We're happy to pay for our family's provision in these times
LIKE most families the new year has brought financial bombshells for the Buckleys. The Bray, Co Wicklow, family has been left reeling from the cut in child benefit and they have private health insurance with VHI.
The family are all insured on Plan B Option which means they are facing a hike in their premium of €1,116 when it comes up for renewal.
"We are currently with the VHI but we won't be for much longer," mother Aisling Buckley commented.
She and husband Adrian have three children -- Aoife (16), Peter (14) and Niamh (10).
The fact that the couple have three children means they are down €40 a month on their child benefit payments.
Adrian is an architect in Buckley Partnership, while Aisling works part-time in the practice doing the accounts.
Business in the practice has been tough over the last two years. This has meant staff reductions and a shift in focus from work on hotels and office buildings to home renovations.
"We have lost a lot of business in the last while and have had to let people go. But there are three people now in the practice and we are still managing to pay the bills," Aisling explained.
Given the tough environment for architecture practices and the fact that the Buckleys have three children, they see it as important to have financial protections in place.
The family has life cover with Irish Life. They will provide funds if anything was to happen to Adrian or Aisling, she pointed out. And given the difficult employment situation the family see it as vitally important to have income protection. This will provide an income if, for example, Adrian gets ill and can't work.
Looking to the future, the Buckleys have a pension with Irish Life to provide an income when retirement comes.
"Irish Life have been very good. We have taken out life cover, income protection and a pension with them through my financial adviser, Niall O'Connor," Aisling said.
As the financial blows continue to hit the family, they at least have the security of knowing that they have income protection and a pension scheme in place.