Serious Illness Insurance

D

dennigerz

Guest
Hi, i'm currently paying over €100 a month to Irish life for serious illness cover on my morgtage, and i would be entitled to receive a large payout if i were (God forbid) to get a serious illness. My question is, if i were to join the likes of Quinn health and pay a mere €40 a month and cancel my Irish Life, would i still have the same amount of cover and what not, but just not receive the lump sum payout?
Thanks
 
They are totally different types of policies mate. A Quinn Health policy will pay doctor and hospital bills covered under the policy. The serious illness policy will pay a lump sum on diagnosis of the ailments covered.

Ideally you want both but if you cant afford both, I'd get VHI/Aviva/Quinn health care cover (whichever works out cheaper). In my opinion its a must have as it will cover hospital bills for things like broken bones etc which would not be covered under a serious illness policy.
 

I have a relation who lives alone, was perfectly healthy and was struggling to pay €113 per month critical illness insurance and a morgage. Not knowing any better I thought it was outlandish.
Fifteen months ago, at age forty, unfortunately she was diagnosed with a pretty aggressive type of cancer and her insurance paid off her morgage on production of relevant confirmation from hospital of course.

I hope you continute to be blessed with good health but one never knows.
 

The proof of the importance of Critical Illness is that Doctors are the biggest clients of Critical Illness policies. Who better to know the odds on anybody getting a serious Illness in their life then a doctor.

All too many people consider Critical illness cover as too expensive and wasted money. There is a real lack of understanding outside of those educated on this policy. Even trying to educate people is difficult as they simply see the premium and think about when the policy ends, sure they will of wasted €x per month. Many people assume that its simply a sales pitch by a broker-advisor to get them to buy more policies . .

The truth is like you say, this could be one of the most important things you take out in your life. If you dont ever need to claim on it, be happy that you are not Ill. If you do, you will be psyched that you had the foresight to protect yourself.
 
If you decide to keep your SI cover, make sure to shop around to make sure you are getting the best value out there. Also pay special attention to the serious illnesses covered under your policy. Not all companies cover the same amount of illnesses and some are certainly much better in this respect and at paying out on claims than others.
 
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