Life Life/Serious Illness Cover

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BONDGIRL

Registered User
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Hello all,
I have no Life/Serious cover on myself, partner or child.
can anyone tell me wher eI should start looking for this? As I am being made redundant next month I cant afford to pay too much each month, but I still want good cover incase something happens us.
We are young enough non smokers 31 yr.
Thanks you
 
It wont be expensive. You are young & the later you leave it the more expensive it will be. There is no harm in getting a few quotes. Be completely honest. If they find anything undisclosed at the time of policy issue then they will not pay out. Make sure you understand everything eg when or will premiums increase etc
 
Go to a broker, mortgage brokers usually do them. Get quotes from at least 3 insurers. Find out everything about the policy and the premiums, they can increase dramatically. Remember you are only enquiring not buying, don't feel under pressure.

Good luck
 
Hi BondGirl,

There are 7 Insurance companies operating in Ireland that deal with Life insurance/ Serious illness. These are Caledonian Life, Canada Life, Friends First, Hibernian Aviva, Irish Life, New Ireland and Zurich- previously Eagle Star. Most operate through brokers. The premiums can differ greatly from one to the next and it is impossible to say which is the cheapest as one may be cheaper for serious illness while another might be cheaper for life insurance, again one might be cheaper for smokers or people of a certain age. It depends quite a number of factors.

You should look for a broker that deals with all of them so they can offer you impartial advice across all of them. In some instances one might be better for serious illness cover or one might have better options on things such as indexation/convertible term options etc. These may or may not be important to you but you want to ensure that the advice you are getting and ultimately the product you buy is suitable to you and in some cases this may not be the cheapest. Most brokers can give you quotes on all insurance companies and should make these available to you.

As you are both young non-smokers it shouldn't be too expensive but again this depends on the level of cover that you require. A very quick quote for €200,000 over 20 years (joint life) assuming standard rates could cost as little as €24/€25 a month but you want to look at how much cover and what type of cover you need first.
 
Thanks Sean and Heritage,
can I ask - I am 32 yrs old, partner is 31, how many yrs cover should we get?
Also on our house, I am the owner (on deeds) and only on mortage (I have this house yrs before we met). Therefore lately I am worried if he was to die, I would be left with mortgage on my own and with our child. We are getting married next yr and I am currently looking into getting his name on deeds etc. However he does have a small bad credit rating on ICB, for not paying a loan on time when he was younger and this would go against us re-mortgaging. Therefore not sure if we can get him on the deeds? Therefore do I get life assurnace for 250k to cover mortgage incase he was to die.. I hate talking about this subject, but I have to be realistic...
 
BONDGIRL said:
Hello all,
I have no Life/Serious cover on myself, partner or child.
can anyone tell me wher eI should start looking for this? As I am being made redundant next month I cant afford to pay too much each month, but I still want good cover incase something happens us.
We are young enough non smokers 31 yr.
Thanks you
Click to expand...
Be sure to read the small print on the serious illness cover - in most cases it only covers very specific illnesses and in the case of some illnesses, you will only be covered if for example, that illness is so severe that you lose the complete use of one ot two limbs etc.

My other half had serious illness cover for years and when he became too ill to do his job, we discovered that we weren't covered as he was still able to walk!

I've heard other horror stories about this type of cover, so make sure you fully understand what's covered before you sign up.
 
"Not all insurers cover the same illnesses so if considering serious illness as part of your plan, it is definitely worth looking around and trying to compare insurer benefits against each other."

Is there a doctor in the house?
 
Quite right Sean. As a friend Google might even tell you not to go near the product.
 
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