Thanks to all of those who joined us for our Rugby World Cup Evening with Irish Legends. Great panel discussion, great participation and great fun. We were delighted to capture some special memories from the evening which can be viewed below.
These are unprecedented times, where we are living through a major public health crisis and a major economic crisis as a result of Covid-19.
While different countries grapple with implementing the appropriate response, adapting to escalation and changing circumstances to protect as many people as they can, the impact on business varies, country by country. There is no doubt, regardless of policy, that there has been a sudden and sharp decline in business. Government supports are being offered at levels never previously seen.
Life insurance policies are soaring according to Joey Sheahan of MyLifeCover.ie. Risk mitigation is key, and people want their loved ones protected. The speed at which individuals are incepting life cover is being hugely influenced by their view that exposure to Covid-19 is an inevitability. Far from considering the worst case scenario, they are looking to put a policy in place now in advance of potentially contracting the virus (or any other illness), as they pre-empt uncertainty and potentially a future shift in insurer pre-conditions and premiums in a post-pandemic world.
Covid-19 will leave a large cohort of our population financially impacted. The first hit industries are travel and tourism, followed by small and medium-sized business and retail. As non-essential trade is shut down, the domino effect will continue to be felt. But this too shall pass.
There are some excellent government supports available and being adapted for maximum impact daily. Irish people and businesses are nothing if not resilient. So where does this leave you with your financial planning? Here are some of our top tips to keep your finances in order during the Covid-19 crisis:
1. If you are on reduced time or salary or made redundant, take a deep breath and make a plan! You are not alone in this. Talk to us to plan how you should use your redundancy payment and maximise your other benefits, to ensure you are reducing your tax obligations as much as possible.
2. Consider all subscriptions and review all your outgoings. Where can you save money? Control the controllables.
3. Set out a new budget, and work to that. Prioritise your payment obligations. Do you have mortgage commitments? Then this becomes your top priority. Understand all of your options from moratorium to reduced payments and switcher options.
4. Take out a Life Insurance policy if you have dependents that are financially reliant on you or your income.
5. Don’t rush any decisions on your current Pension plan. There will be a long-term recovery to overcome short-term economic shocks. If you are close to retirement, talk to us for advice and guidance.
6. Plan for getting back into the employment market. Stay connected and organise your referees and put some time into your CV.
7. Consider undertaking an online course or volunteering if your sector is hit with a temporary pause in trading.
8. Keep positive, this crisis period and its impact on your work and home life are not reflective of you, or your skills. While the lights of commerce were turned off overnight, I believe that the will turn back on very quickly too. Take time to appreciate the positive things around you. The economy and work opportunities will come back so get ready.
9. Continue to build and develop your network. Connect with colleagues on LinkedIn. Many business networks are moving to online meetings, can you join in?
If you are facing financial difficulty, talk to us today for expert guidance.
Please click here to apply for Life Cover or email [email protected] or call myself directly on +353868060601 at any time and I will be happy to assist. In the meantime, take care.
Q: We are thinking about trading up our family home in Co Limerick to be a little closer to the city. We are not in negative equity and have seen suitable properties for around €250,000. Our house is valued at €191,000. We have a balance of €91,000 left on our current mortgage. How much can we borrow as a second-time buyers, and what other costs do we need to consider in selling our home?
Question: I FINALLY sat down to review our household budget and I’ve discovered we have insurance cover for a few things and I’m not even sure what they are, or if we need them. We have mortgage protection with our bank since we took out our mortgage 15 years ago. My wife has serious illness cover from €50,000 paid by her employer. And I took out an income protection policy seven years ago, but I’m also paying for serious illness cover of €70,000. Do I need both? We have two children in school.
Question: After 24 years of marriage, I decided to separate from my husband and we are now trying to come to an agreement on the equitable division of assets. We have two adult children who are still living at home. I would like to stay in the house and my husband, who is a director of a successful company, said that I can have three-quarters of the house rather than half, so long as I give up any claim on his pension. I am 52. I can afford the mortgage on the remaining quarter as I now have a part-time job, but I wonder if this is a good deal?
