Serious illness cover, is an insurance against the likelihood of you being diagnosed with any one of a set list of serious illnesses and injuries which are covered by a policy.
Serious illness cover is set up on a term basis. This means that you are insured against these illnesses and injuries within the term of the cover. In general, you are insuring yourself against needing to give up work in the event of having a major medical event. However, it is not conditional on your no longer being able to work.
It can be used to protect, you, your family, or a lender with whom you are borrowing money from.
Serious illness cover pays out a lump sum to the beneficiary if contract one of the Serious illnesses or injuries within the term of the policy.
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What is Serious illness cover?
Serious illness is a tax-free lump sum paying out on the Life insured suffering from a Serious illness listed in the policies terms and conditions.
What is a partial payment?
Partial payments are relatively new to the Serious illness market. A partial payment is a payment made on a Serious illness that may not be severe enough to claim on a full Serious illness payment.
What is accelerated Serious illness cover?
Accelerated Serious illness cover is paid as an advance of an associated life cover benefit. You need to have life cover built into your cover as well. If you have €100,000 life cover and €50,000 Serious illness and claim the €50,000 illness cover, your life cover is reduced by this amount.
What is standalone Serious illness cover?
Standalone Serious illness is paid out independently from any life cover and can actually be set up without any life cover being attached to it.
What are the main features?
There are numerous additional beneficial features that come with Serious illness cover. i.e. children’s Serious illness cover and overseas surgery cover.
Why should I have Serious illness cover?
Serious illness cover is called a living benefit, it is designed to protect a person against a potential loss of income in the event of becoming ill or injured. You may not have to stop working if you are diagnosed with a listed illness or injury, i.e. Stroke, Heart Attack, cancer, but it will go a long way to helping a person and the dependants in the event of it happening.
Can I cancel the policy if I change my mind or I'm not happy with cover it provides?
Yes, a policy can always be cancelled if it is felt that it no longer suits your circumstances. However, if you decide you then want cover again later on, if anything has happened to you medically it may affect your chances, and your premium may be higher as you will be older at that point.