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mortgage protection: with or without illness cover

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  • 30-08-2019 4:55pm
    #1
    sheepondrugs
    Registered Users Posts: 86 ✭✭


    Hi all
    We are in the process of trading up. Bank on to us to get mortgage protection sorted. We are getting quotes with or without illness cover.
    There is a very big difference between the two.

    My original mortgage I got in my 20's and got mortgage protection without illness cover as I was younger and wasn't thinking that far ahead. Now I'm 40, wife 36 so it's something to think about.
    Just wondering what people tend to opt for or any advice.


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    #2
    TheShow
    Registered Users Posts: 1,157 ✭✭✭TheShow


    I was in a similar position last year, and went for illness cover and level term policy so in the event that something happens there would be a decent lump sum. It was maybe €30 pm more than a plain mortgage protection policy so was worth it I thought.


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    #3
    antix80
    Registered Users Posts: 2,419 ✭✭✭antix80


    It depends on if you mind paying money for something you'll hopefully never need when you could save the money instead.
    Also do you have any of the following : decent savings, existing payment protection, the option to retire early on the grounds of ill-health, income protection, long term sick pay at work.

    It's really something you should go through with a financial adviser.. Unfortunately most of them are sales people earning whopping commission for encouraging you to sink all your money into policies.

    A joint life policy, decreasing balance with accelerated illness cover is cheapest. Is that what you're quoted for?

    Look at the breakdown of the premium between yourself and your partner... Will prob be higher for the older partner and smoker if any...

    A good compromise is to reduce the cover for specified illness. So maybe get life cover for 250k each, and specified illness cover of 100k for you and 50k for your wife... Just an example, but play around with the quotes until you're more comfortable with the premium


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