The major causes of claims for specified illness are:
Cancer
Heart Attack
Death (if your policy doesn't have accelerated life cover on it, this won't be relevant to you)
Coronary Artery Bypass Grafting
Multiple Sclerosis
Total Permanent Disability
Be very careful about replacing an old specified illness plan. The older ones don't cover as many illnesses but they have very broad definitions. Also check if angioplasty is covered. It tends to be covered in the old plans but not in the new one (a few companies give a partial pay out).
Don't be dazzled about the amount of illness's covered under the new plans, a lot of them never pay out e.g. CJD is covered, a disease that is confirmed by autopsy!
The life companies are all in competition with each other to see who can cover the most even though a lot of them are extremely rare.
As for the term of the policy, why would you want a whole of life cover for anything? I would question why anyone would have cover after they have stopped working unless there is a specific need such as taking care of a disabled child.
You need to work out when you need the cover most i.e. kids growing up, big debts to be paid off.
Be careful before you make any decision. Those old policies are actually quiet good.
Steven
www.bluewaterfp.ie