Serious Illness Cover

Serious illness insurance pays you a tax-free lump sum if you are diagnosed with one of the specific illnesses or disabilities that your policy covers. Not all policies will cover the same illnesses, or common illness, such as angina, back injury and treatable cancers. At Allied Financial we will discuss all the details of the illnesses covered before you take out a policy, so that you have a clear understanding of what your policy covers.

How it works

Having financial support at a time of physical and emotional stress can ensure that you are able to take the time off work, pay for specialist treatment or even cover day-to-day household bills such as childcare. Serious illness cover can be purchased as an additional benefit to most life insurance policies. It pays out a tax-free, cash lump sum if you are diagnosed with a life-threatening illness such as cancer, heart attack or stroke.

A little goes a long way

Even a small amount of serious illness cover can go a long way. If you need €2,500 every month (€30,000 in a year) to cover your household expenses, the good news is that it’s relatively inexpensive. The table below shows how far even a small amount of cover could go.

Source: Zurich Life, May 2018. Based on a 40-year old non-smoker with serious illness cover for a term of 20 years. A government insurance levy (1% as at May 2018 and may change in the future) applies to this policy. These sample premiums do not include this levy.

Summary of Benefits

• Protects the well-being of and provides a lump sum payment to your family if you are unable to work.
• Provides a tax-free, cash lump sum to you if you are diagnosed with a specific serious illness.
• Covers a wide range of illnesses.
• Innovative cancer-only option available.
• Your policy can cover more than one person.
• You can increase cover at times when you need it.

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