Health insurance and life assurance

donegal12

Hi everyone, I'm looking for some advice please. We currently have no life cover bar the basic one taken out with our mortgage and no health insurance. I'm so unsure where to start and what exactly to look for. Which is the most important etc. We have no pre-existing conditions and both in our thirties with young kids. Can anyone advise on any plans to look at/avoid please. TIA

Henry Ford III

Get proper independent advice.

donegal12

Thank you Henry Ford, we did go to visit an independent advisor and there is still a lot to think about. We are not sure if the life assurance is worth it for us or something everyone should have and to what level as there's different payment plans. Should we have both health and life. Iv heard before that health insurance isn't that important as if you need help you'll be given it etc. It's a lot of money, was just hoping for some input /opinions.

Henry Ford III

Both are important I reckon. Life assurance at your age is inexpensive.

Health cover isn't, but without it you'd only be a public patient.

A lot of jobs will have benefits attaching to the pension schemes which may be of use.

okiss

If you have young children I would get seperate convertable term life insurnce on both you and your partner. Convertable term life insurance means you can take out life insurance now for say €100,000 but in 5 years time you can change this to €250,000 by paying a high cost but without having to do a further medical examination.

You can also get term insurance which is slightly cheaper. This will cover you and your partner for 20 or say 25 years once the payments are kept up to date. Most people will have this in place untill their youngest child is due to finish in college.

The insurance you have at the moment will just pay off the mortage on your house. If either of you were to pass away how would the other person cope without your income or if your parter is at home with the children - could you afford to have them minded when your in work?

In regards to health insurance what age are you and your partner? If you are 34 and under you need to consider health insurce before you hit 35. After 35 you will end up paying an extra loading for each year you do not have health insurance. If you are already 35 plus you need to consider health insurance before your next birthday.

In regards to health insurance the cheaper policies will only cover you for a public hospital so you will still be put on a waiting list to see a consultant or to have an operation. With health insurance that covers you for public, private hospitals and high tech hospitals you have the option to be treated quicker.

I currently have Laya Flex 500 Explore Health insurance. I have full cover in the public hospitals. I have to pay €500 excess per claim if I go to a private or high tech hospital. I have to pay €150 for a day case in a private hospital. This cover is around €700 per year at the moment.
I know someone who needs an operation at the moment. They could be waiting till after christmas for this as a public patient and meanwhile they are getting worse & in pain. I could have the same operation done within a few weeks going private and paying a €500 excess.

I found that some of the cheaper policies did not cover certain private hospitals or the high tech hospitals such as the mater private/the blackrock clinic. Have a look at the www.hia.ie website as is has a lot of information on private health insurance. It will also give you the name and costs of all policies and you can compare a few at one time.

donegal12

Thank you Henry and okiss. Sorry for the delay, we are away at the moment. I really appreciate your very informative post, you are very good, there is a lot to look into and think about. I will get reading and looking into it properly next week, thanks again.