Serious Illness Cover - Thoughts?

kgroarke

Hi Just wondering what are peoples general thoughts are on Serious Illness Cover?

- Is it something most people get in addition to the compulsory life insurance
- What is the general consensus with the level of cover needed

My wife and I are both non-smokers and in our 30's

Currently being quoted around 80euro for a combined - dual - life+ accelerated serious illness cover.
Its a figure of roughly 50euro to have the accelerated cover.

Were just trying to figure out the best options are for middle of the road cover which doesn't put too much strain on the budget.

Zaph

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CarrickMcJoe

Being self employed I took out serious illness cover on the advice of my broker. That was in 2000 then 2 years ago had a heart attack. Off work for 4 weeks after 2 stents, checked with broker and got 35,000 lump sum. Get it..

FastFullBack

kgroarke wrote: »

Hi Just wondering what are peoples general thoughts are on Serious Illness Cover?

- Is it something most people get in addition to the compulsory life insurance
- What is the general consensus with the level of cover needed

My wife and I are both non-smokers and in our 30's

Currently being quoted around 80euro for a combined - dual - life+ accelerated serious illness cover.
Its a figure of roughly 50euro to have the accelerated cover.

Were just trying to figure out the best options are for middle of the road cover which doesn't put too much strain on the budget.

I've been starting to look into this as well recently. I'd start by checking what benefits you get from your employer and then see what you need on top of that.

km79

Debating this or income protection ???
Only cover I have at moment is life insurance with mortgage

appledrop

Just be very careful if you are going to go for this + read + reread the small print on any policy you go for. I know of a number of cases when the insurance company refused to pay out due to the 'type of illness' + tried to say oh that's not critical illness.

micar

The policy conditions will list the critical illness covered.

Henry Ford III

km79 wrote: »

Debating this or income protection ???
Only cover I have at moment is life insurance with mortgage

I'd value I.P. much more tbh. Tax relief helps on the cost side also.

allthedoyles

Its serious illness cover so you won't get cover for common illness like arthritis or blood pressure etc.
Better to get some cover that matures and includes saving scheme .
Otherwise it could be all dead money if you avoid this serious illness .

appledrop

I'm not talking about common illnesses but how some policies try to wriggle out of paying out on 'critical illness' I'm just saying be careful.

kgroarke

Thanks for the feedback, we have done more research and are swaying more towards income protection for the reasons outlined above.
Income protection covers you up to 65 which is a much greater advantage I reckon.
Although it will all depend on the price comparison and what we can afford..need to get a few more quotes and assess.

We wouldnt be able to pay more than e50 a month for MP and IP combined.
If anyone has any suggestions on cheap income protection, send them on.
Cheers.

kgroarke

CarrickMcJoe wrote: »

Being self employed I took out serious illness cover on the advice of my broker. That was in 2000 then 2 years ago had a heart attack. Off work for 4 weeks after 2 stents, checked with broker and got 35,000 lump sum. Get it..

interested to know did they simply pay this because you had a heart attach..irrespective of diagnosis or whether you could work etc.

Western Pomise

Looking into serious illness cover as well currently....but now that I see people mentioning Income Protection I must do some research on it too.

Could anyone please give a brief summary of the pros and cons of income Protection versus Serious Illness Cover?

Many thanks for any relevant replies.

skippy2

As someone who unfortunately was diagnosed with a rare incurable long term condition I would have been lost if i did not have income protection. Serious illness cover would have done nothing for me. As it is I am covered till 65 and this has saved us financially so I can concentrate on staying healthy.......

So for anyone considering it i would suggest the Income Protection route but read all the small print........

Serious Illness will cover for specific illnesses only so if you get something not on the list you are on your own

Income Protection covers a % of your income you if you are unable to work for whatever reason............