Page 27 - IMO Consultant Guide

The Consultant Guide

Mortgages

IMO FS provide access to all the main mortgage lenders. The mortgage application process is a long
and arduous one. IMO FS will provide you with a dedicated mortgage advisor to ensure you are
prepared for the mortgage application and bring you through the application process. With
tightening lending regulations, it is more difficult to achieve lending approval, or approval for
sufficient amounts. As a mortgage broker with particular knowledge of medical professionals’
employment, we understand which lender is best suited to your specific mortgage application.

Income Protection
Income Protection is a plan which will pay a replacement income in the event you are unable to
work due to illness, injury or a medical condition. This income is paid to you until you return to work
or reach the retirement age on the plan, normally 65. Income protection can be availed of as a
group arrangement or an individual plan. It is vital that the income protection benefit is arranged
correctly as the benefit paid by the insurer will interact with any supplementary benefits you receive
from your employer, such as HSE sick pay.
Serious illness cover

Serious illness cover pays you a tax-free lump sum if you are diagnosed with a specific illness that
your policy covers. It is sometimes called ‘critical illness cover’. This is a benefit that is paid to you
regardless of whether you are working or not, once you have suffered the illness. While plans will
now cover many illnesses, the most common claims are for heart attacks, cancers, and stroke. The
plan ceases once you have claimed.
Executive Pension Funding (EPP)

EPPs are often used by company directors or senior employees (where there is spousal employment)
in preference to a PRSA or a personal pension because of their scope for higher contributions and
their potentially broader scope for taking tax free cash at retirement. These arrangements are
particularly beneficial as they allow for contributions or funding above normal personal pension
funding rates. Where there is spousal employment these types of pensions arrangements are as
very efficient excellent tax planning and pension funding tools.
If you wish to speak to an advisor from IMO Financial services, please email imofs@imo.ie or call 01-
6618299.

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