Age: 36
Spouse’s/Partner's age:32
Not married.
Number and age of children: 0 but 1 the making.
Income and expenditure
Annual gross income from employment or profession: base pay €41k, €61k all in including shift Allowance and Rostered overtime. Annual Bonus = Average 10% of Base Pay.
Annual gross income of spouse: 32k, No bonus
Monthly take-home pay €3500 & €2500
Type of employment: Me private, partner Public health
In general are you:
(a) spending more than you earn, or
(b) saving?
50/50 Saving & speding.
2 cars but we own them, one is worth about €12k the other is worth about €1k
Summary of Assets and Liabilities
Home Owner home value €385k
Mortgage €269k, 29 years left @2.95% currently switching to 2.15% in the next two weeks.
Cash of €5k,
Partner has 10K cash
Defined Benefit pension fund: I dont know what is in it, I pay 6% company pay 10%.
Death in service pay out if I die is 3 x times base salary. Circa €125k
Partner is on the Single Public Service Pension Scheme
Company shares : €45k, only €10k matured at time of writing elligble to take out without paying income tax.
If I buy shares with bonus we don't have pay income tax on the money if we leave them mature for 3 years.
I have about €5k worth of shares bought from bonus that will mature every year.
Other borrowings – car loans/personal loans etc
Used 12k in cash to buy a car rather than go finance or borrow.
Partner has 3K personal loan with bank 1.5years left.
Other information which might be relevant
Life insurance: Only Mortgage protection duel cover for the mortgage.
What specific question do you have or what issues are of concern to you?
I am looking for advice on Income protection and Critical illness cover.
My company sick policy says-The Company Sick Pay Scheme is totally discretionary and each case will be examined on its own merits. All payments made under the sick pay scheme are exclusive of social welfare payments, which must be claimed directly by the employee. Eligible employees will receive pay less social welfare for a maximum of 13 weeks over a rolling 12 month period at a rate determined by the Company. Rates of payment during absences vary for those on shift and those paid at an hourly rate – contact Payroll for details. Income Continuance Payment Income continuance payment replaces sick benefit payments when an employee is absent for more than 13 weeks during a rolling 52 week period. At the discretion of the Company, Income Continuance payments may be made by the company or by an insurance company. Income continuance pay is normally 75% of pay at the time of illness less 1.5 time State pension. Payment of income continuance is made through payroll in the normal way.
My partner has 3 months full pay less welfare, 3 months half pay less welfare then knotting from work.
I cannot get a definite answer from my payroll what the amount of sick pay is that they pay during the first 13 weeks.
I don't know how much level of cover I need as I cant get an answer from the company.
De we need income protection?
Do we need critical illness protection?
Do I cash in my matured shares and pay down the mortgage or what should i do with the money each year.
What do we do when we have a baby are we prepared financially given the figures I put in.
If one or both of us get sick or is out of work long term like when having a baby are we financially ready?
Thanks
Spouse’s/Partner's age:32
Not married.
Number and age of children: 0 but 1 the making.
Income and expenditure
Annual gross income from employment or profession: base pay €41k, €61k all in including shift Allowance and Rostered overtime. Annual Bonus = Average 10% of Base Pay.
Annual gross income of spouse: 32k, No bonus
Monthly take-home pay €3500 & €2500
Type of employment: Me private, partner Public health
In general are you:
(a) spending more than you earn, or
(b) saving?
50/50 Saving & speding.
2 cars but we own them, one is worth about €12k the other is worth about €1k
Summary of Assets and Liabilities
Home Owner home value €385k
Mortgage €269k, 29 years left @2.95% currently switching to 2.15% in the next two weeks.
Cash of €5k,
Partner has 10K cash
Defined Benefit pension fund: I dont know what is in it, I pay 6% company pay 10%.
Death in service pay out if I die is 3 x times base salary. Circa €125k
Partner is on the Single Public Service Pension Scheme
Company shares : €45k, only €10k matured at time of writing elligble to take out without paying income tax.
If I buy shares with bonus we don't have pay income tax on the money if we leave them mature for 3 years.
I have about €5k worth of shares bought from bonus that will mature every year.
Other borrowings – car loans/personal loans etc
Used 12k in cash to buy a car rather than go finance or borrow.
Partner has 3K personal loan with bank 1.5years left.
Other information which might be relevant
Life insurance: Only Mortgage protection duel cover for the mortgage.
What specific question do you have or what issues are of concern to you?
I am looking for advice on Income protection and Critical illness cover.
My company sick policy says-The Company Sick Pay Scheme is totally discretionary and each case will be examined on its own merits. All payments made under the sick pay scheme are exclusive of social welfare payments, which must be claimed directly by the employee. Eligible employees will receive pay less social welfare for a maximum of 13 weeks over a rolling 12 month period at a rate determined by the Company. Rates of payment during absences vary for those on shift and those paid at an hourly rate – contact Payroll for details. Income Continuance Payment Income continuance payment replaces sick benefit payments when an employee is absent for more than 13 weeks during a rolling 52 week period. At the discretion of the Company, Income Continuance payments may be made by the company or by an insurance company. Income continuance pay is normally 75% of pay at the time of illness less 1.5 time State pension. Payment of income continuance is made through payroll in the normal way.
My partner has 3 months full pay less welfare, 3 months half pay less welfare then knotting from work.
I cannot get a definite answer from my payroll what the amount of sick pay is that they pay during the first 13 weeks.
I don't know how much level of cover I need as I cant get an answer from the company.
De we need income protection?
Do we need critical illness protection?
Do I cash in my matured shares and pay down the mortgage or what should i do with the money each year.
What do we do when we have a baby are we prepared financially given the figures I put in.
If one or both of us get sick or is out of work long term like when having a baby are we financially ready?
Thanks