Sheridan-Colohan Insurances offer independent advice in relation to a wide range of Life Assurance, Investment & Pension products.
We believe that the needs of each client are unique, and we pride ourselves in being able to offer financial service solutions specifically tailored to meet the needs of each individual.
A life assurance policy which is designed to repay a mortgage/loan in the event of a death.
Typically mortgage protection policies are used to cover annuity mortgages, (i.e. Capital and Interest) where the sum assured reduces in line with the balance outstanding on your mortgage.
Level Term Assurance
Unlike Mortgage Protection life assurance, level term assurance provides cover for a specific time frame and the amount of cover does not decrease. At the end of the term, the policy ceases and there are no further benefits or surrender value.
Convertible Term Assurance
A Convertible Term Assurance Policy is similar to a level term plan in that the cover is chosen for a specific term, there is usually a fixed monthly payment and some can be indexed-linked to allow an annual increase in the level of cover.
Where it differs is that it allows further cover to be put in place without evidence of health, any time up to the final day of the existing policy. This effectively gives the option of taking out another life assurance policy with no reference to health at that time.
Whole of Life Policy
A Whole of Life Policy can provide cover to last throughout your life and there is usually a surrender value building up within the policy. Some contracts are reviewed after ten years and periodically thereafter to ensure that there is a sufficient premium being paid to maintain cover until the next scheduled review. Cover generally increases at each review.
There is also an option of purchasing a whole of life contract where there is no built-in review mechanism. This would allow the policyholder to have a sum insured in place forever at today’s prices. Whole of life is generally more expensive than the others outlined.
Serious illness(Critical illness) insurance pays out a tax-free lump sum if you are diagnosed with one of the specified illnesses or disabilities that the policy covers.
Income Protection(Permanent Health Insurance)
Income Protection provides you with a replacement income if you are unable to carry out your usual work due to any illness, any injury, any disability or any accident. The replacement income will typically be paid out after an initial deferral period, which is usually 13 or 26 weeks.
It is a very simple plan and offers the following key features:
- Protect up to 75% of your income
- Premiums are guaranteed not to increase in the event of a claim
- Cover is guaranteed to continue until retirement, even if you have multiple claims
- You can claim tax relief at your marginal rate on premiums paid
- Your premiums can be either guaranteed (will not change during the term of your plan) or reviewable (will stay constant for the first 5 years of the plan and subject to review thereafter)
Keyman Insurance – click here to download info
Company Directors Insurance – Sheridan Colohan Guide to Co Directors Insurance