Sligo claims data reveals Cancer the biggest cause of death.

  • Over €1.9 million paid out in Sligo in respect of 36 death and specified illnesses cover claims in 2014
  • Cancer was the biggest cause of claims in Sligo
  • The average age of death in Sligo for Life Insurance Claims was 56 years and 48 for Specified Illness claimants.

These are facts and figures just released by one of Ireland’s leading life assurance companies.

Here is a brief summary of the claims that Irish Life paid out on in 2014.


  • 2 out of 3 death claims were for men.
  • Largest claim for life cover for men was €1.5m while for women it was €530,000.
  • 18% of claims for men were heart related while it was 9% for women.
  • 4 in 10 claims for men were for malignant cancer.  For women it’s a lot higher at Over 1 in every 2!
  • 70% of road traffic claims were for men while just 25% were for women.

For Specified Illness Claims

  • Almost 60% of all claims were for men and 40% for women.
  • The largest claim for men was €655,000 and €540,000 for women
  • 31% of heart related claims came from men and only 7% from women were heart related claims.
  • Malignant cancer claims accounted for 1 in every 2 claims for men and 3 in every 4 for women.
  • Over 2/3rds of claims were between the ages of 41 and 60.
  • The biggest causes of malignant cancer claims for men were (1) Prostate (2) Leukaemia & (3) Testicular
  • The biggest causes of malignant cancer for women were (1) Breast (2) Colon & (3) Lung.

Call us today on 0719159222 to either review the cover you have or take some out.  It’s very important to have extra cover if you have a young family dependant on you.

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Budget Summary 2015

Minister for Finance, Michael Noonan, and Minister for Public Expenditure & Reform, Brendan Howlin delivered their 4th Budget, in which they laid out a number of measures aimed at securing “a new economy for Ireland”.

Here is a summary of some key points for the life & pensions industry.

  • The much talked about Pension fund levy will be 0.15% in 2015 and will
    expire at the end of 2015.
  • Exit tax rates – the rate of exit tax that applies on life assurance
    policies and investment funds is being maintained at 41% for 2015. (where the
    life policy is owned by a company the exit tax is 25%)
  • Deposit Interest Retention Tax (DIRT) – the rate of DIRT is being
    maintained at 41% for 2015.
  • Capital Acquisitions Tax (CAT) – the current rate of 33% is being
    maintained. The current group tax free thresholds remain unchanged.
  • Capital Gains Tax (CGT) – the current rate of 33% is being maintained.

Other Key Measures Announced in Budget 2015.

  • An increase in the Standard rate band of income tax by €1,000 from
    €32,800 to €33,800 for single individuals and from €41,800 to €42,800 for
    married one earner couples.
  • A reduction of 1% of the higher rate of tax from 41% to 40%.
  • Changes in the USC rate were announced
  • incomes of €12,012 or less are exempt/
  • €0 to €12,012 @1.5%/
  • €12,013 to €17,576 @ 3.5%/
  • €17,577 to €70,044 @ 7.0%/
  • €70,045 to €100,000 @8%/
  • The rate of corporation tax remains at 12.50%.
  • Child benefit will be increased by €5 per month in 2015.
  • Tax relief at 20% will be provided on water charges up to a maximum of
    €500 per year.


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Almost a quarter of parents worry 3rd level education won’t be possible!

August 2014.

A survey carried out by one of Ireland’s leading provider of savings and investments revealed that while practically all Irish parents (96%) want their children to attend 3rd
level education, 44% worry that they will have to borrow to fund it.

Four out of ten parents (43%) said that they have nothing in place to fund their offspring and almost a quarter of parents (24%) worry 3rd level simply won’t be possible.

Additional findings from the survey

  • Almost half of (45%) regret that they did not start a regular savings plan when their children were born.

When Parents were asked what was in place to fund their children’s education:

  • 43% have nothing
  • 38% have a regular savings plan
  • 10%have a lump sum/inheritance
  • 9% of parents say grandparents have offered to help
  • 8% have an investment property
  • 5% other means

This year’s results versus last year’s:

  • The percentage of parents that are worried about having to borrow to fund their
    children’s 3rd level education has decreased from 51% to 43%.
  • Parents worried that 3rd level education won’t be an option has fallen from
    28% to 24%.
  • The proportion of parents that have nothing in place has fallen from 45% to 43%.

In general parents seem more optimistic about providing for their children’s 3rd level education.  It doesn’t come without serious financial challenges especially when government introduce a new cost called student contribution charge of €2,750 before any rent is paid or study manual bought.

Starting early with your education plan is key and it is never too late to start!
We can help set up a regular savings plan to help with these costs, contact us on 071 9159222 to arrange an appointment.

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Average Irish saver has over €20,000 on deposit!

OVER THREE QUARTERS of Irish adults have a deposit account, with the average amount on deposit €20,500, a survey by Standard Life has found.

The savings and investment outfit’s survey found that almost one in five Irish adults (17%) has between €10,000 and €50,000 on deposit.

More than six out of ten depositors don’t know what rate of tax is payable on the interest earned, while 68% think current deposit rates are bad value for money.

The high level of savings on deposit has been identified by many as a major drag on the economic recovery, as consumers put off purchases, keeping inflation down and slowing consumption in the domestic economy.

The most recent figures from the Central Bank show that Irish households had a total of just over €91 billion on deposit at the end of May this year, only marginally down on a year previously.

Standard Life product development spokesperson Sinead Cullen said that much of the interest gained on deposits is lost to tax, with Deposit Interest Retention Tax (DIRT) levied at 41% alongside 4% PRSI for some savers.

“Many depositors are now earning as little as 1% or roughly half that after taxes”, she said.

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See How Much Life Cover You Could Get!!

Mary is married to John with one young child. Mary is a 35 year old accountant and is the main earner in the family, while John, also 35, is a clerical officer. They are also planning another child next year. They’re both non-smokers and are in good health.

See what cover Mary and John could get, starting from €15 a month.

Option 1: Single plan for 20 years

Age  Amount of Cover first life   Amount of Cover second life      Monthly Price

35    €127,000                                        €0                                                           €15

35    €203,000                                       €0                                                           €20

35    €278,000                                       €0                                                            €25


Option 2: Dual plan for 20 years- where both, Mary and John, are covered

Age Amount of Cover first life    Amount of Cover second life   Monthly Price

35    €70,000                                        €64,000                                                €15

35    €110,000                                      €100,000                                              €20

35    €150,000                                      €140,000                                              €25

The monthly price includes the Government Levy of 1%

This quotation above is a Term Assurance protection policy. They can provide a cash sum in the event of death (life cover). No cash will be returned if they cancel their plan or stop making regular payments on their plan during the term. If this happens they will no longer be covered


Tony is married to Grace. They’re both 45 and they have two teenage children. Tony is a plumber and Grace is an administrator officer. They’re both non- smokers and are in good general health.

See what cover Tony and Grace could get, starting from €15 a month

Option 1: Single plan for 20 years

Age   Amount of Cover first life    Amount of Cover second life   Monthly Price

45    €49,000                                 €0                                                 €15

45    €78,000                                 €0                                                 €20

45   €108,000                               €0                                                  €25


Option 2: Dual plan for 20 years-where both, Tony and Grace, are covered

Age   Amount of Cover first life    Amount of Cover second life   Monthly Price

45     €28,000                                 €24,000                                     €15

45     €45,000                                 €38,000                                     €20

45     €60,000                                 €54,000                                     €25

The monthly price includes the Government Levy of 1%

This quotation above is for a Term Assurance protection policy. They can provide a cash sum in the event of death (life cover). No cash will be returned if they cancel their plan or stop making regular payments on their plan during the term. If this happens they will no longer be covered.

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Introducing Best Doctors

Being diagnosed with a serious illness would be an emotionally overwhelming experience if it happened to you.  You would no doubt have many questions like, Is the diagnosis correct? Will the treatment be right? How will I know?

One of Ireland’s leading insurers has just given access to Best Doctors under their Life Assurance and Mortgage Protection products. Previously this was only available on their serious illness contract.

What is Best Doctors?

Best Doctors creates a unique healthcare experience to  clients by providing to them,  access to the worlds best medical experts.

What does Best Doctors do?

Best Doctors provide independent and objective medical information, advice and recommendations from leading medical experts, helping to ensure your diagnosis is accurate and that you are aware of the most appropriate treatment options available. The information is completely confidential and is provided directly to you.

Benefits of Best Doctors to you:

When you have an important decision to make about your health, or the health of your family, you have many questions:

  • Is my diagnosis right?
  • Is my medication right for my condition?
  • Is surgery my best option?
  • What is the best treatment?

Or may be undergoing treatment, but your condition is not improving.

Best Doctors will identify a world-leading specialist who will undertake an in-dept review of your original medical documentation, ensuring your diagnosis is accurate and helping you understand the most appropriate treatment options available to you.

How does the process work?

Best Doctors is an easy-to-use, confidential service that begins with a phone call. The service is convenient because you can do everything over the phone instead of having to make a trip to your doctors surgery.

Are there any additional costs associated with the service either for the company or me when accessing Best Doctors services?

There are no additional costs. Best Doctors funds the cost of the service as well as arranging for the collection, return and assessment of all relevant medical documentation.

Can I or my family use the Best Doctors service for a condition that was present before I took out my policy?

Yes. Pre-existing conditions are not excluded.

The service is available to

  • you
  • your spouse/partner &
  • your children up to age 18 (or 23 if in full time education)

and remember best doctors can be used for conditions diagnosed before you took out your policy!!

Call our office today on 071 9159222 to get more details.  You should review your existing mortgage protection or life assurance to avail of this extra peace of mind for you and your loved ones.

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Thought you couldn’t afford serious illness cover?

It’s a common misconception that serious illness is extremely expensive. What if I
were to tell you that just over €40 per month you could protect you and your
family quite comprehensively? Let me give you an example!

We have just written a case for a 36 year old male client which offers €75,000 serious
illness cover.

Some statistics relating to serious illness cover and claims can be quite harrowing.

  • Figures released from Irish Life reveal that there has been a 70% increase in serious illness claims since 2001 from 356 to 606 claims, with the average claim increasing from €38,872 to €68,408 in that same period.
  • Irish Life covered 36 conditions in 2001 and in 2012 covered 65, including 22 partial conditions.
  • New Ireland Assurance paid 85% of claims in 2012 for cancer and heart related
    claims, a percentage echoed in statistics issued by the CSO in the same year.
  • In 2011 Zurich Life Assurance reported that Breast Cancer was the biggest cause of female claims, accounting for 43% of all female payouts. Irish life paid out
    their largest claim in 9 years,€1 million, in 2012 for malignant breast cancer
    claim. These are startling realities.

So ask yourself…can you afford not to have this cover? For further details all us
on 071 9159222.



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New Ireland announce their Claim stats for 2012

New Ireland announced today that they paid out over €94 million to customers across its suite of protection products.

Some of the stats relating to the €94 million are quite shocking, for example;

  • Appox 58% of life cover claim and 85% of serious illness claims were for Cancer and Heart related illnesses.
  • Early claims – almost half of Life Cover claims occurred in the first 10 years of the policy.
  • Young Claimants - 15% of Life Cover and 44% of Serious Illness claimants were aged 49 or under.
  • Average Claim – for Life Cover was €68,000.
  • Highest claim – for Life Cover paid out on a single claim was in excess of €8 million.

We cannot stress enough how important it is to have financial protection by way of having Life assurance and illness cover.  This is just one company’s claim figures for 2012, other companies will release their figures in due course.

One of the most striking of figures above is that the Average Claim for Life Cover was €68,000. Think of this in terms of your family and the extra protection you have for them?  If you feel you need an extra bit of cover please give us a call on 0719159222.

Life assurance does not cost a lot but not having it can cost so much more.

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Free Life Cover for Parents.

€500,000,000 free Life Cover for 20,000 parents
That’s €25,000 for each parent!

I’m contacting you to let you know about a great offer from Irish Life that I
think you’ll be really interested in. They’re offering to give you a head
start with your family cover, by giving each parent €25,000 life cover for a
year, absolutely FREE!
Key benefits of this fantastic offer:
  • €25,000 FREE
    life cover for each parent for 12 months.
  • Available to
    parents whose youngest child is aged 13 or younger.
  • Offer is
    completely FREE.
  • We’ll confirm
    you’re protected and you’ll be on cover instantly!
Hurry – offer available to first 20,000 parents who apply!
This fantastic offer won’t last – when it’s gone, it’s gone. So, apply now,
sign up for updates on our latest products and services and we’ll confirm
your €25,000 life cover instantly.
Don’t forget friends can apply too so feel free to forward this email to any family or friends who you feel will benefit from this.
Remember, the offer is limited and I expect it to be filled quickly, so make
sure you apply for your free life cover!  This was a huge success when last offered.
Remember it is great to get this free cover but if this is all you have as
extra cover for your family well maybe we should get together to discuss a
little bit more?
Click here to apply now .  The process really only takes a minute or two and the cover is FREE.
Ken O’Neill QFA
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Income Protection – do not under estimate how important this type of cover is!

Income protection quite simply is the most important type of insurance cover you could
take out.

This is a big statement to make but why is this so?

Your income is your biggest asset. We all insure our car, our homes, our phones,
bikes – we even insure our pets! What pays for all of this? Yes, our incomes.

If you were unable to work due to an accident, illness or a disability how would
you and your family survive? The state provides an invalidity benefit of €188
per week. Could you survive on this?

Below are 2 actual case studies of clients of Flanagan Ford who had to rely on their
income protection policies. (Names have been changed)

Case Study 1

Michael aged 36 was diagnosed with Cardiomyopathy in Sept 2011. He was the main income earner in the home, his wife was made redundant not long before he became ill
and they have one child. The outlook was and still is that he will not return to work for some time.

They have a mortgage that needs to be paid, plus household bills plus all usual
costs we all are well aware of. There was a sick pay scheme at work for 6 months but nothing after that.

Michael had a 52 week deferred period on his policy and on 19.09.2012 his claim
started. He will be in receipt of his weekly benefit (paid monthly to him) until he reaches 65 if he does not get back to work. This gives Michael and his family financial security so that he can concentrate fully on getting better.

Case study 2

Susan is nurse who was involved in a road traffic accident in 2011. As a result of
her injuries she was unable to perform her normal duties as a nurse.

Susan is married with 2 children. She and her husband built their home recently have
a mortgage that needs to be paid along with all other household expenses. As a
nurse Susan had 6 months full pay and 6 months half pay through the HSE. Susan
also has a 52 week deferred period on her policy and is now in receipt of her
income through her policy.

Susan should return to work but has a lot of rehab & physio before she will be fit enough to return to her normal job. The great thing is that because she is in receipt of income she is not under pressure financially and can concentrate to recovering fully before she returns to work. Without this cover, who knows?

We never want to rely on the insurance policies we take out. Too many times we
hear from people who we recommend this to that it is too expensive and that
they cannot afford any more direct debits coming out of their account. We
understand this, we do.

But this debit means that there will be a credit going into your account if you
cannot work!! You can afford it. You can’t afford not to have it.

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