Life and Specified Illness

Different types of LIFE COVER :

Mortgage protection : the cheapest form of Life cover because the amount of cover decreases as your Mortgage is repaid. Required by Lenders in connection with a Mortgage on your home and may also be required in connection with other borrowings such as Investment Property.

Term cover : where you arrange cover for a specified period of time. Highly recommended that some form of cover is in place where you have dependents such a spouse and children, in addition to Mortgage protection.

Whole Of Life cover : this is the most expensive form of Life cover - as by definition it will pay out at some stage as it provides cover until you die.

What factors impact on cost ? :

Your age

Sex : M/F

State of Health

Whether you smoke or not

Period of cover

Amount of cover

Which type of cover is required - see the 3 types above

Whether Single Life, Joint Life or Dual Life

Whether you choose Convertible cover (only relevant to Term cover) : allows you to extend the period of cover without the need for new medical evidence. A very useful option that shouldn't cost much extra.

SPECIFIED ILLNESS cover : this has become more popular of late.
Why ? Because the probability of being diagnosed with a Specified Illness is 5 times greater than claiming under a Life policy. Indeed because of this risk, Illness cover is more expensive than Life cover.
How does it pay out ? It pays out a lump sum on being diagnosed with an Illness covered under the Insurer's policy terms.
What type of Illnesses are covered ?
Typically includes Illnesses of a more serious nature such as invasive cancer, heart attack and other related heart failure, MS, stroke etc. Only illnesses listed by the insurer are covered.

Combined cover :
It is possible to arrange Life and Illness cover under one policy. And to have different amounts of cover on both.

FACT: The majority of Irish people are under insured. Up to 50% of women have no Life cover at all.
For those with cover - in most cases it is well short of what is recommended.

Why not consult with us today, let us review what cover you have and give you BEST ADVICE on what is right for you.

Next step: Contact us today for an independent review and advice on what level of cover is appropriate for you.