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Original poster

Critical Illness or Income protection cover?

5 replies

printer11 · 04/11/2015 11:33

I am mid 40s
what is better critical illness 100,000 cover 30 yrs PS50 every month or Income protection PS50 Terminating age:65, cover: PS1,300 a month

OP posts:

specialsubject · 04/11/2015 12:23

what is PS???

how long are you going to live?

you don't know. So there's no answer. You have to take a chance.

Sunseed · 04/11/2015 14:25

What is your specific objective? What is the risk that you are trying to protect against? Do you have any other cover already in place? Are you employed or self-employed? Do you have any dependents? What is your state of health/family history of health?

Lots of questions, I know (and don't need to be answered here), but lots of factors that need to be considered and taken into account before arriving at the answer that is most suitable for your particular circumstances and needs.

gabsdot · 04/11/2015 14:29

You should speak to a good broker about this. We just bought both of these products last week after our broker explained it all very well to us. (If you're in Dublin I can pass on his details to you)
Anyway. We bought income protection which will start paying after 6 months and we bought 30K of critical illness cover which will pay out 14 days after diagnosis, (if you don't die)
This mean that if the worst happens we will have 30k to last for 6 months until the income protection starts paying and it will pay out until age 65 if necessary plus it will pay out partially it you go back to work part time and there is also funding for retraining etc.

whooshbangprettycolours · 05/11/2015 18:27

If it's an either or, income protection gets more claims paid out.

TC13 · 07/11/2015 18:03

Hiya

I'm a property investor and financial adviser.
100% income protection!!! Used to sell this stuff.
Here's why...
So you hurt your back and can't go back to work ever. Your critical illness insurance won't pay out as its not on the list of illnesses.So what will you do for money?!?

But if you took income protection it will pay out as you can't work. It will pay you 1300 a month for 25 years- do the maths much more than 100k (more like 400k+. )So your sorted until you retire and your pension kicks in.

Also with income protection If you do get a 'critical illness' it will ALSO payout as you won't be able to work so again 1300 per month for as long as you need it.

If you did get a critical illness and took out the critical illness policy, and can't work again let's be honest 100k isn't going to last very long is it?! 1300 per month would be much more beneficial long term.

So in MHO I would also grab IPP over CI

Good luck

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