This was something we heard alot of during the Celtic tiger years,banks were too quick to throw money at people for mortgages ,Car loans,overdrafts etc.
In their defense it takes two to tango so we did play a part in all this,although banks were also guilty of phoning people and telling them they were approved for 50k loan even thou people didn’t even apply.
In the middle of all this wreckless lending was insurance policies and pensions that were mis-sold and i can’t stress enough the importance of having a financial review with a broker.
You may have a pension with a company that you froze and no longer contribute to and it may be invested in the wrong funds(High risk) so your money is not invested in a safety and growth fund.
Also people were forced into insurance policies that didn’t just didn’t suit them and also peoples circumstances change.Some people might have been a smoker when they applied for a policy so are paying smoker rates or maybe somebody is now self employed so may be better taking out a pension term assurance plan as they can claim tax relief on this rather than a normal life insurance policy.
Once again,I can’t stress the importance of ongoing financial reviews with your financial advisor.
By meeting with an advisor for 30 minutes you could save thousands over the course of your mortgage or policy lifetime not to mention the advice you receive on other financial products like pensions ,savings and investment plans.
Here in yes.ie we do free financial reviews.
You can email me at darragh.farrell@yes.ie for an appointment or call me anytime on 01-6339245.
Darragh