SUDDEN ILLNESS. helping you. to work through your fi nances during sudden illness

Transcription

1 SUDDEN ILLNESS helping you to work through your fi nances during sudden illness

2 Contents First things first 2 What next? 3 Who can help? 6 Some things to think about 8 Helping you work it through Living with illness can put an enormous strain on you and your finances at a time when you feel least able to cope with it, particularly if you find you are now unable to work. But there are things you can do to help yourself adjust financially to your new situation. In this booklet you ll find information on some practical things you may need to consider. Talk to us at your local branch and we ll do our best to help you deal with your changed circumstances as quickly as possible.

3 First things first It s important not to panic or to put things off. Finding answers to the following questions should help you make a realistic plan for your immediate future. What benefits are you entitled to? You may be eligible for Illness Benefit, Disability Benefit or help with housing costs. Log on to or and check in with your local Social Welfare Office to find out what you re entitled to claim. Do you have insurance cover that could help you meet debt repayments while you are out of work? Are you entitled to a refund of tax due to your current circumstances? Now that you have the information, you need to start working out a new budget. There is a Budget Calculator on our website on budgetcalculator to help you calculate your income and outgoings. Make paying essential bills and debts a priority. And remember, we re here to help. You can also get free support from the Money Advice and Budgeting Service (MABS) who will help you with money management. What next? Coping with a mortgage and other loans If you have a mortgage or other loans with us, we can help you to look at all your options. It really is important to meet with your Bank of Ireland mortgage adviser who will work with you to find possible solutions. What about savings and investments? You may feel the best thing to do is dip into your savings to cover expenses. But first check whether you have to pay any penalties for taking your money out at short notice. Talk to us, we ll look at your savings with you and suggest what might be possible in your new circumstances. It s also a good idea to review any provisions you ve made for your retirement. Talk to us at your local branch and we can point you in the right direction. 2 3

4 Will insurance cover it? Payment Protection Insurance (PPI) helps you continue repaying your loans if you are unable to work. If you signed up to a mortgage, you may have taken out Mortgage Repayment Cover (MRC) too. If you have PPI or MRC with us, you can obtain a claim form from Genworth Financial by calling or writing to: Genworth Financial, PO Box 602, Shannon, Co. Clare. If you have PPI or MRC with another provider, find out how to claim by reading your policy document. If you cannot find this document, contact your insurer. Make sure that you know how much your policy will cover and when the payments start and end. This information will help you plan your budget accurately. Terms and conditions apply to insurance and protection products benefits are subject to underwriting and acceptance by the insurance company. Making decisions We re here to help you make your own decisions about your money. That s why we will give you the relevant information needed and explain it to you clearly. You may feel that due to illness or accident, you are unable to make decisions about finances, property or care on your own. You may need to plan ahead for a time in the future when you may lack the capacity, for any number of reasons, to make decisions for yourself. We suggest you consider speaking to your solicitor or other independent professional adviser and consider putting in place now an Enduring Power of Attorney which will only be registered if you cannot manage your affairs in the future. Again you should seek professional advice on these processes. Getting back to work It is important to make contact with your employer to talk about your options. If your needs have changed, your employer may be able to make alterations to the workplace or change the nature of your job. Be frank and realistic about your own ability to continue to work. 4 5

5 Who can help? You do not have to go through illness on your own. Look for support and take up any that s available. Friends and family can provide emotional support. There are also several state services that can help you in different ways. You can get employment and benefit advice from the Citizens Information Service. Citizens Information Board Ground Floor George s Quay House, 43 Townsend St, Dublin 2. Tel: +353 (0) Website: Not working due to illness may affect how much tax you need to pay. Check if you are owed a refund from the Revenue Commissioners. You may have paid too much tax while you were working. Revenue Commissioners Dublin Castle, Dublin 2. Tel: +353 (0) Website: The Pensions Board regulates occupational and personal pension schemes in Ireland and can offer advice on what to do with your pension. Pensions Board Verschoyle House, Lower Mount Street, Dublin 2. Tel: +353 (0) LoCall: Fax: +353 (0) Website: info@pensionsboard.ie You can get free debt advice and support in dealing with creditors from your local Money Advice and Budgeting Service office. Money Advice and Budgeting Service (Ireland) Tel: Website: helpline@mabs.ie 6 7

6 Some things to think about 1. Talk to us about your changing circumstances. 2. Take time to plan a new budget. 3. Restructure your mortgage or debts if necessary. 4. See what benefits you are entitled to. 5. Plan ahead look at savings, investments and pension plans. 6. Depending on your circumstances, talk to your employer about returning to work. 7. Don t take on too much yourself. Ask for help if you need it. 8 9

7 We have taken great care in preparing the content of this brochure but we intend only to give you general guidance on how you can best engage with us. This brochure does not contain any legal or other advice. We strongly recommend that you get appropriate tax, legal or other professional advice before making any decision. Bank of Ireland are not responsible for the content of thirdparty websites. Payment Protection and Mortgage Repayment Cover is provided by Bank of Ireland Insurance Services Ltd, which is a member of the Bank of Ireland Group. Cover is subject to underwriting requirements and terms and conditions apply. Bank of Ireland Insurance Services Ltd is regulated by the Central Bank of Ireland. The insurance is underwritten by Financial Insurance Company Ltd trading as Genworth Financial. Genworth Financial is regulated in the UK by the FSA, and in Ireland by the Central Bank of Ireland. New Ireland Assurance Company plc, trading as Bank of Ireland Life, is regulated by the Central Bank of Ireland. Bank of Ireland Insurance & Investments Limited is regulated by the Central Bank of Ireland. Bank of Ireland and Bank of Ireland Insurance & Investments Limited are tied agents of New Ireland Assurance company plc. Bank of Ireland and Bank of Ireland Mortgage Bank, trading as Bank of Ireland Mortgages, are regulated by the Central Bank of Ireland R (01/11)