DAVE DENNIS – FINANCIAL CONSULTANT
DAVE DENNIS – FINANCIAL CONSULTANT
Income Protection……..Your Needs
What is your biggest asset ?
Is it your home ?
Your Income is an asset
Annual salary of €40,000, aged 35
Earnings to retirement = €2M
*Based on retirement age of 65
What Does Income Protection Do?
Income Protection
Insures Salary
Tax Relief
Guarantees Changing Occupation
Long term cover
Any Illness or Injury
SALARY Food
Mortgage
House/Motor Insurance
ClothingVHI
Entertainment
Light & Heat
Pension
Holidays Life CoverSavings &
Investments
Car Loan
SOCIAL WELFARE
€196pwSelf Employed
Nil
Why do I need cover ?
Over-optimism re: State Benefit
Married with 2
Dependants: €19k p.a.
Self Employed: NIL
25% believe they could survive on the State benefit
Disability on the rise Financial consequences of disability are
severe More workers & families financially unprepared
“Consumers need to take greater responsibility for their personal financial well being”
The Need has never been greater……
Causes of Disability Orthopaedic 23%*
Psychiatric 23%*
Heart & Cardiac Disease 12%
Cancer 10%
Respiratory Disorders 3%*
Multiple Sclerosis 3%
Stroke 4%
Other Illness 25%**
* These illnesses would be excluded from payment under Critical Illness** Some of these claims would be excluded from payment under Critical Illness
• One Insurer paid out over €17m in claims in 2008• Their average claim period is 5½ years• Statistically you have a 1 in 6 chance of being out of
work for more than 6 months during your working life• 90% of disabling accidents & illnesses are not work
related• You are 3 times more likely to suffer a disability than
die during your working life - have you life cover?
What are the chances……
1 What are my “necessary” monthly living expenses that would continue if my income stopped e.g. mortgage, utilities, food, medical insurance etc.
2 Would my personal savings pay for my “necessary” monthly expenses - for one month, three months, six months, longer?
3 How long would my assets last if they were funding my day to day living expenses?
4 What state benefit I’m entitled to?5 Does my employer have a sick pay plan or long-
term disability cover, how long does it pay for?
5 Questions Everyone should ask……
Have a plan in place for disability
Asset Protection
€50,000
With IP
Without IP
40 41 42 4443 45 46 47 48 49 500
50,000
100,000
150,000
200,000
250,000
YOUR INCOME
In Summary……Mortgage
Bills
Sports & Social
Children’s expenses
Holidays
Investment &Loans
Pension
Car
Liberty Asset ManagementOther Services -
• Pensions• Life Cover
• Investments• Mortgages
Thanks for your attention …..
Any Questions?
Liberty Asset Management Limited
Cherrywood Business ParkLoughlinstown, Dublin 18.mail: [email protected]
call: 01 6362700 fax: 01 6362780
click: www.lam.ieLiberty Asset Management Limited is regulated by the Financial Regulator