Types of Serious Illness policies

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. If you do have dependants, then a Life & Accelerated Serious illness policy may be a better value choice, as there is very little difference in cost.

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.

Other Policy Benefits

The benefits can vary amongst the different life companies, but most will include:

  • Children’s Serious Illness Cover

  • Waiting list and overseas surgery benefit

  • Permanent total disablement benefit (PTD)

Free Children’s Cover
It is important if you do have children to check 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. The maximum benefit for a child’s claim depends on the policy, but it is usually no more than 50% of your cover, up to a maximum of about €25,000. 

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.

There are two types of PTD cover:                                                                                                                  

Any Occupation PTD – This means 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. The risk of this happening to you is quite low so, any-occupation PTD is often included in the standard illness list, under Serious Illness Cover.

Own Occupation PTD – This means 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.

Not sure if you need this type of cover? Click here for more information.