Protection Advice

We help you define your Protection requirements, define your needs and choose policies to secure your financial future

Whether you need Life Cover or Mortgage Protection, Corless and Associates offers the full range of flexible unit linked and guaranteed products that can be tailored to your individual needs. There are a number of different types of plans available depending on your individual circumstances and the type of cover that you require.

Mortgage Protection

The most common form of life assurance is mortgage protection, which is life protection cover, designed to pay back your mortgage in the event of your death. In most cases you are legally required to take out a Mortgage Protection plan if you have a mortgage.

Term Cover

This is the simplest and one of the least expensive forms of cover. At outset you decide on the amount of cover and the period of time - both are fixed. If you die before the end of the term the money is paid to your dependents and if death doesn't occur during the term no benefit is paid and the plan ends.

Whole of Life

This plan insures you for the whole of your life or for as long as you keep paying premiums. Unit Linked is a type of whole of life product where part of your premium is invested in a fund - the growth on this is intended to match the value of your cover. The fund value is not guaranteed so your premium may increase to keep the amount of cover and benefits at the same level.

Guaranteed whole of life cover is also available and is used mainly for mitigating capital taxes payable on an Inheritance.

Core Benefits
  • Life Cover
    A lump sum payment in the event of death or diagnosis of a terminal illness. Children are automatically covered for €4,000 Life Cover. A child is defined as aged 1-18 and 18-21, if in full-time education.
  • Critical Illness Cover
    A lump sum payment if you are diagnosed with any one of 28 specified critical illnesses, including cancer, heart attack and stroke. Children are automatically covered for 50% of your Specified Critical Illness Cover up to a maximum of €25,000. A child is defined as aged 1-18 and 18-21, if in full-time education.
Optional Benefits
  • Hospital Cash Benefit
  • Specified Injury Benefit
  • Accident Benefit
  • Surgical Cash Benefit.
  • Total & Permanent Disability Benefit.
  • Waiver of Premium Benefit.
  • Guaranteed Insurability Option for Life Cover & Specified Critical Illness Cover.
Cover Options
  • Single Life Cover
    One life is covered. The cover amount is paid out on death and/or specified illness, and the policy then ceases.
  • Dual Life Cover
    Two lives are covered. With dual life cover the payment of the cover amount for one life (in the event of death and/or specified illness) does not affect the level of cover of the other life. Because cover for each life is treated independently, you can also choose to have different levels of cover for each person

No one likes having accidents nor falling ill, one of the most irritating effects is the potential loss of income, which is why it is important to have insurance. This insurance is generally linked to mortgages and pays out if you are unable to work because of an illness or an accident. It also pays your mortgage repayment for up to one year if you are made redundant. Usually benefit is payable after four weeks of disability and payments continue for between 12 and 24 months.

Income Protection: The benefits

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. This is the most comprehensive income protection plan available

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
  • When claiming, should you choose to return to work you will be supported with rehabilitation and any training you need, all the while paying your claim.
  • 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)
  • Additional benefits under the Income Protection plan include:
    • Guaranteed Increase Option - you may be able to increase your benefits at regular intervals without having to provide any medical information
    • Hospital Cash benefit - you can receive an income if you are hospitalised for more than 7 days
    • Overseas benefit - you will be covered as long as you are in the European Union or if outside the European Union benefit will be paid for for 13 weeks in any 52 week period (to a total of 39 weeks)
  • An optional benefit is indexation of premium and benefit amount.
Business Life Cover

Just like personal life insurance, in business, we need to take out protection against the unexpected illness or even death of business partners and other key people. After all, the success of every business relies on certain individuals and if they are suddenly removed from the picture, this could seriously jeopardise your business.

We provide advice on the most appropriate protection products for your individual situation so that you can rest assured that if the worst did happen, your business would be covered financially. By putting appropriate insurance policies in place now, you can ensure you will have the money you need, when you need it.

There are three main covers available:

1. Partnership Insurance

The death or serious illness of a partner can have major repercussions for the future of your partnership. It can cause immediate financial hardship for the remaining partners and maybe even loss of control of the business. In essence, the death or serious illness of a partner can potentially jeopardise the future of your business and can have major implications for the remaining partners.

Putting Partnership Insurance in place can benefit both the remaining partners and the deceased partner's next of kin:

  • A capital lump sum will be provided to the remaining partners to buy back the deceased partner's share of the business, ensuring the remaining partners retain full control of the business.
  • The deceased's next of kin can rapidly realise the value of the deceased partner's share of the business for a capital lump sum.
  • The remaining partners can inherit the deceased's share of the business without having to incur inheritance tax.
2. Co-Directors Insurance

Just like personal life insurance, in business, we need to take out protection against the unexpected illness or even death of our business partners and other key people. After all, the success of every business relies on certain individuals and if they are suddenly removed from the picture, this could seriously jeopardise your business.

We provide advice on the most appropriate protection products for your individual situation so that you can rest assured that if the worst did happen, your business would be covered financially. By putting appropriate insurance policies in place now, you can ensure you will have the money you need, when you need it.

Personal Shareholder Protection & Corporate Shareholder Protection

The death or serious illness of a shareholder can have major repercussions for the future of a company. It can cause immediate financial hardship for the remaining shareholders and maybe even loss of control of the company. In essence, the death or serious illness of a shareholder can potentially jeopardise the future of the company and can have major implications for the remaining shareholders.

Putting Shareholder Protection in place can benefit both the remaining shareholders and the deceased shareholder's next of kin:

  • A capital sum will be provided to buy back the deceased shareholder's shares, ensuring the remaining shareholders retain full control of the company.
  • The next of kin can rapidly realise the value of their shares and are assured of getting a fair price for them.
3. Key person Insurance

The future success of every business is dependent on a few key people. A Key person is any "key" employee, director or consultant on whom the business depends for its continued success, or existence, and on whose death or serious illness the business could suffer a financial loss. Putting Key person Insurance in place can help your business overcome the financial repercussions of losing a valued member of staff. The Key person policy will pay out a lump sum benefit to the business on the death or serious illness of an insured Key person. This lump sum benefit will compensate the business for any loss of profit or can be used to repay loans or recruit a suitable replacement.