What is Serious Illness Cover?
Possibly someone close to you has suffered an illness and you’ve seen first-hand how this can impact someone financially, maybe you’ve been thinking about how your family would manage to meet immediate additional costs were you in need of emergency care, or you might be simply looking to save money on an existing policy which you hold, either way you’ve come to the right place. We keep it very simple. We quote you the absolute lowest quote we can offer first time with no messing about and I think you’ll be very pleased with both the price and the standard of advice received. We pride ourselves on it.
Serious Illness Cover, sometimes called Specified Illness Cover, is a form of protection cover that pays out a lump sum payment on the diagnoses of the life assured with an illness which is specified in the policy conditions. Some illnesses can have a significant impact on your life. They can stop you from working and your recovery may require assistance and time. That’s where serious illness cover comes in.
When you take out a policy which includes Serious Illness Cover, the Illness Cover amount will be paid out upon diagnosis of the insured with one of the Illnesses specified under the policy. You can add Illness cover to a life policy, either on a ‘Standalone Basis’ or on an ‘Accelerated Basis’.
Where a standalone basis is chosen, the life cover and illness cover are independent of each other and where a claim occurs on the illness sum assured the full life cover sum assured will continue to stay in place for the remainder of the policy term. Where an ‘Accelerated Basis’ is chosen, the amount of life cover for the remainder of the term is reduced by the Illness payment in the event of a claim.
This is a cheaper option and can be an ideal solution for a customer who requires both cover types but for whom cost is a major factor. It is important for those who require Serious Illness Cover to have the correct level of cover in place. Saying this, it is also important that you are not paying for cover when you reach a stage in your life that your personal circumstances deem the cover unnecessary. If this is the case, we will be very clear in telling you that this is our belief.
These are the essentials, but as I always say, you should not go ahead with any policy until speaking with an advisor to ensure it fits your requirements exactly. Feel free to give me a call on 01 539 44 50 for a quick chat . Ken.