Specified Illness Cover… what is it and who can benefit?
/We can often take our health for granted and may never give a second thought to what would happen to us, or our family should we suffer an illness. An unexpected serious illness can add emotional and financial worry at a tough time. Should you be unable to work due to an illness or even through the recovery stage, it would be reassuring to know that a Specified Illness policy will at the least ease the financial worry.
How does it work?
This type of cover pays you a lump sum amount if you are diagnosed with one of the specified illnesses covered on your plan. Once accepted, the cost of your cover will never increase during the term of your plan unless you choose to index your benefits or premiums or apply to increase your level of cover.
Once a claim has been successful, the lump sum can be used however you like to help you and your family cope financially during a difficult time. Some examples may include;
Pay for medical treatment and expenses.
Help with your mortgage or other loans or bills.
Invest to provide a regular income.
Make any necessary alterations to your home.
Children’s Cover
On most policies, children aged between 6 months and 18 years (21 years for children in full time education) of the life insured person are automatically covered for up to 50% of the Specified Illness Benefit at the time of diagnosis, meaning if your child is diagnosed with or undergoes surgery for one of the specified illnesses covered, you will receive up to a maximum of €25,000.
Additional Optional Benefits
You can include a ‘conversion option’ to let you extend your cover at any time without having to provide evidence of your health.
Advance payment of benefit for heart surgery – Royal London provides an upfront payment of up to €20,000 if you need specific heart-related surgery in the future.
New Ireland will allow you to add benefits to protect yourself financially in the short-term in the event of:
· A stay in hospital (for more than 3 nights)
· An accident which leaves you unable to work (for more than 2 weeks)
· Suffering one of a number of broken bones
· Undergoing one of a number of surgeries listed
Aviva have two additional benefits automatically included at no extra cost called Best Doctors® Second Medical Opinion service and Aviva Family Care (a counselling & psychotherapy service provided by Teladoc Health).
