Serious Illness Insurance Cover – Frequently Asked Questions
What specified Illnesses are covered?
Serious Illness Insurance also known as Critical Illness Insurance, covers a specified range of specified serious illnesses, with the majority of insurers now covering up to 70 illnesses, the most common amongst all insures being stroke and heart attack, defined cancers, coronary artery disease, multiple sclerosis, kidney failure, motor neuron disease, blindness, major organ transplantation (including being on a waiting list for transplantation), benign brain tumour, severe burns etc.
How much cover do I need?
Remember Serious Illness Insurance is designed to pay out a tax free lump sum if you are diagnosed with one of the specified serious illness listed on your policy. The cover amount you choose should take into account whether you already have Income Protection. Also do remember any serious illness cover attaching to your mortgage is payable to the bank and not you directly. As a general rule of thumb a multiple of 2 times salary is recommended.
How long does my quote remain valid?
All quoted premiums assume standard medical acceptance and remain valid for 30 days, based on age each quarter.
What if I already have a serious medical condition?
It will depend on the nature of the condition and it is best to discuss this in confidence prior to making any application. In the event you are excluded from taking out serious illness cover due to your medical health, it may be worth taking out cancer cover only as an independent benefit.
Why consider Serious Illness cover?
Serious Illness cover offers protection from the financial effects a specified serious illness or permanently disability can bring. It is designed to complement your life insurance if you have dependents and can be taken out a separate policy, or with your life insurance under the one policy.
What is a Continuation Option?
For a small additional cost, a continuation option is a very valuable benefit which allows you to extend your cover under a new policy. You can use this option at any stage throughout your policy term, without having to provide any fresh evidence of health.
What are the policy types?
Standalone cover is completely independent of any Life Cover even if included on the same policy.
Accelerated cover refers to a policy which includes life cover equal to or above the serious illness cover amount. Where a serious Illness claim occurs, the remaining life cover is reduced by the serious illness claim payout and the premium is reduced accordingly.
What’s the difference between joint and dual cover?
Joint cover means the policy will only pay out once, on one person, that person being the first to claim of the 2 people covered.
Dual cover will pay out again, if a subsequent claim occurs during the policy term.
Joint cover is more suited to mortgage loan protection and dual cover to family protection. Dual cover, also allows for different levels of cover on each person as required, so in effect offers better and more flexible cover, at very little extra cost.
Is the premium fixed?
Yes, we quote only guaranteed premiums without reviews. If you choose to inflation protect your cover (3% per annum) by including indexation, the cost will also increase at an average rate of 4% per annum dependent on the insurer.
For how long can I be covered?
You can choose the cover term; from 5 to 40 years. Some people choose cover to retirement age, while others opt for a longer term especially, when combining this cover under a life insurance policy. However, serious ilness cover won’t go beyond age 75, so if combiming life & serious illness cover it can be a good idea to choose a policy term to age 75, with a continuation option so you can extend the life cover element to age 90.
How do I ensure best value for money?
We compare all leading serious illness insurance providers in Ireland, to ensure the best cover at the best market price. All life polices offered are free from premium reviews, and our “best value guarantee” means we refuse to be beaten on price.