critical illness V income protection

[Ned_ie]

critical illness cover is money down the drain unless you have a serious illness claim. I know a man paid in 9055 euro over 12 years and never claimed . When he went to cash in policy , he was offered 978 euro . Even Ombudsman could not help .
By telling your insurer about a short term medical problem , will only increase your repayments long term .

Critical Illness Cover is an insurance cover - you don't pay your house insurance and at the end of the year ask for a rebate because you didn't claim!!!!

 

[Marathon Man]

critical illness cover is money down the drain unless you have a serious illness claim.

Very true. Though, as Ned says, it's the same as any insurance policy. You pay to cover the risk.

BUT....if you do have a claim, it pays out.

...If you don't have a policy in place and you develop an illness covered by one of these policies, you are, unfortunately for you, uninsurable.

I know (at least) three people who had one of these policies. In two cases the policy paid out. In the third case, the person was diagnosed with one of the insurable illnesses 3 months AFTER cancelling the policy!

Be aware that the range of specified illnesses is pretty narrow. Even within the range specified, there are further criteria. For example, Fiends First specify, effectively, that one must be diagnosed with advanced prostate Cancer before they will pay out - bad enough having Cancer, but it's got to be almost 'last chance saloon' before FF'll pay out!

I'm aware of a case where, even with advanced Cancer, FF had to be threatened with the ombudsman, after requesting FF's 'Final Answer', before they paid out. Even if you're covered, it's not necessarily all plain sailing.

 

[Jimbobp]

I agree, policies wordings vary a lot between insurers. I, for one, would be in favour of standard wordings/cover across the industry.


www.powerinsurances.ie

 

[EMG]

I'd love to see when your 12 years are up will they still offer the money back!!!!