Serious Illness

Serious Illness cover is designed to provide you with a tax-free pay out on diagnosis of a specified serious illness. It can be taken out on its own, or with a combined life policy. Our on-line quote calculators provide the cheapest instant serious illness cover comparison quotes in Ireland.

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Serious Illness Cover top-tips
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Serious Illness Cover top-tips

  1. When it comes to serious illness cover, not all policies are the same, so make sure to check the range of illnesses covered.
  2. Even if you already have a life insurance policy, it often makes financial sense to check out the cost of having a combined life and serious illness policy, rather than 2 separate policies.
  3. If serious illness cover proves a bit too expensive, talk to us about adding cancer cover only, to your life insurance policy.

 

Compare Standalone Serious Illness Cover Quotes

We Make it Simple

At OneQuote.ie, we make arranging your Serious Illness Insurance Cover simple and more affordable.

We instantly compare policies from all the major insurers operating in Ireland, including Aviva, Friends First, Irish Life, New Ireland, Royal London and Zurich Life and then apply our discount, to guarantee you the lowest fixed price.

Whether you’d like a single, joint, or dual cover policy, or a policy with convertible term cover, OneQuote.ie can help you to find the policy that best suits your unique requirements. You can also add serious illness cover to a mortgage protection policy, or opt for a life & serious illness cover policy.

Different insurers cover different specified illnesses, so it’s important to know that the policy you have is best suited to you. By comparing serious illness insurance with OneQuote.ie, you can find the right policy, with the right benefits, at the cheapest price.

Choosing the right Serious Illness Cover

Types of Serious Illness policies

  1. Standalone Serious Illness Cover
    This is simply a Serious Illness plan with no life cover attaching. If you have no dependants, a standalone serious illness plan is most appropriate. If on the other hand you have dependants, then a Life & Accelerated Serious illness policy is a better value choice, as there is very little difference in cost. If opting for Life & Accelerated Serious Illness Cover, the life cover amount can be equal to or more than, the Serious Illness Cover amount.
  2. Life & Standalone Serious Illness Cover
    This plan provides you with both life cover and serious illness cover. If a serious illness claim is paid, the life cover remains in place at it’s original level. If you subsequently die during the term of the policy, the life insurance cover will also then be paid out in full.
  3. Life & Accelerated Serious Illness Cover
    Similarly, this plan provides you with both life cover and serious illness cover, however, if a serious illness claim is paid on this type of policy, the life cover amount is reduced by the serious illness pay-out amount. However, if you die without ever making a serious illness claim, the full life cover payment is made. E.g. David has a policy covering €200,000 life cover and €75,000 accelerated serious illness over 25 years. After 12 years David is diagnosed with chronic lung disease and is paid €75,000. 8 years later John dies, his estate is paid the balance of cover amounting to €125,000.

Other Policy Benefits

Other benefits on Serious Illness policies

Policies can vary amongst the different insurance companies, but most usually include:

  • Children’s Serious Illness Cover
  • Waiting list and overseas surgery benefit
  • Permanent total disablement benefit (PTD)

Free Children’s Cover
Your children may be covered for all of the illnesses listed on your policy, and sometimes for other child-related illnesses, such as meningitis. The maximum benefit for a child’s claim depends on the policy, but it is usually no more than 50% of your cover, up to a maximum of about €25,000.

Waiting list and overseas surgery benefit
Under this benefit the insurance company pays out part of the serious illness benefit, if you are put on a waiting list for certain major types of surgery, or if it is essential for you to have major surgery outside of Ireland.

PTD Benefit

If you become permanently, totally disabled (PTD) from an illness, or condition that is not otherwise covered by the policy, you could claim the serious illness benefit cover under PTD.

There are two types of PTD cover:

Any Occupation PTD – This means you can only claim if you are not able to work at any job. It means you are permanently unable to do many normal daily activities, such as walking, lifting, bending, writing, or speaking. The risk of this happening to you is quite low so, any-occupation PTD is often included in the standard illness list, under Serious Illness Cover.

Own Occupation PTD – This means you can claim if you are permanently and totally unable to do your current job. You will usually pay extra for this type of PTD cover. You may not be able to get this extra cover, if your job carries a higher risk of disability. For example if you are a sports professional.

Serious Illness Insurance V Income Protection

Which Illness Protection Insurance is right for me?

Many people get confused about these two Insurance options, when seeking to protect themselves financially against Illness.

Income protection is most suited to the self-employed and business owners, who would not be protected by state benefits, but it is equally important for any working person, who wants to protect their income. The benefits are paid as a taxable, partial salary replacement (to to 75%), up to a selected retirment age, to a maximum age of 70.

Serious Illness Insurance, is about providing a tax free lump sum cash payment, to help with medical expenses and clearing debts.

Features of Serious Illness Insurance:

  1. Pays out a once off tax free lump sum.
  2. Claim pay out is dependent on diagnosis of one of a list of specified Illnesses.
  3. Claim payment is subject to 14 days’ survival from date of diagnosis.
  4. You can cover yourself up to age 75.
  5. You can only claim once.
  6. The level of cover is restricted only by affordability and medical acceptance.

Features of Income Protection:

  1. Pays out up to 75% of your gross annual salary (less state benefit where it applies to you).
  2. Claim payments continue up to retirement age or, recovery date.
  3. You can claim more than once.
  4. You can cover yourself up to age 70.
  5. The claim waiting period is a minimum of 4 weeks, but normally 13, or 26 weeks is chosen, due to affordability.

Income protection is less restrictive on the cause of your illness, as long as it prevents you from carrying out your normal occupation on a temporary, or permanent basis. However, the waiting period for the first claim pay out can be substantial dependent on your chosen deferred period.

Serious Illness insurance cover is subject to a specific diagnosis of an illness listed under the policy conditions and is usually paid out after 14 days.

It is most advisable to have both insurance covers in place, rather than opting for one insurance cover over the other, as they provide different benefits and  are payable in a different way for and after different time periods.

If you find that you can’t get Income Protection Insurance because of your occupation, then you should consider adding personal accident benefit to your Serious Illness policy.

While Life Insurance pays out after you die, Specified Illness and Income Protection cover pay-out while you are living. You need the benefit of financial assistance at these difficult times, which is why they are often referred to as living benefits.

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.

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