What Differentiates Accelerated Serious Illness Cover from Additional Serious Illness Cover?

The two types of serious illness cover are Independent Serious Illness cover and Accelerated Serious Illness cover.

1. 1. A claim on Independent Serious Illness Cover has no impact on any Life Insurance Cover attached to the same plan.
2. 2. Accelerated Serious Illness Cover is linked to the Life Cover on the plan, so the Life Insurance amount will be reduced by any amount paid as a result of the Serious Illness Cover claim.

Let’s look at a short example. You take out a €500,000  life insurance policy which includes €100,000  Accelerated Specified Illness Cover. Sadly, 2 years later you are diagnosed with cancer and as a result, you make a claim under your serious illness cover. From your specific illness claim, you get €100,000.

Your life insurance is decreased by €100,000, leaving you with a €400,000 life insurance policy.  Whereas if you had an Independent Serious Illness Cover for the above plan, you would still have €500,000 Life Cover after you made your Serious Illness Cover claim.

Read more about:

1. 1. Serious Illness Cover: When Does It Pay Out?
2. 2. What Do You Mean by ‘Definition’ of the Illnesses?
3. 3. How Much Will Serious Illness Cover Cost?