Serious illness cover pays a tax-free lump sum in the event you are diagnosed with a number of specified serious illnesses. There are over 40 such illnesses covered on a typical policy.
The chances of a healthy male aged 20 - 40 suffering a Heart Attack or Stroke before the age of 65 are1 in 4, and the chances of a healthy female aged 20 - 40 suffering from Cancer, Heart Attack or Stroke before the age of 65 is 1 in 5*. Given these figures, it is worth your while providing financial security against this contingency.
With a serious illness it can be difficult to assess the potential impact. How long will you be off work? Will there be any major medical expenses not covered by your medical insurance? Will you need to travel for specialised treatment? Will there be a permanent impact on your earnings?
You can discuss all of these factors with us and we can help you choose the most appropriate level of cover for you. Typically this will be loans outstanding, plus a multiple of annual net earnings.
Applying for cover starts with completion of a medical proposal form. The life insurance company may write to your GP for a report, and in some cases a medical examination is required. Once you are accepted by the life company, cover is permanent for the term of the policy regardless of what happens to your health. We will assist you in choosing the most appropriate plan from the market and explain in detail its suitability for you.
*Irish Life 2011