# Looking for family financial advice, long term illness



## sunflower (30 May 2013)

Looking for some long term financial advice please

Husband's income 65k per annum
My income - nothing ( long term illness )
One child 7 years

Tracker Mortgage , 22 years left balance 163k
no other debts

savings 20k

We've worked hard to last few years. I'm a Stay at home mum by default really as due to my illness i need to rest a lot and often have relapses that are unpredictable. 

My husband works long hours. We have just returned home from 3 years abroad where we've saved up some money for the future.

My husband has a good pension. They pay the same amount in each month as him.

Because I have no income the only thing we have to rely on in years to come is my husbands pension from work and his state pension.

I would like advice on best ways we can plan towards then. Given my illness I may have a lot of medical expenses in time to come. We have VHI but worst case scenario I may need help at home and lots of aids. We may need to move home if I loose ability to walk. 

Right now I would do anything to be able to do paid work, it would be a lot less stress for me financially. However i know I am lucky my husband ha a job, he works hard.

We could spend more time abroad which would probably give us a better quality of life and more savings but right now we want to spend some time at home so my son and us can catch up with family especially as we've been away a while.

So if anyone has any practical advice on how to plan for down the line for us I'd appreciate it. Should we put the 20k all into one savings account ? Are there any good savings accounts now ?


----------



## STEINER (30 May 2013)

Hi,

sorry about your illness.

Is the mortgage in both your names?  If so, in the event of your premature death, does mortgage protection insurance pay off your mortgage?  ( I hope you live a long life).  I am just thinking along the lines of not paying your mortgage off quicker than 22 years if you are fully insured.

If you can afford to lock away the 20k for a couple of years, there are a number of state savings schemes which offer decent interest rates with no DIRT.

http://www.anpost.ie/anpost/maincontent/personal+customers/money+matters/savings+and+investments/


----------



## sunflower (31 May 2013)

Hi

Thanks. Yes the mortgage is in both our names. My husband was able to take out mortgage protection that covers what's left of the mortgage in the event of his death but no if I die prematurely we are not covered. 

I will take a look at those savings schemes thanks.

I've implemented quite a lot of health change the last two years to try and make my health more manageable, I am still holding out that I may get a job part time. It's difficult to find something to suit my needs that way. But if i held down something I presume I would at least be entitled to state pension down the line.

I am now wondering whether it would be worth trying for mortgage protection for myself again but with my illness most people nearly as long as normal life , just a challenging one with disabilities.


----------



## Bronte (31 May 2013)

Welcome to AAM sunflower and my sympathies it's not under different circumstances. 

Do you actually need to work, as in can you and your family live comfortable on the 65K. 

I wouldn't worry about you getting life insurance, that will only stress you out and I doubt any insurance company will take you on without a lot of medical exams and ultimately a loaded premium. 

In any case you don't need life insurance as if anything happens to you, your husband can afford the mortgage. 

You seem to be worried that the eventual pension will not be enough, but you have to think that by the time it kicks in, even though it will be less than final salary, you will be at a stage in life where you don't have a mortgage to pay and will no longer need to be saving.  In addition, you may in retirement downsize as necessary and realise some money for health care that way.  

If you would like to work so that you get out of the house, and it doesn't look like you would be a correct fit for a normal job due to relapses, maybe then the voluntary sector is something to look at.


----------

