Serious illness cover (also known as specified illness cover or critical illness cover) will pay you a tax-free lump sum if you are diagnosed with a serious illness that is covered by your policy. You can choose to buy your serious illness cover either individually or in combination with life insurance or mortgage protection. There are up to 90 different serious illnesses covered, depending on the insurer you choose.
If included in the policy, it can pay out while a person is still alive.
Claim amount can help the insured to recover from illness without financial woes.
This additional benefit is available as part of parents cover, subject to conditions.
Being diagnosed with Serious illness will likely have some financial consequences.This policy can give you and your family some financial peace of mind if you are diagnosed with a serious and long-term illness.
Serious illness cover plans are flexible, meaning a plan can be tailored to match your budget.
If you have serious illness cover in place, your kids will also have serious illness cover FREE of charge. This is a very attractive benefit for parents with young children.
Serious Illness Cover is opted as an additional benefit to most life insurance policies. It can be purchased as standalone or combined with life insurance and mortgage protection under one policy.
Specified Serious Illness Cover, also known as critical illness cover or serious illness cover
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The specified serious illnesses covered can vary, with some insurers covering up to 91
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The reality is serious illness can strike at any time and the financial implications
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Accelerated Specified Illness Cover – This type of cover will be linked to a
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Single Cover means one person will be covered under the plan and only one
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It depends on many factors including your income, financial commitments, family size, etc.
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Amount of coverage
This depends on your personal circumstances. Ask yourself “If I got sick tomorrow and were unable to work, how much of a lump would I need to pay the bills over the medium to long term?”. The goal should be to choose a policy that affords you enough coverage to meet all your financial needs in the event of a serious and long-term illness.
Cost of the policy
This can vary depending on factors like the type of coverage, age, health condition etc. This will involve a balancing act between having a plan with enough Cover and also one that is affordable over the longer term.Always compare quotes from various insurers and pick the one that fits you the most.
Exclusions
Read clearly and understand any exclusions and the terms of your serious illness cover. There may be conditions excluded from the policy and having a thorough understanding of the policy benefits will ensure you know exactly what you are covered for.
Insurers Claims History
Ask for details regarding the Insurer claims history to see how much they pay out on serious illness insurance claims each year. Also, Do not be afraid to ask questions to help you understand the financial stability of the insurance company. Choosing a reputable insurer with a good claim payment history can give you peace of mind that you have chosen the right insurer.
Rider Benefits
These are optional extra benefits you may be able to include in your plan depending on the insurer chosen. For example Accident Benefit, Hospital Cash Cover Benefit.
Additional Free Benefits
Some Insurers offer additional benefits with their serious illness cover plans free of charge. For example,Free GP Service, Counseling Service, Second Medical Opinion Service and more…..
At Financial Life we have a team of experienced CFP® Professionals, Qualified Financial Advisors, and Retirement Planning Advisors who are dedicated to helping you make informed decisions. Whether you’re planning for retirement, seeking investment opportunities, or looking to protect your family’s financial security, our experts will work closely with you to develop a personalized financial strategy tailored to your unique goals and circumstances.
We will search among Ireland's Leading providers, compare all the benefits of each serious illness cover plan to ensure you are getting the best deal available.
We have extra discounts that we can apply which you will not get in the bank.
Our approach will work around you and your goals. We will tailor a Serious Illness Cover plan that matches both your goals and your budget.
These words are easier to say and harder to do, but that is our everyday focus in Financial Life.Trust is the cornerstone of our business. We are committed to maintaining the highest ethical standards and acting in your best interest at all times. With Financial Life, you can rest assured that your financial well-being is in safe hands.
What is Helping Hand Benefit?
You get personal support from Royal London through their Helping Hand program.
Among the free extras are:
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What is ‘Best Doctors’?
With all new Income Protection, Mortgage Protection, Life Insurance & serious Illness Cover, Aviva includes their free Aviva Care Benefit which gives you and your family free access to:
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What is the Best Time to Getting Serious Illness Protection?
The simple answer is if you currently have no serious illness cover then right now today is the best time to get cover in place.
Serious Illness Cover is best purchased when you are in good health, this way you will be covered for all serious illnesses listed on your plan. Serious illness cover will NOT cover any pre-existing conditions, for example, if you had cancer in the past and applied for serious illness cover, at a minimum cancer cover would be excluded from your plan.
In most cases, if you are diagnosed with a serious illness then you will likely not be working for at least the short to medium term. Serious Illness Cover will pay a tax-free lump sum on diagnosis of one of the specified illnesses covered such as cancer, stroke, heart attack, and many more. You can use this money for mortgage payments, medical bills, or day-to-day living costs.
You can purchase serious illness insurance as an add-on to your life insurance, mortgage insurance, or as a separate policy from your life insurance. The two types of serious illness coverage available when purchased as part of your life insurance are stand-alone and accelerated.
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How Much will Serious Illness Cover Cost?
Serious Illness Cover is more expensive than Life Insurance for the simple reason that there are more claims made on this benefit. For example, an individual who is aged 30 is more likely to get a serious illness than die over the following 20 years.
The actual cost will depend on the insurance company you select, the level of coverage you desire, as well as elements like your age, whether you smoke, and your general state of health.
It will cost more or you might get less coverage than you intended if you’re in poor health.
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Repays mortgage if the insured dies or suffers a terminal illness.
Learn More Get QuoteEnsures the financial stability of the family if the insured dies.
Learn More Get QuoteThe insurance plan gives coverage against specific diseases.
Learn More Get QuoteEnsures a regular income for the insured who is unable to work.
Learn More Get QuoteIf you are looking for a life cover plan with a guaranteed payout then a Whole Of Life Cover Plan is just for you.
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