often hard for smokers to get great life insurance rates because of the inherent risk of smoking. However, there are options. Even if you smoke cigarettes, you could still be eligible for great rates for Life Insurance for Cigarette Smokers. Insurance rates are based on types of tobacco products consumed. They're also based on how long it has been since you quit smoking. It's even possible to get non-smoker rates if you are a social cigarette smoker, pipe smoker, cigar smoker or if you chew tobacco.

If you have quit smoking over 12 months there are huge savings to be made. In today's climate where every penny counts, it's clear to see there are both financial and medical benefits to stubbing out cigarettes for good.

“There are real savings to be made by kicking the habit and shopping around for the best insurance deal to suit your circumstances.”

Whole-of-life assurance is the most flexible way to arrange life cover since there is no policy term. As long as the premiums are paid, the policy will continue until the death benefit is paid. The benefits covered on the policy can be increased or reduced at any time depending on your requirements. Obviously the premiums payable for a given amount of cover are higher for a whole-of-life policy because cover is likely to be provided for a longer period.

In most cases the premiums are reviewed (and possibly increased) every so often, maybe every 10 years. After a minimum number of years the policy may acquire a surrender value which is normally used to either stop paying premiums temporarily or leave the policy in force, possibly at a reduced level for a limited period of time. Special whole-of-life policies can be used to provide for the payment of inheritance tax.

Whole-of-life cover can be arranged:
• On a life cover-only basis
• On a life and serious illness cover basis

You have the option of having Serious Illness Cover under your protection Plan. If you suffer a serious illness, a cash lump sum won’t make you better but it should help to reduce the impact of the illness on your life. It can help to ease any financial pressures and give you time to recover.

** above are examples only and not applied to all policies

Term assurance provides low cost life and or serious illness cover for a fixed premium over a specified term of years. The cost and the sum assured remain fixed for the entire term. If you are still alive at the end of the term, then the policy simply lapses. Your premiums have produced no monetary return, but they have provided peace of mind both for you and your dependents. There are two main types
Level term
In this case the sum insured remains the same for the term of the policy.
Convertible term
This provides the same basic insurance cover as level term assurance, but with an option to convert the policy into another type at a later stage without having to undergo a medical examination or additional proof of good health at that time. The extra cost for convertible term compared with level term is typically about 5-10% depending on age and smoking status.
Convertible and Level term assurance can be arranged:
• On a life cover-only basis
• On a life and serious illness cover basis

Indeed, some consumers have opted to buy critical illness cover as well, which ensures that the mortgage is paid off in the event that you get seriously ill. To some extent this is a sensible strategy: 25 per cent of men and 20 per cent of women suffer a critical illness even before retirement. You may also purchase critical illness cover with mortgage life insurance to guard against the financial implications of both critical illness and terminal illness or death.

We can provide both life and critical illness cover so  mortgage life insurance by itself is not always the best option.

Mortgage life insurance has become an increasingly important financial policy because of the increasing number of consumers who opt to buy property. Low mortgage interest rates and falling house prices have acted as incentives for first-time and experienced buyers to snap up houses and premises, and many are simply unaware of the advantages of mortgage life insurance.

Consumers who seek to ensure that their family are not saddled with the substantial costs of a mortgage may consider it prudent to invest in mortgage life insurance. Mortgage life insurance will pay off your mortgage if you die with mortgage debt still outstanding. Policies typically charge you at premiums which gradually decrease in time, as the outstanding value of your mortgage reduces. It may be particularly important to you that you have mortgage life insurance to cover the value of a repayment mortgage, as this avoids your family facing the considerable capital cost of the mortgage along with interest, on the event of your death.

If you are an employee and you fall ill, your employer might pay you your full pay for a few weeks or months. By law, an employer must pay most employees statutory sick pay for up to 28 weeks, though this will probably be a lot less than your full earnings. After that, you would probably have to rely on State benefits. However, some employers arrange group income protection insurance for their employees as a perk of their job, which can pay out an income after the statutory sick period. So check what you are entitled to.

If you are self-employed, you won't have this option.

State benefits are not generous. You would probably see a substantial drop in your income if you were out of work for more than a few months because of illness or disability.

Insurance aims to put you back to the position you were in before you suffered a loss. But it does not allow you to make a profit out of your misfortune. So the maximum amount of income you can replace through insurance is broadly the after-tax earnings you have lost less an adjustment for State benefits you can claim. This usually translates into a maximum of, say 50% to 65% of your before-tax earnings.

It replaces part of your income (tax free) if you are unable to work for a long period of time because of illness or disability, and will continue to pay out until you can return to some kind of paid work or reach retirement, whichever is sooner.

It has a waiting period before it will start to pay out. The longer you agree you'll wait, the lower your premiums will be, so it is important you find out what income you can get from your employer, and other insurance (such as mortgage payment protection insurance) in the event of illness or disability.

This cover might not be available to you if you have existing health problems or a dangerous job.

Small and large business owners work hard to establish their business and achieve success. However, there may be planning issues that need to be addressed to be sure their success continues. Most of these issues revolve around Business Life Insurance.

Business Life Insurance covers what happens to your business when you, the owner, dies. It can also cover you in the event of a key employee death, and the ability to offer life insurance benefits to employees.

This form of insurance is often overlooked, overshadowed by the day-to-day business of keeping a firm healthy and profitable. But a moment’s contemplation may allow a business to realise that their functioning may become difficult without the work of one or other ‘key’ person. The importance of such people generally relates to their capacity to run the firm, to keep it ticking over in good and lean times. Buying ‘keyman’ insurance is a way a business can handle the risk of losing such an individual. It is essentially life insurance on the key person which, when they die, may help finance a campaign to find another key person, or to work out a strategy to keep the business strong. This payoff is effectively compensation for the loss of the executive. Although most businesses would see the money as an important process in getting the firm back on track, if the firm is so dependent on the key individual that it cannot function at all without him or her, the money may also be used to cope in this eventuality. It might provide funds to pay severance to workers, and help finance an efficient and orderly closedown of the business rather than a messy closedown involving bankruptcy. Note, however, that if you are a one-person company, your family would not receive compensation from keyman insurance. Buying personal life insurance is necessary for this to happen.

Life insurance firms, like the rest of us, need to make money, and numerous conditions and illnesses make insurers nervous. This may seem like an unfair stigma to chronic sufferers who have their condition under control, but you will have to comply with the way the system for working out premiums works. Legally, life insurance firms may charge a premium which is dependent on an applicant’s health, and extensive questionnaires and medicals can result. Although some plans are exempt from such conditional policies, you may be paying more than you have to if you take one of these out. In the best circumstances, a medical condition may result in a negligible or minor increase in the premium you will have to pay. In poor circumstances, a life insurance firm may refuse to provide you with a policy.

Managing your health

Policies will differ according to the results of your medical, therefore it is sensible to ensure that you are managing your illness the best way. For example if you have Type 1 or Type 2 diabetes, try to ensure that your A1C is as low as possible, that you control your blood glucose level appropriately, and that your general state of health is good. Control your weight by eating healthily and exercising frequently. Establishing good health reduces the chances you will suffer from an illness, which may also increase your premiums. If you apply for a policy from an insurer who offers ‘clinical underwriting’, then your overall state of health is examined, not simply the fact you have a medical condition.

What is consider to be an "occasional" smoker? Should your Life Insurance rates be as high as a "pack a day" smoker?

An occasional smoker is consider to be a person that doesn't smoke on a regular basis. It is just what the name suggests - you occasionally smoke cigarettes, cigars, pipes or use chewing tobacco. It may even be possible to get non-smoker rates if you are a social smoker.

We can find you the lowest premium from the Best Insurance Companies. We have done all the work, and approach the different companies for the best rate for you.

If you look in the right places, the right way, you can be confident that you will obtain an affordable policy.

We check out insurers that specialise in providing policies to individuals with chronic conditions. Some firms offer policies geared specifically to those with conditions such as asthma, heart conditions, and other medical problems which include diabetes. Their premiums may be more reasonable, and their expertise may mean mitigating circumstances that lower your rates may be better understood and evaluated.

To find a firm who may offer a policy that would suit you, we shop around thoroughly.

Our experts have experience in helping those with diabetes or an equivalent chronic medical condition.

It is also worth being aware that the rules governing the taxation in Ireland of offshore (or indeed any foreign trusts) are complex for Irish residents, and income and capital gains accruing to trusts (and non-resident companies) are likely to be assessed to the Irish-resident settlors and/or beneficiaries and/or owners of the trusts or companies, whether or not they are distributed.

By way of exception, however, an offshore trust established by a husband and wife who are excluded from benefitting under it, and whose trustees are not Irish-resident, is taxed only on Irish-source income, meaning that if the beneficiaries are, for example, children or grand-children, the assets contained in the trust will only be taxed in Ireland if they are remitted to the Republic.

The threshold at which such a levy kicks in varies according to the relationship between the parties involved. In 2009, a child, stepchild, adopted child or parent) must pay the tax on gifts/inheritances over EUR 434,000; a parent who does not take complete ownership of an inheritance, a grandparent, a grandchild or great-grandchild, a sibling, a nephew or a niece will pay on sums of over EUR 43,400; and any other type of recipient will face Capital Acquisitions Tax on acquisitions of over EUR 21,700.

Gifts and inheritances between married couples are exempt, however.

Arrangements (such as trusts) can sometimes be put in place to minimise the impact of Capital Acquisitions Tax on your inheritance, and potentially to minimise the CAT liability – related to your business – which could be faced by your descendents, but as in other countries, such matters can be complicated, and expert advice is recommended.

Life Insurance & Critical Illness Cover
+353 (0)949020677 M&C Financial Services
9am - 6pm Monday to Friday.

Income Protection
+353 (0)949020677  M&C Financial Services                9am - 6pm Monday to Friday.

Key Man Insurance
+353 (0)949020677
9am - 6pm Monday to Friday.

Private Health Insurance
+353 (0)949020677
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