CANCER COVER FOR FEMALES:
Serious Illness policies pay a lump sum if you get one of the illnesses described in the policy.
However, if we analyse all the claims paid by insurers on their female customers we notice that 9 out of 10 claims are for cancer. But serious illness policies are expensive, so Zurich have developed a policy that is cheaper because it covers just Cancer.
Women between the age of 18 to 60 can, subject to acceptance, purchase Cancer Cover. The policy will pay you a lump sum if you are diagnosed with:
Malignant Melanoma Skin Cancer.
According to the Irish Cancer Society Feb 2013 1 in 4 women will get cancer at sdome stage of their lives.
For example a policy covering €200,000 of cancer cover for 20 years would cost-
Female age 20 = €15.18 a month
Female age 30 = €26.95 a month.
Female age 40 = €58.45 a month
New Ireland’s claims statistics 01 Jan to 31 Dec 2013 show:
73% of their income protection claimants were female.
41% of their death claimants were female.
44% of their serious illness claimants were female.
If you are looking for a straight forward life cover only policy then currently the most competitive life insurance companies tend to be Caledonian Life and Friends First. Many companies will match another on price so it pays for you to do your homework in advance
Aviva have a benefit attached to their policies called ‘Best doctors’. In a nut shell this is a free benefit and gif you are diagnosed with a serious illness it gives you access to some of the best minds on medicine to help you get the right answers about your medical condition, diagnosis, and treatment.
Free cover for children. When you take out life cover most companies will cover all of your children under age 21 for a death benefit of up to €6,000.
Don’t buy a policy for any longer than 25 years. If you want to keep your costs down consider a 15 or 20 year policy but include a conversion option. In that way you can extend the cover at a cost of your then age but the key is the insurer cannot ask you for evidence of good health.
Think twice before you purchase optional ‘add ons’ such as accident or hospital cash benefit. They are expensive. Keep it to a simple life cover only policy.
Since December 2012 the use of gender in calculating insurance premiums across Europe was abolished. This was the result of a European Court of Justice ruling.
From that date life assurance became more expensive foe women and products like income protection became cheaper for men.
CURRENT PRICES FOR COVER:
Examples of current product pricing for a non smoking, person age 30 as follows with a broker using commission sacrifice to drive down the price:
€500,000 of life cover for 20 years costs €20.96 a month from Aviva.
€200,000 of accelerated serious illness cover for 20 years costs €36.83 a month from Caledonian.
New Ireland’s standard monthly premium for €50,000 of income protection paid to age 65 with a deferred period of 26 weeks is €67.56 and qualifying persons get tax relief on premiums paid.
John Geraghty LABrokers.ie