Why Understanding Your Insurance Plans is Crucial
We’re thrilled to share a success story of a client of Ferris Financial Planning, who recently received a €200,000 pay-out from a Serious Illness plan through Irish Life. Ferris Financial Planning is based in Westmeath, our client is based in Dublin.
This particular plan had been in place for over 20 years and was set up as a Dual Cover policy. A few years ago, it paid out €150,000 for a cancer diagnosis when the female life was diagnosed with Cancer, and just yesterday, it paid out an additional €200,000 for the male life. This brings the total pay-out from the plan to an impressive €350,000.
Because the couple had already made a claim for the female life, they were familiar with how the plan worked. When the other party faced a health issue recently, they reached out to me for assistance. I was able to retrieve the original terms and conditions. I was able to see the potential for a claim and promptly contacted Irish Life to initiate the claims process.
The clients were extremely pleased with the outcome. They’ve expressed high praise for Irish Life’s claims process and are very satisfied with the service they received.
Review and understand your existing cover.
I’m delighted for my clients and want to emphasize the importance of understanding the value of your existing insurance plans. Something to remember about older plans. What was a serious medical procedure 20 years ago may not be as serious today. Yet the plan still provides the same level of cover. This client who received the 200K was in and out as a day patient and was at work today when I spoke to him.
Don’t let them gather dust in a drawer—take the time to review them.
You may also be interested in reading this article, which could lead to you saving money on existing cover.
If you’d like to discuss your current plans or need advice, please feel free to get in touch.
Contact Richard: Email: Richard@ferrisfinancialplanning.ie
Phone: 087 772 9268
