Serious Illness Cover

Serious Illness Cover – What Happens If I Get Sick?

Serious illness cover, or critical illness cover

, is insurance against your developing a named condition or illness that will drastically change your life. Should it be that you are diagnosed with one of the illnesses included in your policy – most policies cover over 40 illnesses or conditions – and provided you survive for two weeks following your diagnosis, the specified amount is paid out as a lump sum. Some policies pay out a smaller sum in the event that you are diagnosed with a less

serious illness

. Such policies list out these conditions.

Why take out serious illness cover?

Pay Medical Bills

The chances of surviving a serious illness such as a stroke, heart attack or cancer are so much higher now, thanks to advances in medicine. Living with a serious illness, however, can be expensive.

Buffer Against Lost Income

Aside from the cost of medicine and treatment, you will be out of work for a time, more than likely. The serious illness pay-out will be very useful in these circumstances. See also income protection insurance.

Adapt Your Home

It will help you pay for adjustments to your home, your car and your lifestyle necessitated by your illness.

Pay Off Your Mortgage

Where the cover has been taken out as part of a mortgage protection policy, it will take care of your outstanding mortgage in the event of your contracting a critical illness, which would be a huge relief to you.
A word of warning! As you would expect, insurers ask you to complete a detailed medical questionnaire prior to taking out a

serious illness insurance policy

. Don’t try to hide anything when answering the questionnaire. It is really important that you disclose your medical history to your insurer. If you don’t, you risk not getting a pay-out when you need it most, due to non-disclosure.

Is serious illness cover better than income protection?

It depends.

Serious illness or critical illness cover

pays a lump sum as early as 14 days after your diagnosis and that is yours to keep whether you make a full recovery or not.
Income protection cover, on the other hand, gives you a monthly payment for the period that you are unable to work, or for a fixed period, depending on your policy. This payment may not start until several months after you are diagnosed.
Many people choose both – the

serious illness cover

provides a lump sum to handle immediate expenditure associated with your diagnosis, while income protection insurance makes sure there is money coming in to pay the bills while you are out of work.
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One of our qualified advisors would be happy to help you work out how much cover you need to protect your family. Call us today on 057 93 50079.

Everybody’s different, but everybody’s vulnerable

At Clever Money, we believe in meeting our customers face to face. Our qualified financial advisers take the time to get to know your circumstances so that they can offer tailored advice. You won’t get that from an online-only insurer.
We are authorised by the Central Bank of Ireland as an authorised adviser, which means we can offer you products from all the leading life companies. For you, that means we can guarantee you the lowest premium.
If you’ve been thinking that your family would be vulnerable should something happen to you, our financial advisers would be happy to advise you based on your own circumstances.

Give us a call today on 057 93 50079