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That's a ridiculous thing to say. It's like saying that any insurance is money down the drain because you don't get to claim. The point of insurance is that you are paying premiums to cover the worst case scenarios that could happen based on your own assessment of your risk in the relevant context. It's a payment for a service.critical illness cover is money down the drain unless you have a serious illness claim.
Sounds like some sort of combined CI and savings plan. In my opinion such bundling of insurance and savings should be avoided.I know a man paid in 9055 euro over 12 years and never claimed .
critical illness cover is money down the drain unless you have a serious illness claim. I know a man paid in 9055 euro over 12 years and never claimed . When he went to cash in policy , he was offered 978 euro . Even Ombudsman could not help .
By telling your insurer about a short term medical problem , will only increase your repayments long term .
Thanks LD for that clarification, that's good info.
Allowing for this fact - i.e. that cover is only for illness or accident - I guess my amended question is, are there any differences between Income Protection for self-employed/Ltd. company directors (like me) and regular PAYE employees?
Appreciate the help, thank you!
Do you suggest then in my situation that I would be better off with income protection rather than CI. I don't think I could afford both. Much appreciated.
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