Only covers certain illnesses. So you could be incapacitated by an illness that is not included. Probably best to get advice on the widest cover although it may cost more
Does not cover incapacity caused by accident
Usually combined with life cover and I think the life cover means death from any means but you should check.
Pays out a lump sum if you are diagnosed with a certain illness. In some cases it may depend on the severity, but I don’t think your ability to work is a factor.
If your need reduces over time e.g. you are looking for cover to pay off a debt 9Repayment mortgage) reducing cover is considerably less expensive.
I think covers a wider range of illnesses than CI– so again check
I think some will also cover incapacity caused by accident and possibly redundancy
May be dependant upon your ability to work (unlike CI) So payments may be reduced if you can do a lesser paid job.
I don’t think life cover is built in so check
I had to do this in three PMs as only allowed 1000 characters
The answer I gave earlier in the week was quick and off the top of my head, and I meant to make some better notes – but time beat me yesterday
It is a long time since I did any exams in the life or Permanent Health arena and when I did they were only principles and practice as I followed the general insurance route.
Nevertheless, below are a few questions/thoughts that I cobbled together that may help the decision making process.
I have heard that an IFA some times has access to better rates than direct that will pay for their fee. Maybe another avenue to explore.