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What is serious illness cover?

What is serious illness cover?

No body wants to think will be struck down with a Serious Illness, but unfortunately it can affect anyone, at any age and any time. If this happened to you, have you thought how you would cope financially?

How would your family manage?

Could you afford to take time off work or pay for expensive medical treatment? These days there is a good chance of surviving serious illness because diagnosis and treatment has progressed so much. If you have children, they are also automatically covered should they suffer a Serious Illness. That’s why it’s worth considering Serious Illness Cover. If Serious Illness happened to you, and you are eligible to claim, a Serious Illness plan could pay out a lump sum which you could use to help pay off your mortgage, or invest for a regular income, leaving you to concentrate on getting better without having financial worries.

How would your business cope?

If you are a business owner, you will know that  Serious Illness of a Business Partner, a key member of staff or Director can undermine the financial stability of a business. If you were to become seriously ill how would your business cope with your possible long term absence? Would your company be able to meet immediate costs such as paying bills or hiring a replacement? How would your business partners manage  greater monetary impacts, such as lower profits or potentially buying out your share of the business if you are unable to return to work?

How does Specified Illness Cover work?

A Serious Illness Plan will pay a lump sum(Tax Free) if you are diagnosed with one of the Serious Illnesses covered under the plan, as long as you are diagnosed during the term of the plan, your Illness will need to meet with the definition stated in the Policy Document for you to be eligible to claim. Serious Illness Cover is designed solely to provide protection benefits, there is no surrender value payable at any stage under the policy. There are a number of ways that Serious Illness cover could help look after you and your family financially.

You could use the lump sum provided to:

  • Make any necessary alterations to your home,
  • Invest for a regular income
  • Pay for medical treatment and expenses, or
  • Help with your mortgage or other loans or bills.

Insurance Companies will cover between 50 and 60 Illnesses, depending on the Product Provider, on a full payment basis. This means that if you suffer one of these Illnesses and satisfy the definition on the Policy Document, during the Term of the policy, the Insurance Company  will pay the full amount for which you are covered. Please be aware that not all Illnesses will be covered.

Insurance Companies have now included Partial Payment Illnesses. Product Providers will cover approximately between 30 and 40 Illnesses on a partial payment basis. If you are eligible to claim for one of these, the Insurance Company will pay out a percentage of your cover, again this will depend on the definition on the Policy Document.

A full list of these Illness’s and Partial Payments are available from Frank Ryan Financial Services

A Serious Illness may not be suitable;

If you want a policy to cover the cost of private hospital treatments or one which will pay out a lump sum to your beneficiaries if you die.

If you want a policy covering Illnesses, Conditions or Treatments which are not Specified in the Policy Document, for example, broken bones or back surgery.

If you want to receive regular payouts related to your income upon a successful claim, rather than a lump sum.

You can decide with the help of Frank Ryan Financial Services, how much Specified Serious Illness cover you need, the Term of Years that you need it for, the cost of the plan is based on criteria such as your Age, Smoker Status, and Medical History.

For more information please contact Frank Ryan Financial Services