Specified Illness Cover


Serious Illness Cover is a benefit which pays out a tax-free lump sum if you are diagnosed with one of the specific illnesses or disabilities that your policy covers. The main aim of the insurance is to replace a loss of income due to illness.

CLAIMS BY COUNTY STATS 2011  

HOSPITAL CASH & PERSONAL CLAIM STATS 2011 

TERMINAL ILLNESS STATS 2011

Why should you consider Specified Illness benefit?

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  1. You have no other provisions in place should you be diagnosed with a serious illness.
  2. You have a mortgage, personal loans and other debts which you still have to pay even if you became seriously ill and unable to earn an income
  3. You have a family that are financially dependant on your ability to work and earn an income

It is important to realise that serious illness does not replace your income if you were out of work because of a long-term illness. The policy is designed to pay a once off lump sum rather than an ongoing income.

Accelerated Cover versus Stand Alone Cover

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Critical illness can be added to a life policy on an accelerated basis, so the payment of a claim under the critical illness cover, reduces the balance of the life cover remaining on the policy. The other option is to have the critical illness as stand alone, in this way the critical illness cover is separate from the life cover, or may even stand alone without any life cover.

Example: Accelerated critical illness-
Life of Mr. Billy Bob is assured for €250,000 with €100,000 accelerated critical illness cover, under a 35 year level term policy commencing at age 30. Billy is diagnosed at age 55 with cancer, which is one of the critical illnesses which is covered under the policy. The life company pays over to Billy €100,000. There is still €150,000 life cover on Billy's life (€250,000 - €100,000).

Billy recovers from the illness, however he dies at age 60. The life company pays out the remaining life cover benefit of €150,000 to Billy's estate.

Example: Stand Alone critical illness -
Life of Mr. Billy Bob is assured for €250,000 with €100,000 stand alone critical illness cover, under a 35 year level term policy commencing at age 30. Billy is diagnosed at age 55 with cancer, which is one of the critical illnesses which is covered under the policy. The life company pays over to Billy €100,000. There is still €250,000 life cover on Billy's life, as the critical illness cover was stand alone or separate from the critical illness cover.

Billy recovers from the illness, however he dies at age 60. The life company pays out the life cover benefit of €250,000 to Billy's estate.

Contact us to check how we can 
help you to maintain your standard of living 
or help you cope during a difficult time!

Neiland Financial Services Ltd, Carrig House, Roche's Road, Wexford, Y35 X06K- T: 053 9146592 | F: 053 9152090 | W: www.nfs.ie
Neiland Financial Services Limited T/A Neiland Financial Services, Ace Mortgage Solutions is regulated by the Central Bank of Ireland.  
Directors: Kenneth Neiland & Margaret Neiland  
Registered information:  Company No. 440364  Registered Office: Carrig House, Roche’s Road, Wexford, Y35 X06K
Neiland Financial Services Ltd