Sickness and Accident
No one likes having accidents nor falling ill, one of the most irritating effects is the potential loss of income, which is why it is important to have insurance. This insurance is generally linked to mortgages and pays out if you are unable to work because of an illness or an accident. It also pays your mortgage repayment for up to one year if you are made redundant. Usually benefit is payable after four weeks of disability and payments continue for between 12 and 24 months.
How likely are you to need such a policy?
It is likely that you will get sick or perhaps injured at some time. When buying insurance, you are balancing the loss of income and other factors with the amount you will pay in premiums.
Your health, gender and age are all going to affect the premiums you will have to pay. In some cases severe or chronic illnesses can mean you don’t get insured at all. However, no insurer is allowed to discriminate against you on any but the clearest medical grounds.
All insurers offer accident and sickness cover and selecting the right one will take careful discernment.
Here are some points to consider:
- Assess how much you are willing to pay. Remember this is not a simple cost equation; you must balance it alongside the amount of cover you want to buy
- Having decided how much you want to pay and how much cover you want, consider the claims procedures. Are dozens of forms required? What is the average delay involved in settling claims? Are there ways of ensuring that you can be dealt with more quickly if required?
- Consider the service standards. Does the Insurer have any quality marks? Are these recent? What about fundamentals such as speed in answering the phone, writing letters or finding the relevant files?
- Arrange an appointment to meet with one of our financial advisers to discuss your individual situation to see what the best option is for you.
- Make sure you are up front and candid about any medical conditions you may suffer from. The Irish courts have a tradition of siding with the insurer if there is any doubt over providing relevant information, so make sure you are clear