People insure everything in their lives, from their cars to their homes, their income, and their businesses. But what if something were to happen to you? Would you or your loved ones be able to financially maintain the current cost of living?
Multi-Claim Protection Cover is a unique, severity-based policy that protects you from a broad range of possible health issues that might impact you and your financial well-being. It can potentially payout multiple times, so you can retain some level of cover even after making a claim. For the most severe health events, such as death and terminal illness, the full amount is paid out; lesser amounts are paid out for illnesses having a lesser effect on your health and lifestyle.
Multi-Claim Protection Cover can be added to an existing life insurance policy or purchased as a standalone product. Selecting the correct policy for you ensures peace of mind for your loved ones to maintain their lifestyle if the worst should happen.
What’s the difference between specified serious illness cover and Multi-Claim Protection Cover?
Serious illness and Multi-Claim Protection Cover are both types of insurance policies that offer financial protection in the case of specific medical events. However, there are key differences between the two.
– Multi Claim Protection Cover tends to be far more flexible in covering a range of illnesses.
– Less serious illnesses are covered under the policy.
– The previous policy is retainable even after previous health issues
It’s important to carefully review the terms and conditions, coverage limits, and exclusions of any insurance policy. We at LowQuotes can help you navigate through the specifications of each type of insurance to find the best solution that suits your needs.
Is Multi-Claim Protection a viable choice for people who had their Serious Illness application denied?
Yes, if your Serious Illness application was denied due to a pre-existing condition, such as heart issues, cancer, or diabetes, you can still get Multi-Claim Protection cover with relevant exclusions.
You can read more in our article: Does Critical Illness Cover Heart Attack?
Another option if you have health conditions that prevent you from getting serious illness insurance is Cancer Cover. Cancer Cover is offered by Zurich and is different from traditional serious illness plans because it focuses solely on cancer. It’s important to take into account that 80% of serious illness claims involve cancer.
When a policyholder is diagnosed with cancer according to the policy’s definition, Cancer Cover policies often pay out a lump sum of money that can be used to cover medical bills, maintain the policyholder’s lifestyle, or cover other costs related to the condition. You can read more about it in our article.
How does Multi Claim Protection Cover work?
Once notified of a claim, Royal London will send out a claim form. The form is to be completed and returned at your earliest convenience. Reasonable proof of the medical condition should be included. This can be done by a medical examination report.
Once evidence is sufficient, a tax-free payment is paid anywhere from 5%-100% of your cover, varying on the specified illness. However, one major advantage is that claims can be made until 100% of the cover is used up.
If you have any doubt if what type of insurance is better for you, we can help you find the best protection considering your personal situation and needs.
When do I take out a policy?
Making financial plans does not seem to be a priority for people aged 20 or even 30. Taking out a life insurance policy does not cross their minds as they try to figure out their next step in life.
Premiums for multiclaim protection policies generally increase with age, as the risk of developing critical illnesses typically rises as you get older.
Ensuring your financial stability is always a priority regardless of age. LowQuotes will help you obtain as much information as you need to cover you, for the best price available. Click the button below to get started.
Multi-Claim Insurance – Types of Cover
Getting a quote by yourself and taking out a single policy.
This policy covers both you and your partner and will pay out in the event that one policyholder passes away.
Dual cover will continue to pay out after the death of the first policyholder and will continue to pay out after the passing of the second policyholder to the family of the deceased. We recommend this over Joint as it comes free of charge.
Why Should I Have Multi-Claim Protection cover?
Peace of Mind: Not knowing what is around the corner can be daunting. A Multi-Claim Protection policy can help with your mental well-being providing comfort in difficult times.
The Price: The earlier you buy a policy, the less you’ll have to pay. People believe that being young and healthy means that a life insurance policy would not be beneficial to them at a young age, but on the contrary, it’s for exactly this reason that you can save a substantial amount when paying for your policy.
Paying off Debts: In the event of your death, it will ensure that your loved ones have sufficient funds to pay off the loans.
Multi-Claim Protection Cover – Additional Benefits
With Multi-Claim Protection cover you have the opportunity to avail yourself of many benefits provided by Royal London.
Hospital Cash Benefit
Payment is made if you are hospitalised for more than 72 hours. The cover can range between €30 – €300.
Guaranteed Increase Option
A policyholder has the option to increase their coverage without providing evidence of their current health conditions. The provider’s terms & conditions vary, contact LowQuotes to get a better grasp on the benefit.
Funeral Expenses/ Accelerated Payments
Funeral expenses of up to €10,000 are paid. Read more about the terms and conditions explained by Royal London, here.
Monthly Income on Death
In the event of a death, a monthly benefit with a minimum amount of €5,000 is spread over the term of the plan. This benefit must be selected from the outset.
Terminal Illness Benefit
This benefit is paid out to the client if he is diagnosed with a terminal illness during the remaining 12 months of the policy.
Medical 2nd Opinion – Helping Hand (Royal London)
Children’s Life Cover – Payments made out of up to €7,000 in the event of the insured child’s death. The maximum age at which a claim can be made is up to 18 years old, or 25 if they are in full-time education.