This is my first contribution to the library of Metis Ireland blogs. Given my investment and pension background, I did not expect it to be on this topic.
But, my eyes were opened by the value and tax saving available for self-employed people by a simple change in the way they protect themselves and their families. It appears I am not alone as less than 5% of policies avail of this tax and cost saving in Ireland.
So, what is your greatest asset?
Many of us will think of our homes, investments, pensions and so on. However, for many people all these financial assets depend on your ability to generate an income. This is especially true for self-employed people. So, your greatest asset is YOU – and not just because of your charming personality although that’s an asset too of course!
How do you protect it?
The answer is simple – take out cover that will pay out to your family if the unthinkable happens to you.
How much cover do you need?
The answer here is “it depends” – and it does. It depends on your personal circumstances, your financial situation and, of course, your priorities. A brief meeting with Metis Ireland should establish the optimal amount. A quick rule of thumb might be a minimum level of 10 times your annual net income although this is not a replacement for a proper assessment.
How does it work?
It’s pretty similar to any form of life cover but set up through a pension wrapper which means you can avail of tax relief at the marginal rate.
If you are
- currently paying for life cover and not getting tax relief.
and you wish to discuss this further please do not hesitate to contact us on 061 518365
Metis Ireland Financial Planning Ltd t/a Metis Ireland is regulated by the Central Bank of Ireland.
All content provided in these blog posts is intended for information purposes only and should not be interpreted as financial advice. You should always engage the services of a fully qualified independent financial adviser before entering any financial contract. Metis Ireland Financial Planning Ltd t/a Metis Ireland will not be held responsible for any actions taken as a result of reading these blog posts