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Income Protection versus Irish Life One Plan?

  • 21-05-2020 1:51pm
    #1
    mrsWhippy
    Registered Users, Registered Users 2 Posts: 673 ✭✭✭


    Hi,
    I'm in the middle of moving our mortgage to a new bank and our broker is putting the pressure on to sign up to Irish Life One Plan. I'm absolutely bamboozled and would love to get some clarification on what this actually is!

    It turns out that due to a family history, Irish Life now won't cover me for a specific illness out of their serious illness list. The premium is nearly 150 euro pm and now I'm taking a look at the terms and wondering if this the right decision (given this exclusion), or if we should go with a simpler income protection plan instead? Can anyone tell me the main differences here?

    We're both in our early 40s, 2 kids, both non-smokers, active and healthy.

    Thanks :confused:


Comments

  • #2
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,858 Mod ✭✭✭✭Henry Ford III


    Surely your Broker is your first place to ask?Explaining things and making appropriate recommendations are what they get paid for.

    If you aren't happy with the Broker and/or what they are saying then get another one.


  • #3
    mrsWhippy
    Registered Users, Registered Users 2 Posts: 673 ✭✭✭mrsWhippy


    I want to avoid a potential sales pitch tbh and get my facts straight before I approach him again.


  • #4
    ANXIOUS
    Registered Users, Registered Users 2 Posts: 3,095 ✭✭✭ANXIOUS


    mrsWhippy wrote: »
    I want to avoid a potential sales pitch tbh and get my facts straight before I approach him again.

    The only requirement for a mortgage is mortgage protection, which is generally cheap. There is no requirement for a bells and whistles policy.


  • #5
    skippy2
    Registered Users, Registered Users 2 Posts: 393 ✭✭skippy2


    As someone who had an Income Protection Policy linked with my Pension it was invaluable when i was diagnosed with an incurable condition at 49 which meant i could no longer work at my job. My IPP saved us as we now have an monthly income till retirement age at 65.

    Serious Illness Policy would have been useless in my situation and would only have paid a lump sum anyway. My Salary is not fully covered but i have also got Pension Payments Protected. So can relax as much as possible in the knowledge we are secure enough financially and can focus on my health.

    Hope this helps.


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