Understanding Serious Illness Cover: Key Benefits and Features
Life is unpredictable, and insurance plans can help you get support during certain unfortunate and unpredictable events of life. There are many different types of insurance plans to cover different things. In the current article, we will discuss key benefits of a serious illness cover plan and some lesser-known facts about it. Let’s delve deeper into it and find out what makes it a worthy investment
What is a serious illness cover?
Serious illness cover, also regarded as critical illness cover, provides a financial safety net by providing a lump sum payment if you are diagnosed with one of the illnesses specified in the policy. You may think that you don’t need to take critical illness cover as you are healthy. However, as per estimates from the Irish Cancer Society, 42,000 people in Ireland receive a cancer diagnosis each year, while around 6,000 experience heart attacks annually. A serious illness plan covers you for such unpredictable events of life. The cost of your serious health plan depends upon several factors such as your current health condition, your age, whether you smoke, the amount you cover, the term of the policy and the cover amount.
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Key features of critical illness cover
- Lump sum payment: It provides immediate financial relief through a lump sum one-time payment, which can be used at the policyholder’s discretion, such as paying off a mortgage, medical bills, or other expenses.
- Financial Security: It provides financial relief at a critical time, especially if the illness requires extensive treatment and recovery. These plans provide coverage for the expenses of diagnosis, treatment, and recovery for the specified disease in the policy.
- Simplicity: It is simple to get the claim approved and paid in it. Once your claim is approved, you don’t need to have any further interactions with the insurer regarding the same illness.
- Tax-free: Payouts are typically tax-free.
Some additional benefits of serious illness cover
When it comes to serious illness cover, many people are not aware of its additional benefits, apart from standard financial support to the policyholder. Let’s discuss some lesser-known facts about serious illness coverage
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- Coverage for your children
If you have invested in a serious illness cover policy, it extends to the protection of children as well. It covers all the children of the policyholder from birth until they turn 18 years old, or 21 if they are enrolled in full-time education, for the duration of the policy term. To become eligible for the Children’s Serious Illness Cover benefit, the child must have survived the serious illness for at least 10 days following the diagnosis. However, this policy doesn’t cover any pre-existing medical condition under its benefits.
- Support for mental support
Obtaining Serious Illness Cover is beneficial in times when mental health concerns are becoming more prevalent. Royal London, for example, is noted for being one of the first insurers to include a partial payment for severe mental illnesses under their Serious Illness Cover. When there is coverage for mental health issues in critical illness cover, it can provide critical support by covering costs associated with treatment and recovery.
- Accessibility to multiple claims
Some of the insurers offer a multiple claim option in the serious illness cover. Unlike standard Serious Illness policies, where you get a single claim, Multi-Claim Protection Cover allows policyholders to make multiple claims in case they are diagnosed with another specified illness different from the one they’ve already claimed for.
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- Policy renewal without proof of health
Serious illness policies in Ireland can often be renewed without providing proof of health, particularly if you have a “conversion option” or if you’re renewing within a certain timeframe.
- Protection against less severe illnesses
Serious illness cover typically pays out a lump sum when you are diagnosed with one of the several serious illnesses covered in the policy; however, some of them may also offer financial support for less critical illnesses. This covers the partial payment for the less severe illness. It allows you to get financial support for less serious but still serious health issues.
Get your goal-driven insurance plan
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