Specified Illness Cover - Protecting You from the Unexpected
While most of us find it hard to think about the possibility of becoming seriously ill, we more than likely, know someone close to us that has suffered from a serious or critical illness. Let’s take a moment to think how we might be impacted both personally and financially in such an event and it will reveal a pretty harsh situation. If you and your family are reliant on your income, the financial effects of suffering a serious illness can be devastating. All the things we take for granted such as the payment of household bills, your mortgage, school or college fees, insurances and other general outgoings become a major concern. That’s before we even consider the financial burden that medical expenses may have on us.
When it comes to other tangible items such as our homes, cars or even devices we don’t think twice about insuring them against damage or unforeseen events. And for many of us, we have some form of health insurance to assist with medical costs. The question is though, is this enough?
The policy pays out a lump sum on diagnosis of some of today’s most common illnesses such as cancer, heart disease, stroke etc. How you use the lump sum is of your own choosing but typically it can be used to help maintain your standard of living or to help you and your family cope financially during a difficult time. Below lists out some of the more common serious illnesses and some stark stats around them: In Ireland 1 in 3 men and 1 in 4 women will get cancer by age 75. 5 year average net survival of Irish cancer patients is 62% (diagnosis period 2012-16)
Sources: National Cancer Registry of Ireland (2020); Cancer in Ireland 1994-2018 with Estimates for 2018-2020: Annual Report of the National Cancer Registry; Irish Heart Foundation 2017. Most providers now cover in the region of 40 – 53 illnesses in their Specified Illness Policies, however, the range and extent of cover can vary from one insurer to another. Claims statistics show that malignant cancer, heart related diseases and stroke account for the highest proportion of claims. Like most insurances, it is important to choose a policy that provides the most suitable cover to meet your particular needs. Not only does the extent of cover differ from one insurer and policy to another but even the definitions of an illness that qualifies for a claim can be different. Some insurers also add in partial payments for certain conditions that make their policy more attractive and relevant. Affordability Specified Serious Illness Cover can be taken out on a standalone basis or be incorporated into a policy that includes life cover. It can also be taken out to cover yourself (single cover) or you and your partner (joint or dual cover). These factors along with the amount of cover, the term of the policy, your age, smoker status, health and family medical history determine the cost. We have the tools here to conduct a full and fair analysis of the market, ensuring that we find the appropriate policy for you. If you would like to discuss how Specified Serious Illness Cover can be built into your financial plan, please do get in touch.