Changing life cash cover to specified illness

colin79ie

Registered User
Messages
366
Many years ago I took out a life cash cover which is for 250k. I could never get income protection due to my job.

I'm currently reviewing all my protection policies and have considered changing the life cash cover for specified illness, as I get older.

I have 170k death in service benefit and mortgage cover in place.

I can get 120k specified illness cover for slightly less cost than the life cash cover, but both together is too expensive.

I'm thinking this is a better option as my kids are late teens and it suits my position better.

Any thoughts ?
 
Have you tried getting a quotation for life and accelerated serious illness cover. The difference between stand alone serious illness and life with accelerated illness tends to be very small. It will pay out in the event of a listed serious illness and on death. Serious illness only does not pay out on death from say an accident.
i.e. a 40 year old non smoker would be charged €71.50 for €120,000 life and accelerated illness over 20 years with conversion option whereas Stand Alone Serious illness only for 120k x 20 years would cost €70.97.
 
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