Life Life Assurance, Salary Protection Question

R

reverandgroo

Guest
Hi. This is my first post. My wife and I bought a house in 2006. We took out a basic life assurance policy that costs us about €30 per month. We also both pay into a salary protection policy through work (we both work in the voluntary sector in a disability organisation.) this costs us between €70 and €80 per month each. While I see the benefits of having salary protection if one of us got sick long term I don't know can we justify paying this as we would both be entitled to 6 months paid sick leave. Is there any other options for us? Critical illness cover, mortgage payment protection etc?
 
just a simple question - what would you do after the 6 months, if the illness was continuing?
 
The state will help me ! LOL! Realistically after 6 months I would be entitled to disability allowance. I would not get a penny from work. I suppose my question at the moment is are we overinsured? The chances of us both ever having longterm illness are slim (not impossible though). We've both been paying it since 2005/2006, maybe its something we can start paying again when we older? We are both in our early to mid thirties.
 
Disability allowance is €188 per week.
How much do you currently earn per week?
Could you survive that drop in income?

All other things being equal a 45 year old will pay around
50% more for the same cover as a 30 year old.
If you pay €80pm now, you will pay around €120pm at 45.
If you suffer an illness, it will be even higher.
 
Hi just wondering I have Salary Protection with Cornmarket. Are there any exclusions, such as stress related illness
 
What is the story with Salary Protection. If you have been accepted into a scheme. Are there exclusions.
 
what does your policy booklet and policy schedule say?

Illnesses and the severity thereof are defined in the policy
 
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