DYLAN LYNCH QFA BA LLB LLM FINANCIAL ADVISOR @ NIALL G. LYNCH
Role of Risk Management
Prudent financial planning involves laying out objectives and goals and a strategy to achieve them. However, a sometimes overlooked aspect of the financial planning process is risk management. When assessing a goal and your strategy to achieve them, one must be aware of the risks posed to this plan.
Role of Specified Illness Cover
A health issue or being diagnosed with a serious illness can pose a severe risk to your financial wellbeing. The last worry a person needs when encountered with a health challenge is financial worries. Specified Illness Cover can provide an essential financial cushion of a tax free lump sum, if diagnosed with a covered illness. This can be tailored to your respective budget and level of income. It, along with Life Cover and Income Protection, can form an important part of a protection portfolio of risk management.
A plan to achieve your financial goals and objectives is not complete without a robust risk management strategy underpinning it. Putting provisions in place to protect against risks posed to your financial wellbeing, ensures you are protected against challenges posed to your financial goals and objectives.
Quotation Example
Options are fitted to your chosen budget - depending on your stage in your financial journey, different monthly cost options may be suitable for you. We can use a premium explorer tool, to explore specified illness cover or other protection options tailored to your chosen budget. Ensuring you are protected and the plan chosen is suitable and sustainable from a cost perspective.
Example of a Life & Specified Illness Cover Quotation – Male/Female – 40 Years of Age
- Life Cover – 200,000
- Accelerated Specified Illness Cover – 100,000
- Term – 10 years
- Monthly Premium – €56
Statistics of Specified Illness Claims
Some of the below statistics can be stark, but they illustrate the importance and value of putting in place strong risk protection plans.
- In 2022, Zurich paid out €23.4 million in specified illness cover claims in Ireland.
- Cancer accounted for 57% of the male claims, and a staggering 83% of the female claims.
- In 2021 New Ireland paid out €25 million in Specified Illness Cover claims, 59% of these arose from cancer & 18% heart related disease. The average payout amount was €68,278.
In conclusion, getting sick or being diagnosed with a serious illness can be a life changing event. It can also provide a severe shock to your financial wellbeing also. Having a strong protection plan to protect against this risk makes sense and can prove absolutely vital.
