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Published on June 27th, 2016 | by BoyleToday.com

The Financial Column

Welcome to the Financial Column in association with award winning local Financial Services company Money Plus.

Protecting your family’s financial circumstances in the event of serious illness or death continued…

Following on from last week’s article about the potential financial impact on your personal and family circumstances in the event of being diagnosed with a serious illness I have had several enquiries as to what is the cost of putting some serious illness cover in place.

Insurance companies are in the business of assessing risk and quotes are based on taking a number of factors into account including the amount of the cover, one’s age, term (time) of the cover, health, smoker or non-smoker, family health history.

Rather than dealing with a specific case I thought it would be useful to include some current quotes as examples of the monthly premiums for different levels of cover. I have also included some life cover quotes as, in general, most clients taking out serious illness cover usually combine it with life cover, although serious illness cover can be taken out as a separate, stand-alone policy.

The quotes below are based on the monthly premiums for a couple on a dual life basis, that is, there is a separate amount of life and serious illness cover in place for each individual, and the quotes shown are up to the age of 60. I have also assumed that both are non-smokers, and currently in good health.

 

Ages (Dual Lives)

Term to age 60

€300,000 Life Cover only

€300,000 Life Cover with €50,000 Serious Illness Cover

€50,000 Serious Illness Cover only

€300,000 Life Cover with €50,000 Cancer Cover only

30

30 yrs

36.55 p.m.

61.98 p.m.

36.35 p.m.

60.96 p.m.

40

20 yrs

53.44 p.m.

91.32 p.m.

47.33 p.m.

84.03 p.m.

50

10 yrs

96.51 p.m.

159.17 p.m.

`

80.82 p.m.

145.15 p.m.

 

Diagnosis of cancer is the most frequent serious illness claim made. Zurich Life offer the option of having Cancer Cover only, as an alternative to full serious illness cover as this may be a more affordable option whilst providing cover for the most common type of claim. You can see that the monthly cost above is slightly lower than the cost of full serious illness cover.

In summary, to repeat the question I posed last week, we need to ask ourselves :

Do I have a plan in place to protect my family and dependents financially if some unexpected event occurred which would threaten my family’s and my financial security?

For advice on protecting your family and yourself and other aspects of financial planning please consult Belinda McCauley at Money Plus, your local independent financial broker. Belinda and her colleagues at Money Plus, Bridge St, Boyle would be delighted to help you. Belinda can be contacted at 071-9194000/ 086-7847827 or by email: belinda@moneyplus.ie.

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