Careful planning the key to securing your financial future

The key to financial wellbeing is careful planning, according to AIB Life chief executive officer Bryan O’Connor. “Making a plan about your finances can help you make better decisions about your medium to long term financials,” he says. “It helps you feel more organised, secure and in control, even in the event of something unexpected happening. AIB Life provides protection, pensions and investments to help AIB’s 3.3 million personal and business customers plan for and secure their financial futures.

“We are now in operation for over a year, and are proud to have supported thousands of AIB customers with their financial planning, and we look forward to doing even more in the years ahead.”

AIB Life is a partnership between AIB and Great-West Lifeco established to provide protection, retirement and investment solutions through AIB’s financial advice service, he adds.

O’Connor advises everyone to carry out a financial review. “A financial review is for anyone looking to understand their financial future regardless of their income. AIB Life is supporting tens of thousands of customers at various stages of their life and career. We won’t tell you how to spend your money, but we can offer medium to long term financial guidance.”

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A review can often bring welcome news. “You might be doing better than you think,” he says. “A financial review will help identify where you’re on track so you can be more confident about your finances. Knowledge is power, and the review can also help to identify ways to improve your financial health by protecting your family, covering your income or making sure you’re ready for life after work.”

He says protecting household income is the first step. “Your household income is one of your biggest assets so protecting that is vitally important. An adviser can support you with other financial goals too to help ensure you have enough money for the big life events, including when you retire, and put measures in place to protect the people you love.”

He also counsels caution when it comes to choosing what to do with your money. “It’s your decision. Once you have your plan it’s a great opportunity to talk to your adviser about closing any gaps you might have by taking out a new insurance product, investment policy or pension arrangement, for example. Make sure you have all the information you need and avoid any advice that feels like a ‘hard sell’. Take things one step at a time depending on what you can afford.”

After that it’s a matter of staying on top of things. “Carry out regular reviews,” he says. “Life happens and things can change so it’s important to review your finances regularly. This is particularly important if your circumstances change, like if you have a baby, for example. Financial planning is not a one-off, and your adviser should be able to support you long term, through all of life’s big moments.”

AIB’s managing director, retail, Geraldine Casey, says AIB Life represents a significant addition to the Irish market. “AIB Life is the first full-service life company to be designed and built in the Irish market in a generation, and is a key part of AIB’s strategy to deliver a full range of financial services to our customers. Customers can avail of advice and support from AIB’s network of 120 financial advisers nationwide in branch or over the phone, and the AIB Life hub available on the AIB mobile banking app is a great resource for customers to learn more about financial wellbeing.”

She reiterates the benefits of good financial planning. “Managing your finances and planning for the future can provide great comfort and freedom, and whether customers are looking to prepare for retirement, put in place a safety net to protect their loved ones or their business, or looking to invest in a flexible way, we have the product offering and the digital and in-person capability to support it.”