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Criticall Illness insurance question

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  • 08-06-2009 10:17pm
    #1
    stillcrazy
    Closed Accounts Posts: 15 ✭


    Can anybody give me advice on criticall illness insurance versus permanent health insurance? Is it overkill or a good idea to have both policies? Now that money isn't as plentiful I dont want to waste money unnecessarily. Thanks


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    #2
    ferga_com
    Closed Accounts Posts: 159 ✭✭ferga_com


    Income Protection (IP) and Specified Serious Illness (SSI) cover are different in a number of fundamental ways. SSI pays a lump sum if you are diagnosed with one of a list of specified conditions. If you get a condition that’s on the list, you get a lump sum; if you don’t, you don’t. IP on the other hand pays you an ongoing income if you are unable to work due to ANY illness or accident. There’s no fixed list of qualifying illnesses – if it’s serious enough that in the opinion of your medical doctor and the insurance company’s you’re unable to carry out your own job, it’s likely to be a claim. As such, IP covers you for a far wider range of potential illnesses.

    It’s also worth mentioning that IP premiums qualify for tax relief while SSI premiums don’t.

    Personally I believe Income Protection is better because it covers more potential illnesses, but it can me more expensive, particularly if your job is manual, e.g. carpenter, plumber etc.



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