Specified Illness Insurance

Specified Illness Insurance

  • Protecting you and your family in the event of a serious illness

Cancer, heart disease and stroke are the main three serious illnesses affecting men and women in Ireland today. These three serious illnesses are covered by your specified illness policy in addition to a range of other specified illnesses. The good news is that many illnesses previously thought incurable are now being treated successfully. With survival rates increasing, a specified illness insurance policy now makes more sense than ever before.

>> What is Specified Illness Insurance?
>> How does Specified Illness Insurance work?
>> Do I need Specified Illness Insurance?
>> How much does Specified Illness Insurance cost?

 

What Is Specified Illness Insurance?

Specified Illness Insurance or Serious Illness Insurance is an insurance policy which pays out a lump sum if you are diagnosed with a specified serious illness within the term of the policy. 

A Specified Illness Insurance policy is different from a private medical insurance policy with, for example providers such as VHI and Irish Life Health. A Specified Illness Insurance policy pays out a lump sum if you are diagnosed with a specified illness. A private medical insurance policy does not pay out a lump sum but does pay for your medical or hospital care.

How Does Specified Illness Insurance Work?

You can take out a Specified Illness Insurance policy on a standalone basis (specified illness only) or as additional cover to your Life Insurance or Mortgage Protection policy (life cover and specified illness cover).

The specified illnesses covered are available on request and in all cases will be defined in your policy document. Should you be diagnosed with one of the illnesses specified in your policy, you will receive a once-off lump sum payment to help you cope with household bills, mortgage payments, unreimbursed medical bills and other expenses.

WHAT’S COVERED?* WHAT’S NOT COVERED?*
√       Cancer (invasive), as specified in your policy document.      X    Illnesses caused due to self harming or solvent abuse
√       Heart Attack, as specified in your policy document X    Illnesses caused by drug or alcohol abuse
√       Stroke, as specified in your policy document X     Illnesses which occur from a pre – existing condition which was not disclosed on the application form.
√      Motor Neurone Disease, as specified in your policy document. X    Illnesses resulting from dangerous or criminal activities.
 
√      Alzheimer’s Disease, as specified in your policy document.
X     Psychiatric illnesses.
√        Blindness (total and irreversible), as specified in your policy document. X     Orthopaedic illnesses.

*Note: The list above is not exhaustive. Specified Illnesses which are covered vary from policy to policy.  Only those outlined in your policy document are covered. Comparison of Specified Illnesses covered by competing life companies is available on request.

Do I Need Specified Illness Insurance?

You should consider a Specified Illness Insurance policy in the following circumstances:

  • You have children and/or other dependents: if you do not have any other type of serious illness cover in place, you should consider a Specified Illness policy to help you and your family cope financially should you be diagnosed with one of the Specified Illnesses.  This cover could prove vital in helping you overcome the potential loss of earned income and the burden of unreimbursed medical and rehabilitation costs.
  • You have outstanding loans or debts: a Specified Illness insurance policy will ensure you can still service your loans and debts should you be diagnosed with a specified illness and are unable to earn an income.

How Much Does Specified Illness Insurance Cost?

The cost of Specified Illness cover is higher than the cost of Life cover because the chance of getting a specified serious illness is greater.  The cost of a Specified Illness Insurance policy varies from person to person and depends on a number of factors, including:

  • Your age
  • Your smoking status
  • The amount of cover you require
  • The term of the policy
  • Your health and medical history

How Can I Get Further Information on Specified Illness Insurance?

For further information on Specified Illness Insurance or for a competitive quote, call our team today on 021 427 7000 or email us .