Serious Illness Cover
Health is the greatest gift. Security is the greatest wealth.
Serious Illness Cover
Serious illness cover pays a tax-free lump sum in the event you are diagnosed with a number of specified serious illnesses.
As your Financial Broker we will assist you with application and ensure the policy is set up correctly in your best interests.
There are over 40 serious illnesses covered on a typical policy. Zurich Life reports that in 2015 they paid out over €17 Million in Serious Illness Claims
Broken Down as Follows:
- Males: Cancer 64%, Heart Related 24%, Stroke 5%, Multiple Sclerosis 1% Others 6%
- Females: Cancer 79%, Multiple Sclerosis 7%, Heart Related 6%, Stroke 3% Others 5%.
CANCER Accounted for 71% of total of all Serious Illness Claims.
Age Breakdown of claimants was
- Age up to 40: – Males 7% Females 18%
- Age 41-50 – Males 24% Females 32%
- Age 51-60 – Males 49% Females 40%
- Age Over 60 – Males 20% Females 10%
(Source: Zurich Life Assurance 2015 Serious Illness claims)
Income Protection
Accident or illness. Can’t work. Don’t worry.
Income Protection pays a taxable income if you are unable to work for more than the deferral period due to illness or injury. The premiums are tax deductible at your own marginal rate of tax.
The key question with this cover is when should the benefit start paying out? The “deferred period” is usually 13 weeks. This means you must be off work for more than 13 weeks before the insurance kicks in. After that time you are covered up to the chosen age of retirement should your illness or disability last that long.
If your job covers your income for long periods, or if you have significant financial resources to support you, you could take a longer deferred period, which would reduce the cost of the cover. Alternatively, you might seek a shorter deferred period, which is available for certain occupations.
Some occupations will not be eligible for cover while others will attract higher premiums. You should discuss the nature of your job, particularly any risk factors associated with it, with your Financial Broker so we can give you a clear idea of the cost and availability of cover. We will ensure the policy is set up correctly to maximise its advantage to you.