Compare Serious Illness Cover Quotes
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Different insurers cover different specified illnesses, so it’s important to know that the serious illness policy you choose, is best suited to you. OneQuote.ie, provides the most comprehensive, convenient and best value way of arranging your Serious Illness insurance cover.
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Once you run your quotes, your application form will be automatically emailed to you for online completion and email return, or you can choose to apply in just 5 minutes by phone: call: 01 845 0049.
Choosing the right Serious Illness Cover
Types of Serious Illness policies
Standalone Serious Illness Cover
This is simply a Serious Illness plan with no life cover attaching. If you have no dependants, a standalone serious illness plan is most appropriate. If on the other hand you have dependants, then a Life & Accelerated Serious illness policy is a better value choice, as there is very little difference in cost. If opting for Life & Accelerated Serious Illness Cover, the life cover amount can be equal to or more than, the Serious Illness Cover amount.
This plan provides you with both life cover and serious illness cover. If a serious illness claim is paid, the life cover remains in place at it’s original level. If you subsequently die during the term of the policy, the life insurance cover will also then be paid out in full.
Similarly, this plan provides you with both 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 die without ever making a serious illness claim, the full life cover payment is made. E.g. David has a policy covering €200,000 life cover and €75,000 accelerated serious illness over 25 years. After 12 years David is diagnosed with chronic lung disease and is paid €75,000. 8 years later John dies, his estate is paid the balance of cover amounting to €125,000.
Other Policy Benefits
Other benefits on Serious Illness policies
Policies can vary amongst the different insurance companies, but most usually include:
Children’s Serious Illness Cover
Waiting list and overseas surgery benefit
For life insurance
Permanent total disablement benefit (PTD)
Your children 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.
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.
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.
Serious Illness Insurance V Income Protection
Which Illness Protection Insurance is right for me?
Many people get confused about these two Insurance options, when seeking to protect themselves financially against Illness.
Income protection is most suited to the self-employed and business owners, who would not be protected by state benefits, but it is equally important for any working person, who wants to protect their income. The benefits are paid as a taxable, partial salary replacement (to to 75%), up to a selected retirment age, to a maximum age of 70.
Serious Illness Insurance, is about providing a tax free lump sum cash payment, to help with medical expenses and clearing debts.
Features of Serious Illness Insurance:
Pays out a once off tax free lump sum.
Claim pay out is dependent on diagnosis of one of a list of specified Illnesses.
Claim payment is subject to 14 days’ survival from date of diagnosis.
You can cover yourself up to age 75.
The level of cover is restricted only by affordability and medical acceptance.
Pays out up to 75% of your gross annual salary (less state benefit where it applies to you).
Claim payments continue up to retirement age or, recovery date.
You can claim more than once.
You can cover yourself up to age 70.
Business auto insurance
The claim waiting period is a minimum of 4 weeks, but normally 13, or 26 weeks is chosen, due to affordability.
Income protection is less restrictive on the cause of your illness, as long as it prevents you from carrying out your normal occupation on a temporary, or permanent basis. However, the waiting period for the first claim pay out can be substantial dependent on your chosen deferred period.
Serious Illness insurance cover is subject to a specific diagnosis of an illness listed under the policy conditions and is usually paid out after 14 days.
It is most advisable to have both insurance covers in place, rather than opting for one insurance cover over the other, as they provide different benefits and are payable in a different way for and after different time periods.
If you find that you can’t get Income Protection Insurance because of your occupation, then you should consider adding personal accident benefit to your Serious Illness policy.
While Life Insurance pays out after you die, Specified Illness and Income Protection cover pay-out while you are living. You need the benefit of financial assistance at these difficult times, which is why they are often referred to as living benefits.