serious Illness plans

[cian132]

Question

Am paying €78 per month for a joint life serious illness plan with Hibernian L&P for benefit €100K
Is this a good deal or what? Dont know what is the best deal, am 31 with a 7 month old baby and 24 year mortgage. Hubbie has a state pension(useless) and I have a history of cancer in my family (death before 50 (mother and siblings)??

 

[ainec]

re. serious Illness plans

Your €78 per month is determined by a load of factors - smoker or not, age, medical history etc. My combined serious illness & mortgage protection is €35 per month for €181k over 30 yrs. One thing to remember is that these policies usually only pay out once (yours is probably the same) so if you are diagnosed with one of the illnesses the balance of your mortgage will be paid off. It will not pay out again on your death.

I only went with it because it was only €35 per month & I have no dependants. So, if I died or got seriously ill my mortgage would be paid off but there would be no other income. This doesn't matter in my case as I have to kids, but if I did I might think about a lump sum other than just the mortgage being repaid.