Serious Illness

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The Aim

  • To protect your family.
  • To protect your home.
  • Serious illness cover will give you peace of mind

What is it?

Specified illness cover is a benefit which if you choose to take it out, pays you a lump sum if you are diagnosed with one of the illnesses covered.

You and your family can use this lump sum to pay living expenses, your mortgage, short term debt and pay medical expenses whilst you are in recovery.

Why do I need it?
Serious illness can strike at any time. The effects can be devastating. Not only could you face increased medical bills on top of your regular bills; you could also be facing a reduction in income because you cannot work.

The statistics are frightening:

  • Men have a one-in-four chance of becoming seriously ill before the age of 65.
  • Women have a one-in-five chance of becoming seriously ill before the age of 65.
  • One major Insurance Provider’s claims statistics showed that the average age of their customers who claimed for specified illness cover in 2010 was: 51 for males and 48 for females.
  • The most common illnesses are malignant cancer, heart related illnesses (diagnosed) and stroke (permanent symptoms).

(Claims statistics are based on a major Life Insurance Company’s claims experience in 2010).

But the good news is that you are likely to survive if you suffer a serious illness. However, for many of those who survive, life will never be the same again. Some become disabled and have to change their home and car, while others need ongoing medical care. If you take out Serious Illness Cover, you will receive a lump sum for whatever you decide to use the money for.

Two types of Serious Illness cover explained:

Life Cover with Accelerated Serious Illness Cover:
Serious Illness cover under your Mortgage Protection plan is an ‘accelerated’ benefit. This means that if you make a Serious Illness claim, the amount of the claim will reduce your Life Cover by the amount you receive. If your Serious Illness cover is the same as your amount of Life Cover, and you receive the full payment in the event of a claim, all cover under the plan will cease.

You can choose to be paid all or part of your Life Cover if you are diagnosed as having one of the Serious Illnesses covered. If you do, your Life Cover will be reduced by the amount you receive.

Stand Alone Serious Illness Cover:
Stand Alone specified serious illness cover is not linked to your Life Cover. This means that if you make a claim, your life cover is not affected.

Who can be covered?

  • All Serious Illness policies are available on a Single Life, Joint Life and Dual Life basis.
  • The Single Life basis covers one person. One Claim only.
  • The Joint Life basis covers two people, with the benefit being paid out to the first to get ill. One Claim only.
  • Dual Life basis covers two people individually and potentially would pay out on each illness. One claim only each. Each person can be covered for different amounts.
  • You must be over 18.

How much do I pay?
The quote is dictated by your age, whether you smoke or not, the general state of your health, the amount of cover you require and how many years you require the cover for.