February 1, 2011 at 8:32 pm #10918
It’s very easy to confuse the various types of cover associated with the words "health" or "illness", but very important to know the difference; Health insurance can be of great benefit to people when they have to undergo hospital treatment or tests. However, the difference with Specified Illness Cover (also sometimes referred to as "serious illness" or "critical illness" cover) is that it pays out a tax-free lump sum on diagnosis of one of the specified illnesses covered. It is not dependant on how long you are in hospital or whether you are off work, it pays out the lump sum irrelevant of these factors. So if someone has €200,000 serious illness cover in force and they are diagnosed as having had a heart attack, a stroke, cancer or one of the many other specified illnesses, then they receive a €200,000 payment, tax-free. Please feel free to contact me for a no-obligation quote or to find out what type is most appropriate for your circumstances. You can either PM me here or email email@example.comFebruary 7, 2011 at 5:45 pm #109502bubblesueMember
This one always confused me! between health insurance, medical insurance, accident insurance etc. it can get quite confusing 😕
Do they pay out straight away or is it in instalments? what illnesses are covered?February 7, 2011 at 5:58 pm #109505
Yeah, it can all get a bit confusing Bubblesue, the terminology between different companies doesn’t help either. Our role is to cut through a lot of the confusion and be able to advise what is most appropriate for each client. Being independent gives us the ability to serve the client best.
There is a host of different specified illnesses covered, they differ slightly from company to company, but all quite similar. The most common ones are heart attack, cancer, stroke, multiple sclerosis, and paralysis but there are many more. Basically, according to Irish mortality and morbidity statistics, you have a 1 in 4 chance of suffering one of the listed illnesses before age 65!
The pay out is a single, tax-free lump sum. Feel free to contact me if you have any other questions.February 9, 2011 at 12:20 pm #109611
Incidentally, worth mentioning that if you have specified illness cover, your children are all automatically covered for a standard amount (usually about €20,000) up to about age 18. Even if you had no children when you took out the plan. You don’t need to list them at the time but in the event of a claim (and I have had children’s claims!) you just confirm identity (even if they are your adopted children!). It’s not an area we like to think about but it is a reality of life, and anyone that has walked around Our Lady’s Hospital for sick children in Crumlin will not need to reminding! In the event of a payout for children’s specified illness cover, it does not affect the adult’s cover in any way and there is no additional cost for this benefit when taking the plan out.
This also goes for life cover, if you have modern life cover, children will also be covered (usually for a standard amount of about €4,000) and a claim does not affect the adult cover.February 9, 2011 at 12:57 pm #109613rossylisaMember
We always thought we were covered for this also, had to change our policy recently to add it on 🙄February 9, 2011 at 1:20 pm #109614
Glad you have it Lisa! As I usually say to people taking it out, "I hope it’s a complete waste of money for you", in other words, I hope they always stay in excellent health, but the reality is, 1 in 4 of us will suffer one of the specified illnesses listed before we even reach age 65! It’s usually hard for people to visualise the impact it can have until it happens, and then a payout of €100,000 or €200,000 or whatever someone is covered for, is a lifeline in many cases!
If you ever want comparison quotes or even have friends or family that have not examined their options in this area, feel free to contact me. There is no charge or obligation for a consultation or even just to get some idea of quotes!
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