Life Assurance & Protection

We can’t predict what life has in store but we can help protect you and your family for when those setbacks happen

There are a multitude of options to consider, depending on factors such as whether you are an individual or a business, hold lending, have a family, want to protect against illness or want to provide income.

We will discuss your current situation and your future plans, source the best options currently available in the market and make our recommendations through a plan specifically prepared for you. We will also advise on any tax reliefs that may be available to you which may make the cost of your protection even more economical.

Life assurance what's best for me ?

Life Assurance & Protection Services

Whole of Life

Whole of Life Insurance pays out a sum in the event of your death. The term “whole of life” means exactly that – it is a policy taken out for the remainder of your life, as opposed to a specific term. In that regard, there will be a guaranteed pay-out at some stage.

Term Assurance

Term Assurance pays out a sum in the event of your death within a specific term. Considerations to be made here include factors such as term remaining on borrowings, ages of children or years left to retirement.

For instance, a client may opt for a 20 year term to ensure that their children are provided for until they become adults and self-sufficient themselves.

Convertible Term Life Assurance

This is a Term Assurance policy covering a specific term, but allows the option during or at the end of the term to convert to another Term Assurance policy, or in some cases, convert to a Whole of Life policy.

This can be a valuable feature if the person assured suffers a deterioration in the health over the term of the original policy, as it can ensure that the individual has options to continue being covered.
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Specified Illness Cover

Specified Illness Cover provides a lump sum in the event that you suffer an illness or develop a health issue as specified in the policy. With the advances in health treatments, we are now recovering from common illnesses at a much higher rate. However, you may need funds to pay for treatment, make adjustments to your home or even just replace lost income.

Specified Illness Covers provides a lump sum for you to use as you see fit, so you can concentrate on recovery or improving your situation without additional financial worries. There is a very wide range of Illnesses covered and while all providers will cover the main illnesses such as cancers and heart complications, there can be differences between providers within these and other areas so we will advise on what’s appropriate for you.

Kinsella Financial hold agencies with all the main life companies in Ireland so we can give a fully open and transparent view of the right options for you.

Mortgage Protection

Also known as Decreasing Term Assurance, this cover is a Term Assurance policy with the level of cover decreasing each year until the end of the term.

Both Life Cover and Specified Illness Cover can be structured in this format. The most common use is to clear borrowings in the event of death or a specified illness.

The term is usually set in line with the term of the borrowing, and decreases in line with the borrowing being reduced until both reach zero. For instance, a client may use a Decreasing Term policy with initial level of cover of €200,000 decreasing over a 20 year term, to cover their mortgage of €200,000 which has a 20 year term.
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Income Protection (PHI)

Income Protection or Permanent Health Insurance is used to fund a portion of lost income if you are unable to work due to illness or injury. The maximum amount allowed to fund for is 75% of your salary, less state benefits if you are eligible.

There is a minimum period for which you must be out of work, which is known as the deferral period. This can range from 4 weeks to 52 weeks depending on provider.

Occupation, deferral period, benefits and costs can impact on options and vary greatly between providers so having the proper discussion to explore the full range of options is vital.

Inheritance Tax Plan

Inheritance Tax Cover pays out a lump sum on death to pay the tax liability in the event of inheritance.

The sum assured is based on the client’s expected value of assets which will be passed via inheritance, with considerations made for current exemption levels and allowances.

Any lump sum paid out from a life policy normally becomes part of the deceased’s estate, however, Inheritance Tax Cover is specifically designated through Revenue so as not to further increase the value of the estate and in turn not increase the tax liability.

Pension Term Assurance

Pension Term Assurance is a life cover policy available to anyone who is eligible to pay into a pension, in other words, pretty much anyone who is earning a taxable income.

In this regard, tax reliefs are available on the premiums, which can make this type of cover very cost effective.

Protection Consultations

We are available either in person or online to discuss protection options suited to your own personal circumstances.

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