Serious Illness Protection

In Ireland, 1 in 3 people are diagnosed with some form of cancer in their lifetime. If you suffered a serious illness, such as a cancer, stroke, heart attack, or organ failure to name a few, would you have the money you need to cope with the expense of a serious illness? Would you be able to maintain your bills and other outgoing expenses which still need to be paid? Serious Illness cover, also known as Critical Illness or Specified Illness, can be built into your Life Assurance plan or provided as a stand-alone plan. It pays a lump sum benefit in the event you are diagnosed with a Serious Illness specifically covered by your financial services provider.  

Thankfully, with medical advances, the chances of surviving a major illness are greater than ever.  However, a serious illness, as its name alone suggests, does indicate the possibility that you could be out of work for a very long time, maybe 6 months or longer, leading to huge financial consequences.  The security of a lump sum payment, offers peace of mind with the knowledge that you will be able to pay your bills while you concentrate on getting better.  The funds can be used to pay off your mortgage, assist with utility and medical bills, and even fund the cost of home renovations if mobility access is required, provide after care support, or indeed to undertake training for a different relevant occupation.

Many providers now cover up to 50 conditions, and the benefits provided are improving all the time. However, it is important to note that the range of illnesses covered differ with each provider, so it is wise to Contact Us for guidance to help you choose the product best suited to your needs.

How much will I need?

Your serious illness protection benefit is estimated on 10-times your salary, and like Life Cover, a review of your circumstances, requirements and disposable income will establish what is realistically required.  Any savings you may have already set aside would not last long, which makes a provision for Serious Illness protection so important to have in place.  Ask yourself, do you have private health insurance to cover hospital bills?  Consider any follow-up medication when you come home from hospital.  Are you in a self-employed job, where you may need to hire somebody to perform your day-to-day duties for you? Can you afford temporary home help to assist you or provide renovations to your home in the event you become immobile?

Time is the Essence

The best time to take out Serious Illness Protection is when you are healthy!

The healthier you are with any protection product, the less expensive your premiums, as healthier individuals are less risk, being unlikely to have the same rate of claim as their counterparts. 

This is especially the case for Serious Illness Protection, statistics show 75% of all protection claims paid out are related to serious illness protection alone.

Serious Illness Protection can be taken out as part of your Life Cover policy, Mortgage Protection policy or as a stand-alone policy, without life cover attached. When taken out as part of your life cover, there are 2 types of Serious Illness Cover.

Accelerated: With this option, the serious illness benefit is taken from the benefit of life cover, so that the death benefit is reduced by the amount of any serious illness claim.

Stand Alone: With this option, the serious illness benefit is a separate benefit alongside the life cover, so that a claim for serious illness benefit will not affect the benefit of life cover, which will still remain in place once the serious illness is paid out.

How much will it cost?

Cost is on an individual basis and is based on the following:

  • Benefit (amount of payable lump sum)
  • Term (the number of years the policy covers)
  • Age
  • Gender
  • Smoker or Non Smoker
  • State of Health

Extra Optional Benefits will also add to the cost:

  • If Convertible option is chosen
  • If Index Link option is chosen

Rider Benefits in the form of Hospital Cash benefit, Accident Cash benefit, Surgical Cash benefit.

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Unit 17, Kilminchy Court, Portlaoise, Co. Laois