Serious Illness Cover – Protecting Your Family Income
How often does it happen that you bump into an old friend in the shopping centre or at a social gathering when, not long into the conversation, you learn of their suffering or that of someone close to them? Primarily your concerns are for their well being and that they make a full recovery, but what we often overlook are the associated financial costs which may impact heavily on a family or an individual. These could include loss of earnings, treatment or care and/or medical equipment which could aid recovery. What’s more, your financial situation should be the least of your worries if you were to become seriously ill.
We often overlook are the associated financial costs of a serious illness which may impact heavily on a family income, including loss of earnings, cost of treatment or care and/or medical equipment
Another consideration is that people are now living longer than ever and as a consequence the chances of being diagnosed with a serious illness are higher. Below lists out some more common serious illnesses and the average number of people affected in Ireland each year:
Cancer – 20,000 new cases each year*
Stroke – 10,000 per year**
MS – 250 new cases diagnosed each year***
One way to potentially alleviate such costs or worries would be to put a Serious Illness Cover policy in place. Serious Illness Cover, also referred to as Critical Illness Cover or Specified Illness Cover is designed to provide financial support in the event that a person suffers from / is diagnosed with an illness which is specified in the policy conditions. The plan pays a cash lump sum which can be used to offset costs during recuperation.
In recent years, Life Assurance companies have enhanced their offerings in the area of Serious Illness plans. We are now seeing the addition of illnesses to their specified lists and indeed the addition of partial payouts for more minor conditions / accidents. Although hard to think about, most plans also include some level of cover for children at no additional cost.
What is covered?
Most insurers now cover in the region of 40-50 illnesses but a key point for consideration is that the range of conditions varies between one insurance company and another. The statistics show claims to be greatest for malignant cancer, heart related diseases and stroke. On a more positive note, however, survival rates have improved significantly with advancements in science and research.
If you have ever asked yourself the question; “How financially secure would my family be if I became seriously ill?” and if the answer is “not very” then consider Serious Illness Cover.
Of course, it is extremely important to seek professional advice in this area and with that in mind please contact us to arrange a discussion.
Who should be covered?
Ideally the main breadwinner of the family should be covered, especially if that person is self employed and if an inability to earn an income would impact on their family finances.
*Source: National Cancer Registry, Ireland ** Irish Heart Foundation *** MS Ireland
If you would like to seek impartial and unbiased advice on Serious Illness Cover then please contact Aidan Wall at 046 924 0961 or email aidan@lifetimefinancial.ie
We can help you to gauge what level of cover you might need or whether you even need any cover at all. We can also research the market to find you the appropriate product in terms of price, terms and level of cover.
