What is Serious Illness Cover?

Serious Illness cover (sometimes called critical illness cover) provides you with financial support if you are diagnosed with a serious illness as defined by your policy. It pays out a tax free, cash lump sum if you are diagnosed with a life -threatening illness such as cancer, heart attack or stroke. The benefit of having a serious illness plan is that once the payment is made out to you, it gives you time to focus on what really matters, getting better. You can take out Stand Alone or Additional Serious Illness and you can add it onto your Mortgage Plan also. A little illness cover might go a long way in helping you out.

Frequently Asked Questions

Yes, it pays out a lot of claims each year. Nearly every person knows someone that has been touched by a serious illness such as cancer, heart attack, stroke etc. Specified Illness will pay out to you when your alive, it will help you in your recovery, you won’t have to worry about your bills, it will make your life that little bit easier. You have a 1 in 3 of contracting a serious specified illness in your lifetime.
Mortgage critical illness cover will pay your bank a sum of money should you contract a critical illness. it will pay the money to your bank. If you’re considering mortgage critical illness cover, I would advise buying it on a separate policy.
According to Irish Life, the average age of a person benefiting from a serious illness claim is aged 49.
In 2012 Irish Life paid out 53% Male Claims and 42% Female Claims
Cancer, Heart Attack and Stroke make up the highest number of claims.
The younger you take out the plan the cheaper it is going to be.
Take below as an example.

Male, Non-Smoker, 35 Next Birthday
€ 100,000 Serious Illness Cover over 20 years with conversion option (this allows him to extend after his term without submitting any medical information)
€ 34.65 per month** (this is not including any discounts that might be available)
** Price based as at 13.2.18


Male, Non-Smoker, 50 Next Birthday
€ 100,000 Serious Illness Cover over 20 years with conversion option (this allows him to extend after his term without submitting any medical information)
€ 122.35 per month** (this is not including any discounts that might be available)
** Price based as at 13.2.18

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