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Critical Illness Policies - any recommendations

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  • 18-08-2014 8:18pm
    #1
    Rashers72
    Registered Users Posts: 1,207 ✭✭✭


    Had a policy in place for last 16 years with New Ireland, introduced via Coyle Hamilton. Premiums were reasonable for first 10 years, then a significant cut in benefits about 5 years ago. Premiums have increased every year in line with inflation. However, renewal just came in, and quote for next 5 years was a doubling in monthly payments, or another halving of the critical illness benefits part. Life Cover part has been reduced, but the real hit is on the critical illness part which if I chose not to pay the double premium, would leave benefits at 1/3 of the original benefits.
    I had a quote from AIB (cannot recall who they used) a few years ago but it was nearly twice my premium at the time, and even though they offered no premiums for 2 months, I said no at the time.
    Anyone any positive experiences with quotes for similar policies? Husband and wife mid forties, non smokers.
    Thanks in advance.


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    #2
    Kennie1
    Registered Users Posts: 302 ✭✭Kennie1


    Sounds like you have a whole of life premium reviewable policy. If you are under 60 and have always enjoyed good health go get a quote for a new "term plan". It may cost more at first but the premium will remain the same over the term. Its like the quote that you got off AIB it appeared more costly at the time but I bet it looks a lot cheaper with the benefit of hindsight!


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