Serious Illness Cover
No one needs the added financial, practical and emotional problems that a serious illness can bring. Life is complicated enough when you are fit, well and have a steady source of income. No matter a person's age, health is something that should not be taken for granted. We realise thinking of serious illnesses is distressing. But preparing for the future will ensure you will be able to cope if you or your family becomes seriously ill.
Serious illness insurance entitles you to a lump sum amount if you suffer from one of the specified illnesses covered on your plan. Spending your lump sum on maintaining your standard of living or helping your family cope financially during a difficult time can be brought into effect after an individual is diagnosed with a common illness.
Choosing the amount of cover you need and how you use it, is up to you. Meeting mortgage and loan repayments or everyday bills and expenses, are just some examples of how our clients choose to use their serious illness pay-out. Depending on your policy, an amount will be payable to you if you suffer any of the illnesses listed in your policy.
Why Do I Need Serious Illness Insurance?
Serious illness insurance is beneficial if you are unable to work as a result of becoming seriously ill. Maintaining you and your family's standard of living while you are recovering will relieve financial and emotional pressure. Serious illness protection can be accelerated to your mortgage protection in the event of a serious illness. This means some or all of the outstanding amount on your mortgage can be paid off to release the burden of mortgage repayments while you are recovering.
Please note, mortgage protection does not cover your actual mortgage repayments if you cannot work due to sickness or redundancy. In this instance, you would need mortgage repayment benefit available from your lender, which can be built into your mortgage repayments.
How Much Will It Cost?
Cost is on an individual basis and is based on the following:
A Little Goes A Long Way
If you need €2,500 every month (€30,000 in a year) to cover your household expenses, serious illness insurance is relatively inexpensive. The table below shows how far even a small amount of cover could go and the associated monthly cost.
Frequently Asked Questions
This will depend on the lump sum you receive as part of your serious illness cover. For example, if you were to receive €30,000 in a year, monthly premiums can be as little as €17.48
Health is something we can all take for granted. But no matter your age or current state of health, planning for your future and relieving potential emotional and financial stress is an action we would strongly recommend to clients.