaline junkies will also pay more for life cover because of the high risk of accidental death So a fondness for boxing diving motor racing mountaineering parachuting hang gliding and pot holing could lead to a higher premium Another thing which could push up the cost of life insurance is your weight Overweight people can pay more than twice the price for life cover as slim people do Insurers look at your body mass index BMI your weight in kilos divided by your height in metres squared when you apply for life insurance Insurers would expect you to fall within a normal BMI range If you go beyond this you could see your premium increase by between 75pc and 225pc If you are underweight but with no other underlying medical or mental condition you can also pay around 50pc extra for cover depending on by how much you are underweight You could struggle to get cover at all if seriously overweight What about illnesses and medical conditions There are a number of medical conditions that you might consider manageable but which could still see you either paying over the odds for life cover or having insurers turn you down These include anxiety asthma Crohn s disease coeliac disease raised cholesterol diabetes depression epilepsy hypertension and stomach and thyroid disorders People with diabetes often struggle to get life and mortgage protection cover particularly if it is type 1 diabetes There are many factors that insurers say they consider when looking at type 1 diabetes not just the fact that the person has diabetes For example the insurer claims that they consider the current age of the applicant the number of years since the individual was diagnosed with type 1 diabetes and how well he is controlling the condition They would also claim they take into account factors like raised blood pressure cholesterol family history of cardiovascular disease as well as whether the individual is a smoker or not Obesity would also be an important factor If you have poorly managed type 1 diabetes and are at risk of falling seriously ill because you are a heavy smoker perhaps or have a family history of heart disease you will probably find it hard to get life cover You could get insured if you manage your condition well but at a price But even if you are healthy sporty and have type 1 diabetes your premium can be loaded by as much as 700pc which can represent over 10pc of the purchase price of a house Insurers certainly have themselves well covered with life insurance Sunday Indo Business Anthony Curran is an advocate for your financial future who takes a holistic approach to your needs and goals He will work collaboratively with you to define what success and financial independence mean to you and how best to achieve them Anthony is well qualified to provide long

    Original URL path: http://lowcostlifecover.ie/blog/item/49-are-you-paying-3-000-too-much-for-insurance (2016-04-26)
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  • Cancer The Biggest Claim For Serious Illness. How Well Are You Protected?
    long term support and guidance on a variety of financial challenges and will help you focus on what you can control Defining your own financial freedom will help you be more comfortable about retirement and the possibilities of creating the life you want Whether you are single married or raising a family your approach to financial well being now will shape your life for years to come www lowcostlifecover ie Read 283 times Last modified on Wednesday 09 March 2016 12 06 Tweet Published in Blog Tagged under Low cost life cover Life insurance personal finance Term assurance mortgage protection money pension retirement planning mortgage insurance cheap life cover Cheap life insurance investing financial advice financial planning choosing a financ Low Cost Life Cover Latest from Low Cost Life Cover Loosing the ability to earn an income could be a financial headache How safe is your State pension Five ways the benefit may be cut How safe is your State pension Five ways the benefit may be cut What Every Millennial Should Know About Life Insurance Are you paying 3 000 too much for insurance Related items Loosing the ability to earn an income could be a financial headache Are you paying 3 000 too much for insurance Income Protection Claims 2015 in numbers Do You Think Stay At Home Mums Need Life Cover Watch and See Mortgage Protection for Cohabiting Couples More in this category Income Protection Claims 2015 in numbers Are you paying 3 000 too much for insurance back to top Mortgage Protection Life Insurance Get a Quote Family Protection Life Insurance Get a Quote Serious Illness Cover Get a Quote Most Popular Warning to Co habiting Couples against Unforeseen Tax Bills in the Event of Death Ireland s 140 000 co habiting couples should be aware of potential tax liability when it comes to Life Cover claims Most co habiting couples are unaware of the potential tax implications for them on claims of Life Cover policies They can however legitimately manage the potential tax implications on their Life cover claim Written on Wednesday 27 November 2013 11 44 in Blog Tags Low cost life cover Life insurance personal finance Term assurance mortgage protection money pension retirement planning mortgage insurance cheap life cover Cheap life insurance investing financial advice financial planning choosing a financ Read 5619 times Tighten Santa s Belt This Christmas Christmas is an exciting time of year but many of us are short on time and money If you re trying to tighten Santa s belt this Christmas follow our Christmas shopping tips this festive season Leave the credit card at home and bring cash or your debit card instead Credit card Written on Wednesday 13 November 2013 15 39 in Blog Tags Low cost life cover Life insurance personal finance Term assurance mortgage protection money pension retirement planning mortgage insurance cheap life cover Cheap life insurance investing financial advice financial planning choosing a financ Read 2908 times Start Earning Money From Your Passion

    Original URL path: http://lowcostlifecover.ie/blog/item/48-cancer-the-biggest-claim-for-serious-illness-how-well-are-your-protected (2016-04-26)
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  • Income Protection Claims 2015 in numbers
    in Blog Tagged under Low cost life cover Life insurance personal finance Term assurance mortgage protection money pension retirement planning mortgage insurance cheap life cover Cheap life insurance investing financial advice financial planning choosing a financ Low Cost Life Cover Latest from Low Cost Life Cover Loosing the ability to earn an income could be a financial headache How safe is your State pension Five ways the benefit may be cut How safe is your State pension Five ways the benefit may be cut What Every Millennial Should Know About Life Insurance Are you paying 3 000 too much for insurance Related items Loosing the ability to earn an income could be a financial headache Are you paying 3 000 too much for insurance Cancer The Biggest Claim For Serious Illness How Well Are You Protected Do You Think Stay At Home Mums Need Life Cover Watch and See Mortgage Protection for Cohabiting Couples More in this category 51 000 deposit puts homes beyond the reach of workers Cancer The Biggest Claim For Serious Illness How Well Are You Protected back to top Mortgage Protection Life Insurance Get a Quote Family Protection Life Insurance Get a Quote Serious Illness Cover Get a Quote Most Popular Warning to Co habiting Couples against Unforeseen Tax Bills in the Event of Death Ireland s 140 000 co habiting couples should be aware of potential tax liability when it comes to Life Cover claims Most co habiting couples are unaware of the potential tax implications for them on claims of Life Cover policies They can however legitimately manage the potential tax implications on their Life cover claim Written on Wednesday 27 November 2013 11 44 in Blog Tags Low cost life cover Life insurance personal finance Term assurance mortgage protection money pension retirement planning mortgage insurance cheap life cover Cheap life insurance investing financial advice financial planning choosing a financ Read 5619 times Tighten Santa s Belt This Christmas Christmas is an exciting time of year but many of us are short on time and money If you re trying to tighten Santa s belt this Christmas follow our Christmas shopping tips this festive season Leave the credit card at home and bring cash or your debit card instead Credit card Written on Wednesday 13 November 2013 15 39 in Blog Tags Low cost life cover Life insurance personal finance Term assurance mortgage protection money pension retirement planning mortgage insurance cheap life cover Cheap life insurance investing financial advice financial planning choosing a financ Read 2908 times Start Earning Money From Your Passion Seven entrepreneurs share their lessons strategies and mistakes By KIMBERLY PALMER Imagine working a full time job while running your own business on the side Sound impossible These seven entrepreneurs did it and as a result built greater financial security and freedom for themselves Here are their stories and their lessons Written on Tuesday 22 October 2013 10 57 in Blog Tags Low cost life cover Life insurance personal finance Term

    Original URL path: http://lowcostlifecover.ie/blog/item/47-income-protection-claims-2015-in-numbers (2016-04-26)
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  • €51,000 deposit puts homes beyond the reach of workers
    feel the Central Bank lending rules should be eased according to a survey commissioned by life insurer Royal London and carried out on 1 000 adults here by iReach The survey results illustrated that general support exists for the Central Bank s lending rules Joe Charles of Royal London said However the majority of respondents feel that some fine tuning of the measures is needed with 48pc suggesting that there should be some relaxation for first time buyers Meanwhile the housing crisis has worsened with news that the stock of homes for sale has reached its lowest level since records began in 2009 There are just 26 773 properties for sale nationwide compared with January 2010 when there were twice as many homes on offer 54 121 Irish Independent http www independent ie business personal finance 51000 deposit puts homes beyond the reach of workers 34516814 html Anthony Curran is an advocate for your financial future who takes a holistic approach to your needs and goals He will work collaboratively with you to define what success and financial independence mean to you and how best to achieve them Anthony is well qualified to provide long term support and guidance on a variety of financial challenges and will help you focus on what you can control Defining your own financial freedom will help you be more comfortable about retirement and the possibilities of creating the life you want Whether you are single married or raising a family your approach to financial well being now will shape your life for years to come www lowcostlifecover ie Read 250 times Tweet Published in Blog Tagged under Low cost life cover Life insurance personal finance Term assurance mortgage protection money pension retirement planning mortgage insurance cheap life cover Cheap life insurance investing financial advice financial planning choosing a financ Low Cost Life Cover Latest from Low Cost Life Cover Loosing the ability to earn an income could be a financial headache How safe is your State pension Five ways the benefit may be cut How safe is your State pension Five ways the benefit may be cut What Every Millennial Should Know About Life Insurance Are you paying 3 000 too much for insurance More in this category Do You Think Stay At Home Mums Need Life Cover Watch and See Income Protection Claims 2015 in numbers back to top Mortgage Protection Life Insurance Get a Quote Family Protection Life Insurance Get a Quote Serious Illness Cover Get a Quote Most Popular Warning to Co habiting Couples against Unforeseen Tax Bills in the Event of Death Ireland s 140 000 co habiting couples should be aware of potential tax liability when it comes to Life Cover claims Most co habiting couples are unaware of the potential tax implications for them on claims of Life Cover policies They can however legitimately manage the potential tax implications on their Life cover claim Written on Wednesday 27 November 2013 11 44 in Blog Tags Low cost life

    Original URL path: http://lowcostlifecover.ie/blog/item/46-51-000-deposit-puts-homes-beyond-the-reach-of-workers (2016-04-26)
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  • Do You Think Stay At Home Mums Need Life Cover? Watch and See
    out of work for nearly two years recovering from his injuries including an amputated finger It also helped with college expenses for Mayra and her older sister Susana If not for the insurance Nicolas is certain that his family would have lost their home It s like Teresa is still watching over us and taking care of us he says Read 303 times Last modified on Wednesday 09 March 2016 10 59 Tweet Published in Blog Tagged under Low cost life cover Life insurance personal finance Term assurance mortgage protection money pension retirement planning mortgage insurance cheap life cover Cheap life insurance investing financial advice financial planning choosing a financ Low Cost Life Cover Latest from Low Cost Life Cover Loosing the ability to earn an income could be a financial headache How safe is your State pension Five ways the benefit may be cut How safe is your State pension Five ways the benefit may be cut What Every Millennial Should Know About Life Insurance Are you paying 3 000 too much for insurance Related items Loosing the ability to earn an income could be a financial headache Are you paying 3 000 too much for insurance Cancer The Biggest Claim For Serious Illness How Well Are You Protected Income Protection Claims 2015 in numbers Mortgage Protection for Cohabiting Couples More in this category Mortgage Protection for Cohabiting Couples 51 000 deposit puts homes beyond the reach of workers back to top Mortgage Protection Life Insurance Get a Quote Family Protection Life Insurance Get a Quote Serious Illness Cover Get a Quote Most Popular Warning to Co habiting Couples against Unforeseen Tax Bills in the Event of Death Ireland s 140 000 co habiting couples should be aware of potential tax liability when it comes to Life Cover claims Most co habiting couples are unaware of the potential tax implications for them on claims of Life Cover policies They can however legitimately manage the potential tax implications on their Life cover claim Written on Wednesday 27 November 2013 11 44 in Blog Tags Low cost life cover Life insurance personal finance Term assurance mortgage protection money pension retirement planning mortgage insurance cheap life cover Cheap life insurance investing financial advice financial planning choosing a financ Read 5619 times Tighten Santa s Belt This Christmas Christmas is an exciting time of year but many of us are short on time and money If you re trying to tighten Santa s belt this Christmas follow our Christmas shopping tips this festive season Leave the credit card at home and bring cash or your debit card instead Credit card Written on Wednesday 13 November 2013 15 39 in Blog Tags Low cost life cover Life insurance personal finance Term assurance mortgage protection money pension retirement planning mortgage insurance cheap life cover Cheap life insurance investing financial advice financial planning choosing a financ Read 2908 times Start Earning Money From Your Passion Seven entrepreneurs share their lessons strategies and mistakes By KIMBERLY PALMER

    Original URL path: http://lowcostlifecover.ie/blog/item/45-stay-at-home-mum (2016-04-26)
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  • Mortgage Protection for Cohabiting Couples
    mortgage repayments and the joint mortgage protection policy John dies in the first year of the mortgage House valued at 300 000 The mortgage is cleared by the Mortgage Protection Policy Mary inherits 50 of property assuming held as joint tenants Threshold for Mary 15 075 at 33 on 134 925 44 525 Options 1 Increase Mortgage Protection policy by 45 000 possible tax on 45 000 at 33 14 850 or 2 Life of another policy for 45 000 Example2 Marylives withJohninhis house Johnpaidthedeposit andasthesoleearner paysthemortgagerepaymentsandthe joint mortgage protectionpolicy John dies after only two years of them living together House valued at 300 000 The mortgage is cleared by the Mortgage Protection Policy Mary inherits 100 of property John leaves this to Mary in his will Remember cohabiting couples have no automatic rights to their partnersproperty Threshold for Mary 15 075 tax at 33 on 284 925 94 025 Options 1 Increase Mortgage Protection policy by 95 000 possible tax on 95 000 at 33 31 350 or 2 Life of another Life Cover policy for 95 000 Remember if the conditions for Family Home Relief are not met then there could be significant tax implications for the survivor For further information on how to structure life assurance arrangements for cohabiting couples and for more details about the legislative and taxation changes resulting from the Civil Partnership Act and Finance Act No3 please contact us on 01 6853818 or Mullingar on 044 9348531 www lowcostlifecover ie The legal and tax information included in this technical guide is currently correct but subject to change The examples included in this document are not based on any real individual circumstances and should not be constituted as advicein any particularinstance Anthony Curran is an advocate for your financial future who takes a holistic approach to your needs and goals He will work collaboratively with you to define what success and financial independence mean to you and how best to achieve them Anthony is well qualified to provide long term support and guidance on a variety of financial challenges and will help you focus on what you can control Defining your own financial freedom will help you be more comfortable about retirement and the possibilities of creating the life you want Whether you are single married or raising a family your approach to financial well being now will shape your life for years to come www lowcostlifecover ie Read 364 times Last modified on Tuesday 08 March 2016 14 54 Tweet Published in Blog Tagged under Low cost life cover Life insurance personal finance Term assurance mortgage protection money pension retirement planning mortgage insurance cheap life cover Cheap life insurance investing financial advice financial planning choosing a financ Low Cost Life Cover Latest from Low Cost Life Cover Loosing the ability to earn an income could be a financial headache How safe is your State pension Five ways the benefit may be cut How safe is your State pension Five ways the benefit may

    Original URL path: http://lowcostlifecover.ie/blog/item/44-mortgage-protection-for-cohabiting-couples (2016-04-26)
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