Life Mortgage Illness Cover

[Ana14]

Both in late 30's, non-smokers, husband is currently not working, I am in steady employment earning over 60k PA. We have 115k mortgage, usual life assurance to cover and savings of around 25k and no other large loans. However, with hubby not working, I am getting paranoid and although I am healthy as a horse (thank god!) I would prefer to know that mortgage will be dealt with if a serious illness prevented me from working. We have 2 young kids. I have to get the details of the cover as I only started to look into it this week - its only for a certain list of illnesses and for life of the mortgage. Is this the same as serious illness? I think it will cost about €34 a month so I doubt it. But is it enough or should I be looking at other cover? I get completely bogged down with the details of serious illness cover and the options and totally confused.... thanks for any insights or tips on getting sorted with this.

 

[NorfBank]

You seem to be confusing critical or specified serious illness cover with income protection.

Simply put, serious/critical illness cover will pay you a lump sum if you contract one of a number of specified serious illnesses.
Income protection on the other hand will pay you an income of up to 75% of your salary for as long as you cannot work due to any illness (there will be an exemption for pre - existing conditions).

From reading your post, it looks like you are in need of income protection. Friend First, New Ireland, Aviva and Irish Life are the leading providers of this type of insurance. There are differences in the cover each insurer provides so you should seek qualified independent advice and go through your options with him or her.