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Life can sometimes throw up obstacles that shake our financial security. The onset of a serious illness, an injury that stops us from working, death at a time when your family are still financially dependent on you…..  these will all impact on you and your family’s finances in a negative way.  Protection insurance is designed to financially cushion you against those knocks by providing you with a cash injection when you need it most.

 

There are a few different types of protection insurance available.  You might want just one type or you might want a mix of cover – it all depends on your circumstances, your family obligations, your mortgage and loan obligations and your earning capacity.

Of course it also depends on your budget.  The more protection you put in place, the more financial confidence and security it will give you, but also the more it will cost you.  We will work with you and your budget to give you the most extensive cover within the constraints of your budget. 

When you work with us you can have confidence that we will create a protection portfolio to suit your individual needs and circumstances.  Some types of cover available are as follows:

 

Life Cover pays out a lump sum in the event of your death. Life cover forms the cornerstone of most families’ financial protection and it would be an important consideration for anyone with a partner or children. Your family would normally be the beneficiaries of a life cover policy.

 

 

Mortgage Protection Cover is another form of life cover in that it pays out a lump sum, but the beneficiary of the policy would be the bank who hold your mortgage.  Mortgage protection costs less than a level life cover policy as the amount of cover reduces over the life of the policy, to reflect the fact that your mortgage balance is also reducing over the same timeframe.

Life Cover pays out a lump sum in the event of your death. Life cover forms the cornerstone of most families’ financial protection and it would be an important consideration for anyone with a partner or children. Your family would normally be the beneficiaries of a life cover policy.


 

Mortgage Protection Cover is another form of life cover in that it pays out a lump sum, but the beneficiary of the policy would be the bank who hold your mortgage.  Mortgage protection costs less than a level life cover policy as the amount of cover reduces over the life of the policy, to reflect the fact that your mortgage balance is also reducing over the same timeframe.

Serious Illness Cover is a policy that would benefit you personally in the event of a claim, as well as your family.  This type of policy pays out a lump sum in the event that you are diagnosed with one of the serious illnesses covered by the policy, e.g. a stroke, cancer or heart attack.  The lump sum paid out can be used for anything you wish, but some of the areas where it would help would be for living expenses, increased medical expenses and writing off loans.

 

Income Protection Cover replaces part of your income if you find yourself unable to work due to injury or illness.  Self-employed people are particularly vulnerable to loss of earnings through illness as they are not entitled to State illness benefit.  Public sector workers are also more commonly arranging their own private cover as public sector sick leave benefits have reduced in recent time.   Income protection provides you with a regular replacement income for as long as it takes for you to be fit enough to return to work, and this is a key difference between income protection and the likes of serious illness cover which is a once-off lump sum payment.


 


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CML Financial Ltd trading as CML Financial is regulated by the Central Bank of Ireland
Company Registration No. 437266. Registered office – The Business Centre, Lisfannon, Buncrana, Co. Donegal
Directors: Joseph Carlin BSc MSc QFA Chiara M Conway BA DBS Pensions Dip QFA
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