Clients should review their Holistic Lifestyle Plan at least annually or whenever significant life events occur, such as marriage, the birth of a child, a career change, or a substantial change in financial circumstances.

Yes, a financial planner can provide strategies to minimise tax liabilities through proper planning and structuring of income, expenses, investments, and pensions. They stay updated on many tax laws and can help clients take advantage of available tax reliefs and exemptions.

Holistic Lifestyle Planning is an approach to managing finances that focuses on aligning financial decisions with personal life goals and values. It involves creating a detailed plan that supports an individual's desired lifestyle throughout their life stages.

Traditional financial planning typically concentrates on achieving specific financial goals, such as retirement savings or investment targets. Holistic Lifestyle Planning, on the other hand, integrates these financial goals with broader life aspirations, ensuring that financial strategies support overall well-being and life satisfaction.

Holistic Lifestyle Planning is important due to the unique financial landscape in Ireland, which includes specific tax laws, social welfare systems, and pension schemes. It helps individuals navigate these complexities and make informed decisions that optimise their financial well-being.

Clients should seek to engage a financial planner with qualifications, such as a Master’s Degree in Financial Planning, Certified Financial Planner (CFP®) or Qualified Financial Advisor (QFA) designations, and who has experience, a clear understanding of financial regulations, a client-centred approach, and positive testimonials or references. Acting as a fiduciary and transparency in fees and services is also crucial.

It helps individuals understand their retirement income needs, optimise pension contributions, and create a diversified investment strategy. It also considers factors like state pensions, personal savings, and potential healthcare costs, ensuring a comfortable and financially secure retirement.

The key components include identifying personal goals and values, assessing current financial status, developing a cash flow management plan, setting up investment strategies, planning for retirement, risk management, and ensuring tax efficiency. It also involves regular reviews and adjustments as life circumstances change.

Clients can expect personalised advice tailored to their life goals, improved financial security, better decision-making, reduced financial stress, and a clear roadmap for achieving their desired lifestyle. It also provides accountability and regular monitoring to ensure they stay on track.

Risk management is crucial as it protects against unexpected life events that could derail financial and lifestyle goals. This includes having adequate insurance coverage, creating an emergency fund, and implementing strategies to mitigate investment risks. A financial planner helps identify potential risks and develop appropriate plans to address them.

Premiums are determined based on factors such as the insured's age, health, lifestyle, the amount of coverage, and the type of policy. Because life assurance provides lifelong coverage and builds cash value, premiums are generally higher than term life insurance premiums.

Some term life insurance policies offer a conversion option, allowing you to convert to a permanent life insurance policy like life assurance without undergoing a new medical examination. This is typically allowed within a specific time frame while other policy include a Rolling Conversion Option.

Life assurance provides coverage for the insured's entire life and includes a savings element that builds cash value. In contrast, term life insurance offers coverage for a specific period (e.g., 10, 20, or 30 years) and does not accumulate cash value. Term policies only pay out if the insured dies within the term.

Some types of life policies accumulate a cash value which can be withdrawals. However, withdrawals may reduce the death benefit and can give rise to policy reviews and premium increases.

The cash value growth in a life assurance policy is tax-deferred, meaning you do not pay taxes on the growth as long as it remains within the policy. Death benefits are generally paid out income-tax-free to beneficiaries.

Potential drawbacks include higher premiums compared to term life insurance, the complexity of policies, potential surrender charges if the policy is cancelled early, and the risk of reduced death benefits if the savings value withdrawn from the policy.

Life assurance, also known as whole life insurance, is a type of policy that provides coverage for the entire lifetime of the insured, paying out a death benefit upon their passing. It combines a death benefit with a savings component, allowing the policy to build cash value over time.

If you stop paying premiums, the policy may lapse, meaning you lose coverage and any accumulated cash value. Some policies have a grace period or may offer options such as using the cash value to pay premiums for a certain period.

Evaluate your financial goals, the amount of coverage you need, your budget for premiums, and whether you want the added benefits of cash value accumulation. Consulting with a financial advisor can help tailor the policy to your specific needs.

Life assurance provides lifelong coverage and guarantees a benefit payout on death.

Yes, policies may have exclusions for pre-existing conditions, certain lifestyle choices (such as smoking or dangerous sports), or specific illnesses not listed in the policy. Additionally, most policies have waiting periods of 14 days before you can make a claim.

No, policies can vary significantly between providers. They differ in terms of the number of illnesses covered, the definitions of those illnesses, and the amount of coverage provided. It is important to compare policies to find one that meets your needs.

Unlike life insurance, which pays out upon the death of the insured person, serious illness cover provides a payout if the policyholder is diagnosed with a specified serious illness, regardless of whether the illness is terminal.

Consider the range of illnesses covered, the definitions of those illnesses, any exclusions or limitations, the policy's cost, and the financial strength and reputation of the insurance provider. It’s also beneficial to review any additional benefits, such as partial payments for less severe conditions.

To make a claim, by contacting your Financial Advisor who in turn notifies the insurer to initiate the claim process. Medical evidence, such as a diagnosis from a Specialist is needed and the insurer will review this evidence against the policy terms to determine if the illness is covered and if a payout is warranted.

Serious illness cover provides financial support at a critical time, helping to cover medical expenses, rehabilitation costs, or to replace lost income. This can alleviate financial stress and allow the policyholder to focus fully on recovery. Having serious illness cover can offer peace of mind, knowing that there is financial protection in place in the event of a serious health issue arising.

Commonly covered illnesses include cancer, heart attack, stroke, multiple sclerosis, major organ transplants, and conditions requiring coronary artery bypass surgery. Each policy will have a specific list of covered illnesses.

Premiums are based on factors such as the applicant’s age, health status, family medical history, lifestyle, and the amount of cover chosen. Smokers typically pay higher premiums due to the increased risk of serious illnesses.

Yes, serious illness cover can often be added as an additional benefit to life insurance or mortgage protection insurance policies. This provides additional protection within the same policy framework.

Serious illness cover, also known as critical illness insurance, is a type of insurance policy that pays out a lump sum if you are diagnosed with a serious illness listed in your policy. This can include conditions like cancer, heart attack, or stroke.

When choosing an income protection insurance policy, consider the level of coverage, the waiting period, the length of the benefit period, the cost of premiums, the exclusions and limitations, the claims process, and the reputation of the insurer. It's also wise to compare multiple policies to find the one that best fits your individual needs and budget.

Yes, self-employed individuals can get income protection insurance. It's especially beneficial for self-employed people who do not have access to sick pay from an employer or who may not qualify to receive Social Welfare Benefits and may rely heavily on their income for living expenses.

Income protection insurance is a type of policy designed to provide you with a regular income if you are unable to work due to illness or injury. It typically covers a percentage of your salary until you can return to work, reach retirement age, or the policy term ends.

Payments typically start after a waiting period, also known as the deferment period, which can range between 4 and 52 weeks. The length of this period is chosen when you take out the policy and can affect the premium cost.

Yes, you can generally receive other benefits, such as Social Welfare or disability benefits, while claiming income protection insurance. However, some policies may reduce the amount they pay out if you are receiving other forms of income support.

The duration of income protection payments depends on the policy. Some policies provide coverage until you can return to work, while others may continue until you reach a specific age, such as 65, or for a set period, such as 15 or 20 years.

Most income protection policies cover between 50% to 75% of your Gross/Pre-tax Salary less Social Welfare Benefits. The exact percentage will depend on the specific terms of the policy you choose.

Premiums are calculated based on several factors, including your age, occupation, health status, lifestyle (e.g., smoking), the amount of coverage, and the length of the deferment and benefit periods. Higher-risk occupations and older age typically result in higher premiums.

Income protection insurance generally covers a wide range of illnesses and injuries that prevent you from working. This can include chronic conditions, serious illnesses like cancer, mental health issues, and accidental injuries. Each policy will have specific terms and conditions detailing what is covered.

Income protection insurance premiums are tax-deductible and a tax refund of either 20% or 40% can be claimed.

Diversified investment strategies, including a mix of stocks, bonds, and mutual funds, are often recommended. The level of risk should align with the time horizon and your risk tolerance.

Popular options include regular savings accounts (Credit Unions) , tax-free savings accounts (An Post), and investment accounts like stocks, bonds, and mutual funds. Each has different risk levels and potential returns.

Teach your child basic financial literacy, including budgeting, saving, and the importance of education savings. Engaging them early can foster responsible financial habits.

Yes, schemes like the Back-to-School Clothing and Footwear Allowance and the SUSI Grant can provide financial assistance.

Consider additional costs like travel, accommodation, and higher tuition fees. Exchange rates and international financial regulations can also impact your savings strategy.

Regular reviews, at least annually, are essential to ensure you stay on track. Adjustments may be needed based on changes in your financial situation, market conditions, or education costs.

Consider current level of fees, adjust for inflation, and include additional expenses such as accommodation, books, uniforms, extracurricular activities, and transportation.

The first step is to assess your child's educational needs and goals. Determine the type of education you envision, for example public or private secondary school, college, and estimate the costs involved.

Yes, certain life insurance policies, such as whole life policies, can be used as savings vehicles for education as they offer the dual benefit of protection and savings growth.

Create a comprehensive financial plan that includes budgeting for education while also setting aside funds for retirement, emergencies, and other priorities.

Pensions are a crucial part of retirement planning, offering tax advantages and a structured way to save for the future. Irish clients can invest in various pension schemes, including occupational pensions, PRSAs, and self-directed pensions, each providing different levels of control and investment options.

A financial advisor can provide expert guidance, tailored advice, and comprehensive financial planning. They help you navigate complex investment products, tax laws, and market conditions. Advisors can also keep you disciplined and focused on your long-term goals, adjusting your strategy as needed.

Risks include market volatility, changes in property values, rental income fluctuations, and regulatory changes. Property investment also requires significant capital and can be less liquid compared to other investments. Additionally, property maintenance and management can be time-consuming and costly.

Ethical investing involves choosing investments based on environmental, social, and governance (ESG) criteria and many investment firms offer ethical or socially responsible investment options. Research these options and consider how they align with your values and financial goals.

Inflation erodes the purchasing power of your money over time and to combat this, consider investments that typically outpace inflation, such as equities and real assets like property. Diversifying your portfolio and including inflation-protected securities can help mitigate this risk.

ETFs provide a cost-effective way to diversify your portfolio across different asset classes and regions. They are traded on stock exchanges like individual stocks, offering liquidity and flexibility. Choose ETFs that align with your investment goals and risk tolerance.

Diversify by investing in a mix of asset classes, including equities, bonds, property, and cash. Consider geographic diversification as well by investing in international markets and use mutual funds or ETFs (Exchange-Traded Funds) to gain exposure to a broad range of assets.

Start by assessing your financial goals, risk tolerance, and time horizon. Educate yourself about different investment options available, such as stocks, bonds, mutual funds, and property. It's also advisable to consult with a financial advisor to develop a personalised investment plan.

Ireland has specific tax rules for investments. Exit Tax or Capital gains tax (CGT) is applicable on the profit from the sale of investments, currently at a rate of 41% and 33% respectively. Dividends are subject to Income Tax, USC (Universal Social Charge), and PRSI (Pay-Related Social Insurance). Deposit Income may also be subject to DIRT (Deposit Interest Retention Tax) which is currently 33%.

A Pension is a long-term personal retirement account designed to allow individuals to save for retirement in a flexible and tax-efficient manner. Contributions to a Pension are tax-deductible, and the growth of the investments within the account is tax-deferred.

It's advisable to start planning as early as possible, ideally in your 20s or 30s. The earlier you start, the more time your investments have to grow, benefiting from compound interest.

Estimating your retirement needs involves considering your desired lifestyle, expected expenses, healthcare costs, and life expectancy but it is recommended to aim to replace 70-80% of your pre-retirement income.

If you switch jobs, you can often roll over your pension plan into your new employer's plan or into a Personal Retirement Bond. It's important to understand the rules and options available to ensure continuous growth of your retirement savings.

Employers may offer pension plans as part of a benefits package, often matching a portion of employee contributions. They also manage the plan's administration and, in the case of defined benefit plans, bear the investment risk.

Inflation can erode the purchasing power of your retirement savings. It's important to choose investments within your pension plan that can potentially outpace inflation, such as stocks or inflation-protected securities and to review and increase contributions as circumstances change.

The two main types of Occupational Pensions are defined benefit plans, where retirees receive a fixed monthly payment based on salary and years of service, and defined contribution plans, where contributions are invested, and retirement benefits depend on investment performance.

A general rule of thumb is to aim to save at least 15% of your annual income for retirement. However, this can vary based on individual circumstances, such as desired retirement lifestyle and other sources of retirement income. The maximum contributions on which tax relief can be claimed is dependent on age and is set at between 15% and 40% of Gross Salary to a maximum Gross Salary of €115,000. Company pensions can be funded to much higher limits.

Accessing pension funds before retirement is generally discouraged and can come with penalties and taxes. However, while conditions apply some Occupational Pensions can be drawn down from age 50 or if life expectancy is impaired or limited.

A pension plan is a retirement savings scheme designed to provide employees with a steady income after they retire. Employers, employees, or both contribute to the plan, and the funds are invested to grow over time.

Contributions to pension plans are typically tax-deferred, meaning you don't pay taxes on the money until you withdraw it in retirement. Contributions to a pension plan benefit from tax breaks at either 20% or 40% during your working years.

Typically, a key person is someone whose absence would significantly impact the business, such as a founder, CEO, top sales executive, or a specialist with unique skills.

The amount of cover needed depends on the value of the key person to the business, including their contribution to profits, costs of replacing them, and any potential losses due to their absence or to repay loan or mortgage debt.

The cost is based on several factors including the age, health, role, and salary of the key person, as well as the amount of cover required.

The premiums paid for KeyPerson Cover are generally not tax-deductible and payouts received by the business are usually tax-free.

The process usually takes no longer than applying for a standard Term Life Cover Policy and includes the time needed for underwriting, which may involve medical examinations and assessments of the key person.

Yes, KeyPerson Cover is suitable for businesses of all sizes, including small and medium-sized enterprises (SMEs). It can be argued that KeyPerson Cover is more important to SMEs as the running of the company falls to one individual or a small group of individuals.

It provides financial support to help the business navigate through the loss of a key individual, covering expenses like recruitment, training of a replacement, and potential loss of profits.

This insurance protects against the financial losses that might occur if the key person dies or becomes critically ill and is unable to work or pays off company loan or mortgage debt.

KeyPerson Cover is a type of insurance policy that a business takes out on a key employee whose knowledge, work, or overall contribution is considered crucial to the company's success. Key person insurance can also be taken out to cover loan or mortgage debt in the company name.

The term can vary, but it usually aligns with the period the key person is expected to be crucial to the business or the term of loan or mortgage debt, for example, 5, 10, or 20 years.

The lump sum received from a life insurance policy is generally tax-free. However, there may be tax implications depending on the structure of the policy and the ownership of the company shares.

Yes, insurance policies for co-directors can be customised to meet the unique needs of the company and its directors. This includes adjusting coverage amounts, terms, and the specific conditions under which payouts will be made.

Co-directors should regularly review their policies to ensure coverage remains adequate and reflects any changes in the business. Consulting with an Financial Advisor can help tailor the policies to their specific needs.

Factors include the directors' ages, health conditions, smoking status, the amount of coverage, and the specific illnesses covered. The type and term of the policy also impact the premium costs.

Yes, many insurers offer combined life and serious illness insurance policies. These provide comprehensive coverage, paying out on either the policyholder's death or diagnosis of a serious illness.

Life insurance pays out a lump sum to beneficiaries upon the policyholder's death. Serious illness insurance, on the other hand, pays out upon the diagnosis of a serious illness, regardless of whether the illness is fatal.

Serious illness insurance provides a lump sum payment if a director is diagnosed with a specified serious illness. This can help cover medical expenses, compensate for loss of income, and ensure the business can continue to operate smoothly during the director's recovery period.

Life insurance for co-directors ensures that in the event of a director's death, the remaining directors have the necessary funds to purchase the deceased director's shares. This prevents the shares from falling into the hands of the deceased director’s next of kin who may not be interested in the business.

If a co-director leaves, the terms of the insurance policy should be reviewed, and the departing director's policy can be terminated or assigned to the departing director who continues to pay the premiums personally from that point with benefits going to his/her next of kin in the event of a claim arising.

It is recommended that premiums for co-directors’ insurance can be funded by the company as a business expense as this ensures that the policies are in place without putting a financial strain on the individual directors and avoids issues relating to Benefits in Kind arising.

The payout from a Section 72 policy is tax-free and specifically exempt from inheritance tax, provided it is used to pay the inheritance tax due on the deceased's estate.

Yes, you can change the beneficiaries on your Section 72 policy, but it is essential to keep the policy in force and ensure that it still qualifies under Section 72 of the Capital Acquisitions Tax Consolidation Act 2003.

Any individual who is concerned about the inheritance tax burden on their beneficiaries can take out a Section 72 policy. It is particularly useful for those with significant assets that they wish to pass on.

Section 72 policies are normally set up on a guaranteed whole of life basis and as such a payout of benefits is guaranteed for the policy holder and beneficiaries.

A Section 72 Life Assurance Policy is a life insurance policy designed to cover the inheritance tax liability that may arise upon the death of the policyholder. It ensures that your beneficiaries can pay the inheritance tax without having to sell off assets.

No, the premiums paid for a Section 72 policy are not tax-deductible as they must be paid out of after-tax income.

No, existing life insurance policies cannot be converted to Section 72 policies. You must take out a new policy specifically designated for inheritance tax purposes.

Consider factors such as the amount of coverage needed to cover potential inheritance tax, the term of the policy, the financial strength and reputation of the insurer, and the cost of premiums.

To ensure your policy qualifies, it must meet certain conditions set by Revenue, such as being specifically taken out for inheritance tax purposes, being set up under a Trust and having named beneficiaries listed.

The policy pays out a tax-free lump sum to beneficiaries upon your death, which can be used to cover an inheritance tax liability. This prevents them from having to liquidate other inherited assets to pay the tax.