Alternatives to Income Protection?

S

Sionnachy

Registered User
Messages
17
Age:
38
Spouse’s/Partner's age:
N/a

Annual gross income from employment or profession:
€50,000

Annual gross income spouse:
N/a

Monthly take-home pay:
€3,000


Type of employment:
Public service

Expenditure pattern:
Fairly frugal. Good saver, no loans aside from mortgage.

Rough estimate of value of home
€350,000
Mortgage on home
€170,000

19 Years remaining


Mortgage provider:
EBS

Type of mortgage: Tracker, interest only, fixed rate
Tracker

Interest rate
1.05

Other borrowings – car loans/personal loans etc
N/a

Do you pay off your full credit card balance each month?
Rarely use it but yes, paid off in full by DD each month.

Savings and investments:
€30,000 in savings, currently saving €1,000 a month

Do you have a pension scheme?
Yes, public service pension

Do you own any investment or other property?
No

Ages of children:
N/a

Life insurance:
Just mortgage protection

What specific question do you have or what issues are of concern to you?

I have been trying to get income protection recently and have been having trouble getting quoted due to recently having cancer and a suspected heart issue (no official diagnosis yet).

Is there any other option for me instead of income protection if my health deteriorates so much that I can no longer work? Obviously I'm saving as much as I can at the moment to build up a nest egg.
 
Sorry to hear about your health issues. You are currently uninsurable. It is too high a risk for an insurer to take you on at the moment. Based on your salary and age, an insurer could be liable to pay out €1m if you went out on a claim and never went back to work.

Self insure is the only thing option to you at the moment ie save as much as you can, which you are already doing.

Are you aware of that if you can no longer work you may go on ill health early retirement?


Steven
www.bluewaterfp.ie
 
Sorry to hear about this small predicament. I call it small - as most cancers these days are readily treatable and you will have a good recovery. At this stage - look on the positives - you own own home - savings - permanent employment - etc.

Best wishes and prayers from here for your good treatment and recovery.
 
Thank you both for your replies and good wishes. I suspected there weren't too many options other than savings. I shall try and keep the piggy bank topped up so! Very grateful to be in a fairly good financial position at the moment, just worried about the future I guess.
 
Your union may have a scheme that might allow you entry, subject to a medical and possibly at a higher premium.
 
I did try that route and was told I'd have to wait 5 years after the cancer diagnosis before they'd look at me. Then when I mentioned the heart issue that is still awaiting a formal diagnosis I was told that they likely wouldn't touch me at all. It's even impossible to get travel insurance! I'll try again in a few years time maybe to see if they will consider me then.
 
Only someone who has never been treated for cancer could call it a 'small' issue; stunningly insensitive.

To the OP, on the travel insurance if you have VHI, you can buy their travel policy at no additional loading.
 
I'm with a different health insurance company, not sure if I'll be taking any holidays for a while but if I do I'll try that route. Thanks for the suggestion!
 
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