Cancer, heart attack and stroke are the main three serious illnesses affecting men and women in Ireland today. According to National Cancer Registry Ireland in 2005, 1 in 3 people will develop cancer before age 75. It is vitally important that families and individuals realise the importance of having an adequate Serious Illness Cover in place.
Serious Illness Cover (also known as Critical Illness Cover or Specified Illness Cover) is a Protection Policy that covers you in the event of you being diagnosed with any of a specific range of illnesses as set out by the Insurance Company.
- A lump sum benefit or payout if you are diagnosed with any of a specific range of illnesses.
- The most common are cancer, heart attack, stroke, heart by-pass, but there are many more covered.
- You decide the term of your policy and you can choose any length between 5 and 30 years.
- Standalone specified illness cover can be arranged on a single, dual or joint life basis so you can cover just you or you and your spouse/partner.
You can also set up Accelerated Specified Illness cover. This provides a lump sum payment on the earlier of two events:
- The death of the person named on the policy (the ‘life assured’)
- The diagnosis and certification of a prescribed specified illness as defined in the policy
With accelerated cover, the lump sum is payable once on death or specified illness.
It is a compliment to income protection cover not a replacement.