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A text I received a few minutes ago, prompted me to add to the "Protection Terms" list in the Financial Advice section of Ask the Expert. It started with a review of cover where someone thought they had substantial specified illness cover in place. When I looked at their policy documents, they had read "Terminal Illness Benefit" and mistook this for specified illness cover (aka serious or critical illness cover) which it is not. They immediately applied for specified illness cover (as like most people, they have seen many around them diagnosed with various illnesses) but the high level of cover applied for required a medical. The results of the medical prompted further tests and the update by text today was to let me know that they have found early cancerous cells in a small lump. I’m glad that the requirement of a medical has led to early discovery but he will now never get specified illness cover (and most likely never get further life cover!) I would urge everyone (especially parents that have partners and children financially dependent on them) to have a look at what you have. 46% of parents in Ireland have no life cover other than their mortgage protection. Far more have no illness cover. Please take a few minutes to look over what you have. If you have any questions please contact me or talk to an independent advisor. For less time than you would take choosing a mobile phone or an outfit to wear, it’s time well spent. Dave.
Aside from types and levels of cover, someone asked about simply comparing premiums for what they already have. There is no cost or obligation to run a quote to see if you are overpaying. All I need are dates of birth and smoker status, amount and term of cover and type (level, indexing, convertible etc.) If it’s reducing mortgage protection, just the amount and term currently outstanding. Remember, if you can save €10 per month on a 25 year plan, that’s €3,000 extra in your pocket for doing nothing! In many cases, far more can be saved.
Dave.
That’s exactly what I did last year and the savings we made on what we had been paying for life and serious illness cover including our mortgage cover almost pays for my car insurance!
And the way Dave explained things, it left us understanding it much better!
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