Why Life & Serious illness Cover?

What does Life and Serious Illness Cover provide?

On Death
Should you pass away during the policy term it pays out a tax free lump sum to your loved ones so they can cover financial commitments such funeral expenses during this difficult time.

Serious Illness
Serious Illness policies will pay out after a period of 14 days if you are diagnosed with a specified serious illness. The illness should be specified on the list of covered on your policy, such as cancer, stroke and heart attack. This money can help pay bills and mortgage / rent during this difficult time.

Convertible Option
If you choose to take it out allows you to extend the policy term at any time during the term. If you took out an initial 10 year term for example before the policy ends you can extend the term without any further medical questions (Guaranteeing you cover again).

Indexation
If you choose to take it out protects your level of cover against the effects of inflation. Your level of cover and premium will increase by 3 or 4% per annum. You can stop in indexation and maintain a level benefit at any time.

How do I apply for cover?

We compare the cost and benefits of the leading Big 6 life companies in the Irish market.
You choose which life company you want to apply with based on the price and benefits they offer.
Apply for your cover online – It takes 4 or 5 minutes to complete and sign your application online.

We’ll give you an online discount of up to 20% for filling out the application online.
You’ll see the standard price and the apply online price. Apply online, complete the applications and sign in minutes!

Do I need Life and Serious Illness Insurance?

Taking out Life and serious illness cover is an important decision. If you have dependents and a family often the passing of a spouse or partner can significantly impact on the finances of the surviving spouse / partner. An illness can prevent you from working and can mean your income stops. You may need 3,6 or even 12 months or longer to make a recovery. This cover alleviates the financial distress this can cause allowing you to focus on getting better.

Serious Illness cover provides a tax free lump sum after 14 days on survival of a serious illness. This cover will provide a cash lump sum to live from and allow you to continue life style and pay your important bills and put food on your table. You are much more likely to become seriously ill during your life time than to die prematurely.

Key Questions to ask yourself to see if you require life and serious illness insurance are:

• Do I have enough savings to support me through a period of ill health?
• Who and how would they pay for my funeral if I was to pass away?
• If my income was to stop for 6-12 months due an illness how would I pay the bills ?
• Am I the main income earner in my home, if so how much cover do my family need if I die?
• Have I protected my family sufficiently from the financial implications of death or illness?

Your Key Options

1. Choose your level of cover
This could be calculated as a multiple of salary or the level of loan you have outstanding. Sometimes your budget dictates your level of cover so we can get you as much cover as we can for your specific budget.

2. Choose your Term of cover
This is often set to retirement age, average life expectancy or perhaps taking your youngest child to 21. A convertible option can extend the term of your initial policy if you decide you want cover for longer.

3. Level or decreasing, Joint or Dual cover?
Level life and serious illness cover is a fixed level of cover that remains level (the same amount) for the term. Decreasing cover is cover that reduces from the initial level as the term passes, normally used to cover a reducing loan such as a mortgage. Dual cover covers two people independently and can pay out twice (Double cover). Joint cover covers two people but only for one pay out and is sometimes called (joint life first death only).