Most of us do not like to think of how we would manage financially should either a spouse or child become seriously ill. Fortunately there are various options available when it comes to protecting yourself and your family and it can be an important addition if you have no health insurance cover in place.
1. Standalone Serious Illness Cover
This is simply a Serious Illness plan without life cover. This type of policy is suitable should you have no dependants.
2. Life & Serious Illness Cover
This plan provides you with both life cover and serious illness cover. If a serious illness claim is paid, the life cover amount remains the same. If you should die during the term of the policy, the life insurance cover will also then be paid out in full.
3. Life & Accelerated Serious Illness Cover
As with above, this plan provides you with life cover and serious illness cover, however, if a serious illness claim is paid on this type of policy, the life cover amount is reduced by the serious illness pay-out amount. However, if you should die without having made a serious illness claim, the full life cover is paid.
The benefits can vary amongst the different life companies, but most will include the following:
Free Children’s Cover
It is important if you do have children to check this with your life company, as they may be covered for all of the illnesses listed on your policy, and sometimes for other child-related illnesses, such as meningitis.
Waiting list and overseas surgery benefit
Under this benefit the insurance company pays out part of the serious illness benefit, if you are put on a waiting list for certain major types of surgery, or if it is essential for you to have major surgery outside of Ireland.
PTD Benefit If you become permanently, totally disabled (PTD) from an illness, or condition that is not otherwise covered by the policy, you could claim the serious illness benefit cover under PTD.
The two types of PTD cover are:
Any-Occupation PTD – you can only claim if you are not able to work at any job. It means you are permanently unable to do many normal daily activities, such as walking, lifting, bending, writing, or speaking.
Own-Occupation PTD – you can claim if you are permanently and totally unable to do your current job. You will usually pay extra for this type of PTD cover. You may not be able to get this extra cover, if your job carries a higher risk of disability. For example, if you are a sports professional.