You should speak to us if:

• You are not sure how much life cover you need for your family.
• Your current plan is with a bank and you feel it is too expensive.
• You’re not sure what benefits your current plan covers.
• You’re not sure how financially strong your provider is and how this may affect you should you suffer a claim.

It would also be worth reviewing your existing plan where your circumstances have changed since you took out the policy as you may have since:

-          Quit smoking.

-          Taken out a new mortgage or loans.

-          Had more dependants and therefore require additional protection.

-          Recently changed jobs or lost your job.

We recommend STRONGLY that you undertake our Protection Review as we feel we can make you savings while also improving your cover. In fact increased competition in the Irish market for personal and family protection has recently resulted in a:

-          Decrease in premiums – up to 40% over the last 10 years.

-          Improvement in benefits.

-          Greater Flexibility with medical underwriting.

-          Better product offering.

So why not get your existing policies together and give David or Eleanor a call at 053 9122714.  But before you do that Click Here to see what one of our clients had to say about our Protection Review.

Recently I was at a family event.  It was my nephew’s birthday.  Anyone with kids is familiar with these events. A great opportunity to catch up with friends and relatives.  And a chance to see how your own brood is measuring up to the competition – the cousins!

I was playing outside on the ‘bouncy castle’.  After mucking about for half an hour I retreated back indoors to the relative safety of the ‘grown ups’ zone. I say ‘relative safety’ because a spirited conversation was underway between some of the group.  The spirited conversation concerned the recent controversy of a dress code rule for politicians in Dáil Eireann.

To be honest, the majority felt that the rule should be passed.  These politicians should ‘look the part’.  After all they are representing the great and the good of Irish society on the world stage.

For some reason I found myself disagreeing with the majority view here.  My point was that it is easy to be impressed by grand appearances and impressive rhetoric. 

It is better to focus on what is being delivered.

Some will argue that ‘style over substance’ has landed our country in the mess it is today.

Style over Substance in the Financial Services Industry

The term ‘perception is reality’ is often used in sales parlance.  Too often people are impressed by a flashy marketing brochure produced by a financial services company to sell a product. 

They allow themselves to be impressed by the salesman with the impressive suit and tie presenting the flashy marketing brochure .  Often times the salesman is employed by the very company who produced the flashy marketing brochure!

They question little when the bank manager invites them in to meet the ‘financial adviser’ working in the bank’s newly refurbished and brightly lit building.      

And they are too quick to accept the recommendations as laid out in the colourful generic report produced by the salesman’s laptop.

I once read a bit of advice that has stuck with me.  It basically maintained that if somebody is unable to explain to you his/her product or service by simply using a pen and paper and in language you understand then you should walk away.

Even in the modern digital age I agree with this.  So don’t be fooled by the brochure or the confident sales patter.  Ask questions and look for the substance when seeking financial advice.

Wexford Financial Services Ltd. – Our Commitment to You

Our commitment to you is based on what we ‘won’t do’ as much as ‘what we will do’.

In Wexford Financial Services Ltd. we won’t do the following:

• Bamboozle you with needless facts and jargon.
• Sell you a product you don’t need.
• Waste your time.

Instead we will do the following:

• Listen to what you have to say.
• Offer easy to understand solutions.
• Use our experience and standing to get you the best cover at the best price.

All delivered in a simple and seamless manner keeping you informed at all times.  Feel free to contact us for more information.

The following is a real life case study that I feel illustrates the benefits of using Wexford Financial Services Ltd. to advise you regarding your income protection needs.

About our Client

Client X is a dentist who recently approached us with the view to taking out income protection.  He is approaching 30 and has strong earnings.  He is self employed.

He initially wanted to get an understanding of the product with a view to taking out income protection cover if he felt it was the right cover for his needs.  We met the client and explained the features of income protection.

Our client felt satisfied that he wanted to take out an income protection plan.  The next step was to determine the level of cover he wanted, the terms of the cover and the best product for his needs.

He decided he wanted quite a short derferred period – say 4 – 8 weeks – before payment of income protection benefit would commence.  He also wanted cover to last for as long as possible, up to age 65 if possible.

Of course he didn’t want to pay too much for the cover but he accepted that he wanted the best cover at the right price.

Market Knowledge

Wexford Financial Services Ltd. has access to the 4 market leading providers of individual income protection.  Why is this important?  Using the example of my client, the dentist, I will explain why.

Reason 1. – Difference in Price

Life Assurers / Income Protection providers rate a person’s occupation as either occupation class 1,2,3 or 4.  A class one occupation is typically a white collar job such as an accountant.  A class 4 will be an occupation such as a plumber that involves a lot of manual work.

The premium for income protection increases as you pass up the occupation scale.  Therefore, it is more expensive for a plumber to have the same level of cover as an accountant.

Not all life assurers rate occupations the same.  For example, 3 of the 4 main income protection providers rate a dentist at occupation class 2 while the 4^th rates the dentist at occupation class 3.

Reason 2. – Difference in Cover Terms

Income Protection Plans have the option to run cover to age 55, 60 or 65.  However, depending on your occupation you may not be offered an income protection plan that runs to age 65.

Take the example of our dentist.  He wants cover to age 65.  However, not all of our insurers would offer income protection cover to age 65 for the dentist.  Read on….

-          One of the companies, who offer the 8 week deferred period, will only offer cover to age 55.

-          Another will only run cover to age 60.

-          2 will run cover to 65, however, one of these two companies is the company that applies the class 3 occupation rating thereby pushing up the premium.

Recommendation 

We presented our client with the quotes from all 4 insurers and explained the differences in cover. On reflection, our client felt that a 13 week waiting period suited him fine.  He already had three months emergency funds put by to draw on if need be.  He felt it was a greater priority to have a leading income protection plan that would pay to age 65.

Therefore, he selected a plan to age 65 with a guaranteed premium and where the benefit would increase each year by 3% or CPI.  The claim in payment would also increase by this amount.

Summary

By speaking to Wexford Financial Services Ltd. our client ensured he wasn’t ‘pushed’ any one product.

Had he gone directly to a life assurer or to a bank then chances are he would have been pushed the particular product on sale by that particular life assurer or bank.  He would have been sold their product.  But we have already seen how this may not have been the best income protection plan for his needs.

He certainly would have received no advice about the benefits on offer from other income protection providers.  So had he gone directly to a life assurer or bank…

• He could have ended up paying far more with the company that places dentists at occupation class 3.

• He could have ended up with a policy that only covered him to age 55 or 60.

• He had a 1 in 4 or 25% chance of getting the right plan had he decided to approach the bank or life assurer off his own bat.  Not great odds eh?

But by dealing with Wexford Financial Services Ltd. he had a 100% chance of getting the right plan at the right price for his needs.

So why would you or anyone you know go near a bank or directly to a life assurer for your income protection, family protection or pension planning needs?

Independent Financial Advice

Our range of agencies and our market knowledge meant we could advise him on the best available plan in the market for his needs.  We have no allegiance to any one provider.

So by speaking to us he saved time and money and got the best income protection cover fit for his needs and budget.

If you or anyone you know would like more information on income protection feel free to get in touch.

The WellWoman Plan is designed to help you when you need it the most. Of course, we can’t help you in the way medical staff can – but we can help you financially so you have one less thing to worry about and can concentrate on your treatment and getting better.

There are no restrictions on how you spend the money, it could help pay for child care, help around the home, and even the little things you take for granted like getting to the shops or the doctors. It can also be used to help pay your medical bills or on a relaxing holiday to help you recuperate.

There’s no medical examination, no awkward health questions and no exclusions due to family history. Claims can be made just 90 days after taking out your Plan.

Speak to us today. LoCall 0818 31 30 30 or log on towww.wexfordfinancial.ie

Your Future Security | Our Priority

What is Income Protection designed for?

Income Protection is designed to pay you up to 75% of your weekly earnings if you cannot perform your own occupation due to any ILLNESS, INJURY, DISABILITY, or ACCIDENT.

Wexford Financial Services Ltd provide a free financial review service during which you may assess your family’s financial position. We provide savings & investments options, protection plans and health insurance.

A review is free and we will not set up something for you that you do not need.

Speak to us today. LoCall 0818 31 30 30 or log on to www.wexfordfinancial.ie

Your Future Security | Our Priority