Specified Serious Illness Cover
Nobody likes to think about the risk of serious illness, however, unfortunately, for many people it can have far reaching consequences.
A report by the Irish Cancer Society highlighted the severe financial implications of cancer on Irish families. This report surveyed cancer patients and their carers on the financial cost associated with a cancer diagnosis.
It revealed that the average additional cost of a cancer diagnosis is EUR 756 per month, with many facing outgoings of up to EUR 1,000 per month.
Vital financial support
If you suffer from a serious illness such as Cancer, a Heart Attack, or a Stroke, it could prevent you from working and you could find yourself struggling financially at a time when money should be the last thing on your mind. Take a moment to consider the financial problems a serious illness could bring to you and your family.
Please ask yourself:
Will I have the money to help me access the best medical care and assist my recovery?
Could my employment and income be impacted by a serious illness?
Will I have enough money to pay my mortgage or rent every month?
What about my family? If I am unfortunate to suffer from a serious illness, could this impact their day to day living, education and future?
What is specified serious illness cover?
Serious Illness Cover is a type of insurance policy that pays out a cash lump sum if you get one of the many serious illnesses covered by the plan – illnesses such as Cancer, a Heart Attack, or a Stroke*. * Claims are subject to policy terms and conditions. Please see the policy document for the full definition of illnesses.
A cash lump sum paid to you could help remove some of the financial and emotional stress associated with a serious illness – to enable you to take the time off work, to help pay for specialist treatment and/or even to help cover day-to-day household bills such as childcare. Serious Illness cover can be set up so that it covers both you and your partner – and if you have children, they are also automatically covered should they suffer a serious illness*. You decide how much financial cover you need, and the cost of the plan is based on criteria such as your age, smoker status, and medical history.
What Specified Serious Illnesses are covered?
Cover can provide protection for over 70 different serious illnesses including the three most common: Cancer, Heart Attack and Stroke.
In fact, these three illnesses alone accounted for over 80% of claims.*
While many serious illnesses are wholly life changing, others are less so. To ensure you have the fullest protection, our serious illness plans cover a wider range of serious illnesses by way of a ‘partial payment’.
The pay-out for these is 50% of the amount of cover up to a maximum of EUR 15,000.
Some examples;
Cancer related illnesses Full payment illnesses covered: Cancer – excluding less advanced cases Partial Payment Illnesses covered: •Cancer in situ – with surgery • Early Stage Bladder Cancer – of specified advancement • Early Stage Thyroid Cancer – of specified advancement • Gastrointestinal Stromal Tumour (GIST) of Low Malignant Potential – with surgery • Low Level Prostate Cancer – with Gleason score between 2 and 6 and with specific treatment • Neuroendocrine Tumour of Low Malignant Potential – with surgery • Ovarian Tumour of Borderline Malignancy / Low Malignant Potential – with surgical removal of an ovary • Pituitary tumour – resulting in permanent symptoms or surgery
Heart, Cardiac and Blood Disorders Full payment illnesses covered: • Aorta Graft Surgery • Aplastic Anaemia – of specified severity • Balloon Valvuloplasty • Cardiac Arrest – with insertion of a defibrillator • Cardiomyopathy – permanent and of specified severity • Coronary Artery Bypass Graft • Heart Attack – with clinical proof • Heart Structural Repair – with thoracotomy • Heart Valve Replacement or Repair – with surgery to divide the breastbone • Peripheral Vascular Disease – with bypass surgery • Primary Pulmonary Hypertension – of specified severity • Pulmonary Artery Surgery – with surgery to divide the breastbone
Partial Payment Illnesses covered: • Angioplasty for Coronary Artery Disease** • Aortic Aneurysm – with endovascular repair • Carotid Artery Stenosis – treated by Endarterectomy or Angioplasty • Implantable Cardioverter Defibrillator (ICD) for Primary Prevention of Sudden Cardiac Death • Peripheral Vascular Disease – treated by angioplasty • Permanent Pacemaker Insertion.
Stroke Related Full payment illnesses covered: • Stroke – resulting in specified symptoms • Spinal Stroke – resulting in permanent symptoms.
If you think that serious illness could put you or your finances at risk, then please call us for a quotation.
* Source: Zurich Life, May 2021. **Partial pay-outs for Angioplasty for Coronary Artery Disease are subject to the lesser of 50% of the Serious Illness sum insured and €5K (or €100K depending on the number of arteries treated).
Want to know more? We are available to discuss your options, and we look forward to hearing from you.
Our job is to help you choose a product and structure that will help you meet your goals.
telephone | 091441188 and/or email | office@nelsonlife.ie
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