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life cover

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  • 15-09-2012 1:31pm
    #1
    Basicilly
    Registered Users Posts: 101 ✭✭


    I'm in the process of buying a house and am trying to decide what life cover/mortgage cover to go for. i'm leaning towards a life cover policy i found on bestquote.ie which has cover for the price of the mortgage that doesn't diminish over the course of the mortgage at wht seems a reasonable premium.

    I am tempted to add 30k serious illness cover but spoke to someone recently who said that the definitions used for serious illness make it really difficult to get a payout so its not worth it. Anyonehave experiece or knowledge of this?

    Also, i'm 34 years old and am considering the convertible option (30 year period). Is this option useful of will life assurance be really difficult to get at 64 anyway?

    Ay help greatly appreciated:)


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    #2
    tony81
    Closed Accounts Posts: 595 ✭✭✭tony81


    Convertible option guarantees you will be given cover under the same terms as your existing policy (so if there's no loading, there will continue to be no loading).

    However, cost of the cover will be very high at that age and cover can expire at certain ages, e.g. 80 for life, 75 for specified illness.

    Bar that, it can be a good option if you don't mind the extra expense.

    As for the serious illness cover, which sometimes is now referred to as "specified illness" cover. Irish Life's new policies cover a lot more than their older ones..
    http://www.irishlife.ie/life-assurance/what-illnesses-are-covered-for-full-payment.html .. also http://www.irishlife.ie/life-assurance/what-illnesses-are-covered-for-partial-payment.html

    A lot of people seem surprised that certain illnesses aren't covered.. for example, many people lose work through depression and are annoyed that depression isn't classed as a "serious illness". Other's have mini-strokes or skin cancer and expect a big payout, so it's a huge disappointment that these conditions aren't covered.


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    #3
    hwfs.ie
    Registered Users Posts: 25 ✭hwfs.ie


    Basicilly wrote: »
    I'm in the process of buying a house and am trying to decide what life cover/mortgage cover to go for. i'm leaning towards a life cover policy i found on bestquote.ie which has cover for the price of the mortgage that doesn't diminish over the course of the mortgage at wht seems a reasonable premium.

    I am tempted to add 30k serious illness cover but spoke to someone recently who said that the definitions used for serious illness make it really difficult to get a payout so its not worth it. Anyonehave experiece or knowledge of this?

    Also, i'm 34 years old and am considering the convertible option (30 year period). Is this option useful of will life assurance be really difficult to get at 64 anyway?

    Ay help greatly appreciated:)


    Most life companies are adding more benefits to their Serious Illness policies. they are quite strict though as to what is classified as a Serious Illness which makes it difficult for customers to get paid.

    Bestquote.ie does not do life assurance and passes you to a Broker (Business Partner) so i am sure you could run it by them to see if they feel you require the Serious Illness benefit.

    In relation to the Continuation option it is handy to have on your policy as it is difficult to get cover if anything goes wrong with your health over the 30 year period. it might be expensive to get the cover at age 64 but you can weigh up if it is worth keeping it going in 2042. i will happily provide you a quote if you PM me your details to see if bestquote.ie is really providing same


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    #4
    ricky18ponting
    Registered Users Posts: 5 ✭ricky18ponting


    Online comparison is better i think. Do not believe on single insurance provider.


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    #5
    HowFinancial
    Registered Users Posts: 71 ✭✭HowFinancial


    As a broker I'm generally against a mortgage cover policy that doesn't diminish over time, when in conjunction with a mortgage.

    If you need/want extra life cover I'd generally recommend you take out a separate policy. This can work out at similar prices but with the added advantage that you have greater cover to begin with. Paying extra now for a policy that will give you "extra" cover after a few years doesn't make sense. What dependents or loans do you have now that you need extra cover for?

    There are 2 principal exceptions. Firstly if you plan on going interest only on your loan, in which case diminishing cover will not be suitable. Secondly if you plan on getting a small loan with the same bank in the short term.

    I am a firm believer in Serious/Specified Illness Cover. However, it is expensive and affordability can be an issue. For more on this see link http://www.nca.ie/nca/serious-illness-insurance#covered

    This type of cover isn't perfect, but unless you have very good income protection together with good health insurance I would highly recommend it.


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