Serious Illness Protection
What Does It Cover?
If you or one of your children suffers from a specified illness, you may have to pay for:
- Medical costs.
- Remodelling your home to accommodate special needs.
Specified illness cover offers protection from these costs by providing a lump sum payment. The lump sum is paid out if you or one of your children is are diagnosed and certified as suffering from a specified illness, as defined in the policy.
Specified Illness Cover
Protect your family from financial risk should you suffer from a specified illness.
Types of Cover
Specified Illness Cover comes in two standard packages – namely, standalone cover and accelerated cover.
• Standalone Cover
Standalone specified illness cover will give you a predetermined lump sum if you or one of your children is diagnosed with a specified illness during the term of your policy. You will only be paid the lump sum if you survive for at least fourteen days after your illness is diagnosed and certified. If you die before you have made a claim on your specified illness cover, your family will receive a death benefit of 5% of the lump sum. You decide the term of your policy – choose any length, normally between five and forty years. Standalone specified illness cover can be arranged on a single, dual or joint life basis.
• Accelerated Cover
Accelerated specified illness cover 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, i.e. on death or specified illness. Accelerated specified illness cover can be arranged on a single, dual or joint life basis. If one of your children becomes seriously ill with a specified illness, your policy will pay out a percentage of your main benefit. In the tragic event of one of your children dying before a specified illness claim is paid, a death benefit will be payable. This benefit applies automatically to all specified illness cover policies.
• Terminal Illness Benefit
This benefit is available on accelerated specified illness policies only. If you are diagnosed with a terminal illness, this benefit provides an advance payment of a percentage of your death benefit. The payment applies only if you have a life expectancy of twelve months or less, and the remaining balance of your death benefit is payable if you die within the term of your policy. You must continue to pay premiums after receiving your terminal illness benefit.
• Optional Cover
Choose from a range of optional extras to extend your specified illness protection conversion option which allows you to extend your cover at any stage throughout the term of your plan and whereby you do not have to supply new evidence of your state of health.
• Hospitalisation Cover
This option pays a cash sum of between €50 and €200 each night you spend as an inpatient in hospital.
- Your stay must last more than three consecutive days – up to a maximum of one year.
- Your premium will increase to pay for the additional cover.