Multi Claim Protection Cover Information
Multi Claim Protection Cover(MCPC) is a simple, cost-effective life and illness protection policy. MCPC pay outs are directly linked to the severity of certain health set backs that will cause difficulty in your day to day life.
It offers anyone the ability to claim on the policy issued, paying out multiple times over its length. The amount of protection covered vary from provider to provider, so it is important to speak to one of our advisors before making your choice.
You can fill out our easy to understand form for a free online quote comparison, or speak to one of our Qualified Financial Advisors who will assist you with getting a quote.
Multi Claim Protection Cover is designed to give full financial support that will strategically align with the severity of a medical emergency or significant health impact on your wellbeing and lifestyle.
For instance some insurance policies will only pay out once for the specific serious illnesses after diagnosis, meaning you cant get that type of insurance again once the cover ends.
With Multi Claim Protection Cover even after a significant health setback has been claimed, as long as you have not claimed 100% of you cover you will still have cover in place for any potential impacts on your health and lifestyle.
Multi-Claim Protection Cover is based on severity of health setbacks that will occur. Serious illnesses such as heart attack and cancer treatment covering all requirements. MCPC covers major incidences , such as long hospital stays and traffic accidents.
Multi Claim Protection Cover is in line with the consequences of a serious illness or health setbacks. This is how Multi Claim Protection Cover is paid out multiple of times, by keeping up with advancements in medical technologies providing an exclusive cover
There are eight levels of severity that determine how much money will be paid out to make a claim. Based on the impact of the health difficulty and how it affects your lifestyle.
Claims paid more than once – with cover that continues Thankfully there are great strides in medical diagnostics and treatments more efficiently.
It also means that more people are likely to be diagnosed with and be successfully treated for a serious illness.
For example, 1 in 2 people in Ireland will develop cancer during their lifetime. Illnesses are easily detected now, meaning any serious illness are having a smaller impact.
Example of what can you expect to pay for your MCPC: A single , non-smoker aged 39 who wants a sum assured of €100,000 for a 25 year term would pay €45.77 per month.
Royal London’s Helping Hand gives you one to one Personal Support from Royal London.
This free extra includes:
- Providing bereavement counsellors, speech therapists, face to face medical opinions, therapies, massages, physiotherapy for serious health issues
- Cardiac rehabilitation support
- Support for coping with cancer
- Family support for the loss of a loved one
Remember you can put Multi Claim Protection Cover in place in addition to your health insurance. Both insurance compliment each otehr. the table outline the main differences between Multi Claim Protection Cover and Health Insurance.
What does it pay out for ?
Who does it pay out to ?
Dos it pay out multiple times ?
It pays a guaranteed tax – free percentage of your full cover amount to help with monthly expenses.
Does it provide a financial payout on death?
Yes.
https://www.royallondon.ie/siteassets/site-docs/mcpc/rl-mcpc-brochure-dac.pdf
Whats the difference between savings and investing?
The main points that seperate the two are:
Earnings Potential:
Investment have the potential for higher returns than a savings account. They always involved some amount of risk. Investing does not guarantee a return, and it is possible to lose some or all of the funds invested.
Savings means putting aside in a bank deposit or regular means of saving s and successfully putting money aside. and earning interest on that money People save for a particular goal. Investing typically means commiting your money for a long period of time in the hope of making more money than you would be saving. There is risk involved. Clear invest is a long term investment plan . Your money will be invested in combinations of investment funds put in place.
Clear Invest / Clear Regulars Invest. long term life insurance savings plan, designed for the regular saver so you can make repayments. each month.
Warning: If you invest in these products you may lose some or all of the money you invest.
Warning: The value of your investment may go down as as up.
Warning: These funds may be affected by changes in currency exchange rates.
Both investing and savings use specialised accounts for the money to be accumulated. Both methods require a great amount of financial planning that involves analysis of your financial goals. Although it is apparent Savings/ investments are similar , they do indeed share one common goal that is worthwhile for anyone. To help accumulate money for future use, saving and investing do share one common goal overall. They help you to accumulate money for your future use. Essentially, both savings and investments hold a monetary value that exists within financial instruments:
Objective :
the objective behind saving and investing is a big difference. Savings usually applies for shorter length and used mainly for emergencies and purchases. there usually is no research done for savings. Investments are more commonly used to achieve more bigger goals, like building wealth , cost of education, buying a house. When investing they often require long term commitments and ongoing preliminary research for optimal pricing and financial stability.
Protection against inflation:
The value of cash will drop when inflation rises. Investments carry extra protection in order to combat inflation.
Returns:
There may be a steady amount of interest on your savings. Investments potential yield a higher return.
Risks:
Savings usually have very low or negligible risk. Investments will always carry high risk as their value will consistently fluctuate according to the market conditions and other economic and financial
Savings generally is the process of putting aside money in a bank deposit or keeping a track of regular finance where you have the opportunity of earning interest on that money People will always save for a particular goal. Investing involves commiting alump sum for a long period of time into something , in hope of making a profitable return on the initial amount. However, there is typically a risk when doing so means putting away your money for a long period of time in the hope of making more money than you would be saving. There is risk involved. Its important to consistently examine the ideal investment structure based on your needs. Its common that life goals will always change , so your investment plans will also.
The main points that separate the two are shown in the image below:
(Click on the image to zoom)
Warning: the value of your investments may go down as well as up.
Warning If you invest in these products you may lose some or all of the money you invest.
You want to put away a sum of money on a regular basis. You want to build up a fund over a period of time with a specific goal in mind – or perhaps just for a rainy day. Why not choose a LifeSave Savings Plus plan – a unit-linked savings plan in which you can invest in a range of investment funds. You can save as little as 75 per month. You’ll be surprised to see how quickly your savings can accumulate.
The measure of risk is solely based on the type of investor you are:
- What are your personal goals.
- What levels of investment are you comfortable with
- How long you want invest for.
No investment is risk free. A Risk factor fully depicts how much you could lose if you invest in the particular fund. One of the most common risks that would have an impact on your investment is capital risk , how much of a potential loss could happen if investing in this fund.
Different Risks Involved:
Market Risk:
The threat of a decline in the the conduct of the financial markets. Example: Recession , Natural disasters and pandemics.
Inflation Risk:
The buying power of money has steadily decreased over the years. The rising prices of goods and services , or inflation, will continue to have an effect on the capabilities of your income. One solution is to invest funds that hold more risk involved. Example: Purchasing property.
Counterparty Risk:
If the institutions which the fund is invested in goes through financial difficulties, it will have an ongoing effect on the values of the funds invested.
Shortfall Risk:
It’s important to think about your investment goals and objectives before deciding. Shortfall risk is the a risk variant which occurs when failing to meet your investment goals if you are paid out a lower lump sum.
Here you can decide how much you’ll actually need to provide your desired level of income at retirement, to fund your child’s how much you’ll need to invest, how long
Liquidity Risk:
The risk of not having access to parts of your savings funds when you require it. In certain circumstances we can delay switches and withdrawls or transfers from a fund. Mostly happens with a property fund.
Factors that delay a switch:
- A large number of customers want to take money out of the same fund at the same time.
- In most cases the assets in which the funds are invested in may run into the issue of having practical problems.
- The manager in charge of the funds orders that the delay be put in place.
Sustainability Risk:
Here knowledge of the investment factors under environmental, social and governance conditions are addressed. If such an event occurs, this can cause a negative material impact on the value of your investment.
Currency Risk:
If your money is invested in assets which are not denominated in euro, you may face currency risk. If the foreign currency declines in value against the Euro , you will experience a loss. You can aim to reduce currency risk by diversifying your fun across international markets.
Securities Lending:
The activity where a security deposit is transferred from a lender to a borrower temporarily. The lender receives collateral with a value equal to or in excess of the value.
Warning: Past performance is not a reliable guide to future performance.
Warning: Benefits may be affected by changes in currency exchange rates.
Warning: The value of your investment may go down as well as up
Warning: If you invest in these funds.
The risk of loss arising from a large position of a fund invested in a single assest or market.
You may have a sizeable amount of money to invest through inheritance, a redundancy payment.
This can be put into an investment bond. To open the investment bond , one needs to have at least 5000 to invest. There is varying degrees of risk and potential return on the investment.
Education in Ireland is one of the most crucial costs for every individual. Back-to-school costs that we are all familiar with are continuing to rise for families day by day. This is due to ongoing effect of inflation begins to climb. The cost of putting just one child through school could typically amount to thousands of euro. The cost will rise substantially the more and more children you plan to have. Research has informed us that the expenses for secondary school education almost double that of primary.
Image source:https://www.zurich.ie/savings-and-investments/education-costs/
A flexible way to grow your investment. An Investment Bond is a unit-linked single premium investment bond, designed for people investing lump sums. It gives a lot of access to a variety of funds. Like all investments there are varying degrees of risk and return.
Lowquotes will work with you through the right investment option that is ideal for you. One option will be to open a savings plan or investment bond. With plenty to save for , your new car,childrens education or a wedding its always a good idea to have your money working harder for you and over a long period of time.
Warning: The value of your investment may go down as well as up.
Warning: If you invest in these products you may lose some or all of the money you invest.
Warning: Past performance is not a reliable guide to future performance.
Warning: These products may be affected by changes in currency exchange rates.
Warning: The income you get from this investment may go down as well as up.
Using a well structured savings plan is a powerful asset a person can have. People save for a number of things, education costs, their dream car, their perfect wedding and even more so for that rainy day. Some simple steps that will help you save:
- Set your goals – What and who are you saving for. Where do you want to travel? Really want that new car , phone or dress everyone wants! Things you need to experience and decide. Make sure to priorities those goals accordingly
- Predict its cost – A small prediction of its overall cost will be a worthwhile beginning in achieving what you wan to save for. Do your research, invest in a lump sum financial plan. Make that set goal closer and closer into a reality.
- Decide on a budget!
- Are you a regular saver, lump sum investor or both?
- Your risk profile!
ESG stands for Environmental , Social and Governance.
This investigates the factors of environment, social and governance (ESG) elements into a fund’s investment process,
ESG highlights the considerations when choosing somewhere secure to invest and how you want to invest.
Environmental: Conserving the Natural World.
- Climate Change
- Natural Resources
- Pollution and Waste
- Energy use
- Biodiversity
- Water Scarcity
- Deforestation
Social: Reflection of people and their values
- Human Rights
- Gender Diversity
- Community relations
- Customer Satisfaction
- Working Conditions
- Data Protection
- Employee Engagement
Governance: Standards that help in the running of a company
- Board Diversity
- Risk Management
- Executive Compensation
- Political Contributions
Important to note as of today , up to 70% of Irish customers invest by using proper indication of the ESG ratings, making a clear choice when making your own decision!
How much do you pay ?
You pay a fixed premium every month or year by direct debit.When you start you policy,this payment amount depends on factors such as:
- The amount of cover you choose.
- The number of lives covered under the policy.
- The term of the policy
- Your age
- Whether or not you smoke
- Your health, occupation and pastimes.
- Whether you choose to add additional features like Indexation, Additional Life Cover or Conversion Option to the policy.
Indexation is an option for you to include into your policy. This option can provide protection against the negative side effects of inflation. Both your premium and benefits will increase each year, occurring when the buying power of money increases and when is needed for correct claims cover.
By setting up a pension, one person has teh ability to expand on a platform for their future. The plan allows for a sufficient income and maintain certain standards of living when you decide to retire in a tax-efficient manner. A pension plan in subjective to everyone.
Post-Retirement:
What will you do?
Whether you cna afford the lifestyle off the income.
There are multiple choices to choose from. Having these options gives people peace of mind. As a person nears their retirement, they will start thinking about what they’ll do next.
Investing in a managed fund:
One option for a long a term savinmgs goal is to place your money into a life assurance investment policy depending on risk this will go up and down at an alarming rate.
Some people have chosen to invest in the state. The main advantage of investing with the State is that yoyu wont have any tax .
