Practical Aspects of Life Assurance. Ed Rafferty QFA CFP MSc Protection Sales Manager

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1 Practical Aspects of Life Assurance Ed Rafferty QFA CFP MSc Protection Sales Manager

2 Agenda Common Client Goals Managing Downside Risk Civil Partners & Cohabitants 2

3 Common Client Goals Clear mortgage in the event of death Clear mortgage in the event of serious illness Provide for my family in the event of my death Lump Sum or Income on Death To be financially independent Provide for my family in the event of a accident/illness Income Protection or Specified Illness Benefit Fund for my retirement Pension Planning or Regular Savings Emergency Fund/Rainy Day Fund/College Fund 3

4 1 of 3 things will change 1. Something will change in the client s world, e.g. Change in income New dependent Upgrade to a new house 2. Something will change in our world, e.g. New Products New Benefits 3. Something will change in the world in general, e.g. The Budget ECB interest rate change 4

5 5

6 Managing risk for our clients 1. Investments Risk Rated Funds Managing Volatility 2. Protection What is the biggest risk facing our clients? Death or Illness Dying or Surviving 6

7 Managing risk for our clients Death SI Based on male deaths/serious illness per 10,000 (Source: Brett & du Toit 2007) 7

8 Managing risk for our clients Average Industrial Wage 35,783 Life Cover Average sum assured in 2013 = 218k Average payout in 2013 = 60k Specified Illness Average sum assured in 2013 = 64k Average payout in 2013 = 79k(m), 63k(f) 8

9 How much life cover should you recommend? What level of cover needs to be replaced? Must consider additional expenses that may be incurred Deduct state benefits Must ensure deceased s family s standard of living won t change 9

10 Personal Cover Industry Standard Age Multiply of Salary SA based on replacing 1,500 pm times times 360k 270k times 180k times 126k times 90k 10

11 Personal Cover Industry Standard Highest when young 360k Lots of options 270k 180k 126k 90k Runs to zero at retirement

12 How much life cover should you recommend? What level of cover needs to be replaced? Must consider additional expenses that may be incurred Deduct state benefits Must ensure deceased s family s standard of living won t change Convert income gap to a lump sum Convert to a lump sum 12

13 How much SI cover should you recommend? Identifying the gap in the event of an illness The gap in income needs to be converted to a lump sum Usually a multiple of income to cover a number of years A minimum of 2 years but ideally up to 5 years income But realistically, most clients have low levels of disposable income 13

14 A small amount of SI can go a long way M & F (n) 40 nb 100 LC & 35,783 SI 20 year term pm = 1.7% of gross income M & F (n) 45 nb 100 LC & 35,783 SI 15 year term pm = 2.2% of gross income 14

15 Our message to clients Get cover while you are healthy We are not getting any healthier We cannot guarantee clients will get cover in the future Get cover while its affordable It becomes more expensive as we get older A small amount of SI can go a long way Consider 1 year s net income 15

16 16 Civil Partners & Cohabitants

17 Changing times ,411 co-habiting couples ,138, co-habiting couples (54% increase) ,561 co-habiting couples (21% increase) 17

18 Civil Partner Cohabitant Qualified Cohabitant Defined under the Civil Partnership and Certain Rights and Obligations of Cohabitants Act Finance Act 2011 Tax treatment has changed 18

19 Civil Partners Civil Partner is either of two persons of the same sex who are; Parties to a civil partnership registration or Parties to a legal relationship of a class ie registered foreign relationships Must have sufficient mental capacity Civil Partnership cannot be registered if; Either party is under age 18 Either party does not give consent The parties are not of the same sex Civil partnership already exists Parties are within prohibited degrees of relationship Either party is already married 19

20 Cohabitant Same or opposite sex, who live together as a couple Considerations Dependent children Duration of relationship Joint financial arrangements Financial dependence on one another Basis on which they live together Do they present themselves as a couple to others? 20

21 Cohabitant (Qualified) Living as a couple 2+ years with dependent children or 5+ years Exceptions If either party were married to someone else and Must have lived apart from spouse for at least 4 of the previous 5 years after end of relationship 21

22 Tax Treatment - Civil Partners Similar rights to legal spouses in the event of death Automatically entitled to % of deceased civil partner s estate, subject to needs of any children CAT spousal exemption also applies to civil partners Financial Compensation Orders can be made on the treatment of life assurance contracts. 22

23 Tax Treatment - Cohabitants Same rights DO NOT apply to cohabitants Qualified Cohabitant has legal right to apply for provision (must do within 6 months) Not an automatic right Any spouse/civil partner s rights must be satisfied first. No change to CAT treatment Stranger threshold still exists Inheritance tax liability may apply on value of assets inherited No facility to apply for Financial Compensation Order 23

24 Tax Treatment Legal Spouse Civil Partner Qualified Cohabitants Inheritance Tax Income Tax Unlimited Exemption Transfer of credits & reliefs Yes Yes No Class 3 threshold Yes Yes No Financial Compensation Order Entitled to make court application Yes within 12 months of decree Yes No Pension Adjustment Order Entitled to make court application Yes Yes Yes must prove financial dependence Capital Gains Tax Treated as one unit Yes Yes No Exit Tax Exemption on assignments Yes Yes No 24

25 Succession Act 1965 Provides for minimum legal entitlements; Legal Spouse Registered Civil Partner Children 25

26 Succession Act 1965 Testate Will exists Minimum entitlement regardless of provisions of will Spouse/civil partner and NO children Entitled to 50% of estate Spouse/civil partner AND children 33% of estate - Spouse/civil partner Entitlement subject to financial needs of children being met civil partnership 26

27 Succession Act 1965 Intestate No will exists Spouse/civil partner and NO children Spouse or civil partner entitled to full estate Spouse/civil partner AND children No spouse/civil partner WITH children 66% - Spouse or civil partner Entitlement subject to financial needs of children being met civil partnership 33% equally between children Equally between children NO spouse/civil partner and NO children Parents, if living, otherwise siblings 27

28 Tax Treatment Common Law (Strangers) Inheritance tax is payable on the death of a non married partner on total value of assets inherited, irrespective of time living together Family home may be exempt Other property/proceeds of life policy may not exempt 28

29 Property Ownership Joint tenants if one dies, their share goes to the other owner Tenants in common if one dies, their share goes to their next of kin 29

30 Family Home Relief Family Home exempt from Inheritance Tax - Finance Act 2000 The beneficiary MUST satisfy 3 conditions - 1) Have occupied house as their sole/main dwelling for 3 years prior to date of inheritance 2) Does not hold an interest in any other dwelling at date of inheritance 3) Continue to occupy house for 6 years after date of inheritance NOTE: No need for beneficiary to have contributed to purchase price or paid mortgage repayments Exception: Does not apply if over 55 Consideration for working abroad/another part of country 30

31 Family Protection Common Law (Strangers) Who is the sum assured intended for? Surviving Partner? If single life, and no will exists, then proceeds will be paid according to rules of intestacy, (co-habitant has right to apply for provision). Family Home Inheritance As joint owner of property, surviving partner will inherit family home No inheritance tax liability assuming no interest in another property, (Family Home exemption will apply assuming occupied for 3+ years) Solution Set up single life, life of another contract. Proposer MUST pay premiums from personal account 31

32 Tax Treatment Common Law (Strangers) Option 1 Option 2 Structure Dual Life Single Life Policy Owner Joint Owners Life of Another Premium Payer Joint Bank Account Personal Bank Account of Beneficiary Beneficiary Surviving Partner Surviving Partner Tax Treatment of Benefit 50% of benefit Tax free Tax Liability Yes No 32

33 Example - Mortgage protection Brian and Anne buy a house in joint names. They contribute equally to the deposit, mortgage repayments and joint mortgage protection policy. House valued at 500,000, assuming it s held as joint tenants Brian dies in the first year of the mortgage. Anne inherits 50% of property, worth 250,000. The mortgage is cleared by the Mortgage Protection Policy. Tax Free Threshold for Anne is 15,075 with tax at 33% on 234,925 = 77,525 33

34 Options Increase Mortgage Protection policy by 80,000 Possible tax on 40,000 (50% of 80k) at 33% is 13,200 or Life of another policy, by Anne on Brian s life, for sum assured of 80,000 If Anne had made no contribution to the purchase of the house then she would inherit 100% of the value of the house and she would be faced with a tax bill of 160,025, ( 484,925*33%). Family home relief may apply, after 3 years, assuming all the other conditions are met. 34

35 Other Assets With the possible exception of the family home, the total value of all assets is liable to Inheritance and Gift Tax, regardless of how long the couple are living together. Where a cohabiting partner inherits other property, including a death benefit under an insurance policy, the 15,075 threshold could easily be exceeded. 35

36 Example 1 Personal Protection Brian Murphy takes out Life Cover of 100,000 on his own life and pays the premiums by direct debit from his own bank account. Brian dies and based on the terms of Brian s Will the 100,000 is paid to his cohabiting partner Anne O'Brien. Assuming Anne inherited no other assets, the liability to tax is as follows: Anne s taxable inheritance is 100,000. Threshold of 15,075 exempt. Balance 84,925 taxed at 33% = 28,

37 Example 2 Personal Protection Brian Murphy and Anne O'Brien take out Dual Life Cover of 100,000 each. Brian and Anne are joint owners, and pay premiums out of their joint account. Brian dies and the 100,000 is paid to Anne, as she is the surviving policy owner. Assuming Anne inherited no other assets, and Revenue agrees that she has paid 50% of the premiums, she will be taxed on 50% of the benefit. So, Anne s taxable inheritance is 50,000. Threshold 15,075 exempt. Balance 34,925 taxed at 33% = 11,

38 Example 3 Personal Protection Anne O'Brien takes out a Life Policy with Life Cover of 100,000 on Brian Murphy s life i.e. Anne is the proposer / policy owner with Brian as the life assured. Anne pays the premiums by direct debit from her own bank account. Brian dies and the 100,000 is paid to his partner Anne O'Brien, as she is the legal owner of the policy. Anne has no liability to Inheritance Tax, as she is both the beneficiary and the person who paid the premiums. 38

39 Small Gifts Exemption One way of avoiding the potential taxable inheritance for someone who does not have their own means of income would be to avail of the annual Gift Tax Exemption of 3,000. For this to work, it is vital that the donor first gifts the 3,000 to the beneficiary, who then uses it to pay the premium on the life of another policy. The donor sets up a Direct Debit to the beneficiary s bank account, and then the beneficiary pays the premium, on a life of another policy, from his/her own bank account. 39

40 Where to from here? Re-visit existing cover for co habiting couples Convert dual life policies to two single life policies on life of another basis where possible New cover two life of another policies instead of one joint/dual 40

41 Summary Mortgage Protection Joint Life first death may trigger tax liability Inheritance of property could also trigger tax liability Personal Protection Life of another may avoid potential inheritance tax liability Policy owner must have own financial means AND must pay premium Dual life may trigger inheritance tax liability Family Protection No automatic rights for cohabiting couples If set up as own life then proceeds may end up with the deceased s next of kin, if no will in place. 41

42 Thank you. Any Questions? 42

43 Important Information This presentation is intended for information purposes only and should not be relied upon without seeking appropriate advice. New Ireland Assurance believes any information contained in this presentation to be materially accurate but New Ireland Assurance does not warrant its accuracy and completeness. All opinions and estimates constitute best judgment as at 25 th July 2013 and are subject to change without notice. The content of this presentation may not be reproduced, either in whole or in part, without the written consent of New Ireland Assurance. New Ireland Assurance Company plc is regulated by the Central Bank of Ireland. A member of Bank of Ireland Group. 43

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