Why Do I Need a Personal Accident Plan?

Accidents can happen!

Have you ever thought, how would I cope if I had an accident? How would I pay all those extra bills? What about that drop in earnings?

Even a small accident can cause substantial financial loss. What if you have to make alterations to your house as a result of an injury. Extra expense like consultants fees, travel, meals, attending outpatient clinics etc. The list goes on.

All is not doom and gloom.

There are small steps you can take now, which will have a big benefit later.

If you take out a Personal Accident Plan now, it could prove beneficial in the event of an accident. It pays out a lump sum benefit if you suffer a specified injury. With great benefits, this can be a welcome support in times of need.

Don't just trust to luck.

Take steps now to help yourself in the future. You'll be glad you did.

If you would like to get a quotation or start your policy, just use the get a quote button

Or just call 1890 666 666.  {KomentoDisable}

Download the Personal Accident Plan Brochure here>>

What is Legal Expenses Insurance?

The scales of justice are not always evenly balanced.

Unless you have unlimited sources of wealth, the cost of going to court may discourage you from defending your rights in court.

Even when you decide to go to court, you may be forced in to settling for less, due to the pressure of being exposed to the risk of having to pay substantial legal costs.

The person, or company, with the most resources, may bully you into submission.

That is where Legal Expenses Insurance comes to the rescue.

It helps individuals and companies meet the cost of taking or defending legal actions.

I have motor insurance, won't that cover me in the event of a claim?

Motor insurance is a legal requirement.

Uninsured losses can arise, however.

Personal Legal Expenses Insurance will cover the costs involved in recovering these losses from the person who is liable for the accident.

We can arrange cover for a wide range of conflicts including contract disagreements, personal injury, and employment disputes.

We can also arrange similar cover for your business (Read more>>>)

What are legal Costs?

These are expenses incurred in taking or defending a legal action.

They include items such as solicitor's and barristers fees, legal disbursements such as the stamp duty payable on court documents.

Expert witnesses fees,

They also refer to the costs or the other side to the dispute, should you lose and be responsible for their costs.

What should I do next?

For peace of mind you should always strive to reduce risk.

By taking out legal expenses insurance, you are doing just that.

For a small monthly or annual sum, you are giving yourself the advantage that, should you have to go to court, you will do so with an experienced legal team on your side, and the legal costs are covered.

You can telephone us on 1890 666 666 and speak to one of our experts,

or click on the call me back (above) and we will contact you at a time that suits,

Or

use the quotation button above and we will get you your best personal legal expenses insurance policy in Ireland. {KomentoDisable}

What is a Personal Retirement Savings Account (PRSA)?

 A Personal Retirement Savings Account (PRSA) is a personally held defined contribution retirement plan, effected by an individual with a PRSA provider. The PRSA is owned personally by the individual.

Contributions can be made to a PRSA by:

• The individual , or

• The individual’s employer , or

• The individual and the individual’s employer.

 Eligibility

A PRSA pension is suitable for employees who are in non pensionable employment i.e. not currently included by their employer in an occupational pension scheme for retirement benefits. With a PRSA you cannot be charged more than 5% on the contributions you pay and 1% a year on the managed funds. It also has the benefit of tax relief on personal contributions against relevant earnings. Additional Voluntary Contributions (AVC’s) can also be paid by an employee to a PRSA. 

Is my PRSA affected if I change jobs?

As stated earlier A PersonalRetirementSavingsAccount (PRSA) is a personally held defined contribution retirement plan. This means it goes with you if you change jobs. It is your plan.

This is of great benefit, in that you don't have to go to the trouble and expense of setting up another plan. Your existing plan can continue to grow and provide funds for your retirement, when it falls due. You will gain tax relief on your relevant taxable earnings in respect of your contributions to your PRSA.

What if my new employer contributes to a PRSA scheme ?

If that is the case, then you can transfer the value of your PRSA into your new employer's PRSA.

If you change jobs again, you can bring this new PRSA with you.

My new employer has an occupational pension scheme, should I transfer my PRSA into it?

You don't have to, and there are a number of factors to consider.

The trustees of the occupational scheme must agree to the transfer.

The charges for the scheme are usually lower than those for a PRSA.

There may be a risk of insolvency of the scheme if it is a defined benefits one. A defined benefits scheme offers set benefits, irrespective of the amount of funds available. This can cause the funds to run out, if not carefully managed. You might be safer to leave your funds in your PRSA.

You can use both the PRSA and the occupational pension scheme.

That way both funds are available for your retirement.

You are strongly advised to seek independent advice before taking action on this.

If I am unable to make further contributions, can I just leave the PRSA in place?

Yes. The amount available to you when you retire will depend on a number of factors, including, the performance of the fund, the annuity rates available at your retirement date, and the age at which you retire.

How can benefits be taken?

 On retirement benefits can be taken as follows:

• 25% Tax free

Balance to buy

 Annuity

ARF

taxable cash

 (Subject to a minimum requirement €63,500 AMRF/ Annuity){KomentoDisable}

Download a Free copy of The Pensions Board; A Consumer and Employers' Guide to PRSAs here>>