Other Income Protection - Irish Life - Opinions sought..

Dinarius

Registered User
Messages
506
I have two plans with Irish Life:

The details are as follows:

1. Plan type: Lifestyle Protector Plan:

Independent Specified Illness Cover: €190k
Monthly payment: €142.00
Total payments to date: €20k+

2. Plan type: Personal Income Protector

Incapacity benefit: €18k+
Deferred period: 13 weeks.
Ending age: 60
Monthly payment: €64.00

I'm 50+.

Reasonable?

Many thanks.

D.
 
Dear Dinarius,

Its impossible to tell as you dont specify your exact age, your smoker status, whether you were given special terms etc.

I suggest you contact an indpendent financial broker to do a proper review of your policies in order to get a comprehensive look at the value for money on your existing cover.

Kind regards.
 
Hi Dinarius
Would need more detail to answer fully your query but a few comments
1) If you have paid 20k into the plan it is in force for a number of years so if you are comparing any other plans make sure to also compare the policy conditions of pay out as there may be some differences with a newer plan
2) Is the existing Serious Illness plan for a specified term or open ended
3) Since the gender directive came into play in Dec 2012 both Income protection and Illness cover has become more expensive for males so the obvious question is are you male or female
Hope this helps
Padraic
 
Hi guys,

Thanks for the reply.

Male, 53, non-smoker.

Value of 1. in December 2012 was €5063.00

Ending age of 2. is 60.

Thanks again.

D
 
Dinarius, it important to note that your critical illness benefit is an open ended contract which means the cover will continue to run provided there are enough premiums and funds in the policy especially as you get older. With the value given and the premium you are paying your plan should sustain the cover for another 15 years or so. I would check this with Irish Life as you should have already recieved review letters (first after 10 years and every 5 years thereafter). You may have to increase premiums on this type of plan when you get older. There can be some uncertainty surounding this type of plan but i would still say its your best option going forward simply because of the time length in force Good luck Padraic
 
In regard to the income protection cover, it looks like you might be able to get it cheaper but it depends on your occupation as different occupations have whats called "occupation classes" from class 1 to 4. If you are class 1 (the cheapest) then they are cheaper quotes available assuming you were accepted at standard rates based on the details you provided.

In relation to whole of life specified illness cover, its worth noting that many companies do not offer this benefit on a whole of life basis anymore so you are unlikely to get cheaper cover. I would concur with Padkiss that its probably worth sticking with this policy despite the fact it will get more expensive as you get older.
 
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