Illness Cover Options
Cover for illnesses
Insurance cover in case of an illness, can be a great comfort at a time when you may need all the help you can get.
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There are a range of insurance products in this area and we have set out below a brief guide to the alternatives.
Serious illness cover
Serious illness cover is often referred to as critical illness cover and the terms are interchangeable.
This type of insurance pays out a lump sum on diagnosis of a serious illness condition, such as heart attack, stroke or cancer and a whole host of other serious illnesses. The premium is generally fixed for the term of the policy. It is often taken out when purchasing a home so that the mortgage is paid off if you get a serious illness covered under the policy.
This insurance covers up to 75% of your income if you are unable to work due to accident or illness. There is generally a waiting period before you can claim under this policy, anything from one month to six months and the longer the waiting period the cheaper the premium.
The key difference between this cover and serious illness cover is that the illness need not be "Serious "as in the likes of cancer or stroke or heart attack but it must be of such severity that you cannot do your job.
Illnesses such as back problems or mental health problems not covered under serious illness could be covered under income protection, depending on the nature of the illness
Most people are familiar with medical insurance such as policies provided by the VHI or Laya.
They are often called health insurance policies but in reality they are medical cost insurance because the aims of the policies are limited to covering some or all of the medical insurance costs associated with an illness or an accident.