5 Facts About Serious Illness Cover Nobody Tells You

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When it comes to understanding Serious Illness Cover, there’s often a gap between common knowledge and the reality of how these policies work and impact individuals. 

Serious Illness Cover, also known as Critical Illness Cover, offers a financial safety net, providing a lump sum payment if you are diagnosed with one of the illnesses specified in the policy. 

While many are familiar with the basic features of these policies, there are several lesser-known facts that can significantly enhance your coverage and peace of mind. Let’s delve into these often overlooked details.

Coverage for Your Children

If you have a Serious Illness Cover policy in place, it extends protection to your children as well. This coverage applies to all your children from birth until they turn 18 years old, or 21 if they are enrolled in full-time education, for the duration of the policy term.

The cover for Serious Illness is 50% of your policy amount (or the higher level for Dual Life policies) at the time of diagnosis, with a cap of €25,000. 

Additionally, your children are entitled to one partial payment (less severe illness) of 50% of your Serious Illness Cover (or the higher amount for Dual Life policies) at the date of diagnosis, up to a maximum of €7,500.

To qualify for the Children’s Serious Illness Cover benefit, the child must survive the serious illness for at least 10 days following the diagnosis. Additionally, any pre-existing medical conditions are not covered under this benefit.

Support for Mental Health Issues

Getting a Serious Illness Cover that includes mental health benefits can be quite beneficial, especially in Ireland, where mental health concerns are becoming more prevalent. 

Typically, Serious Illness Cover is designed to protect against physical health issues. However, Royal London has taken a pioneering step by being the first to offer a Serious Illness Cover that includes partial payments for adults undergoing treatment for specified severe mental illnesses.

This inclusion reflects an understanding of the substantial impact that severe mental health problems can have on an individual’s life and their ability to work. 

Coverage for mental health issues under these policies can provide critical support, helping to cover costs associated with treatment and recovery.

Discover more by exploring our article that delves into the details of mental health coverage, including eligibility criteria, additional benefits, and more.

Additionally, Aviva offers a valuable free service to those who take out a protection policy, focusing particularly on mental health support. 

Aviva Care is designed to provide you with access to essential mental health resources, including counselling and therapy sessions, at no additional cost. 

Aviva Care can be accessed by you, your spouse, partner or children up to the age of 18 or 23 in full-time education.

You Can Claim More Than Once

One of the most significant features that people may not be aware of is the ability to claim for Serious Illness Cover more than once. 

This is possible through what is known as Multi-Claim Protection Cover. Unlike standard Serious Illness policies, which typically cease after one claim, Multi-Claim Protection Cover allows you to make multiple claims if you are diagnosed with another specified illness different from the one you’ve already claimed for. 

This is particularly beneficial, as it acknowledges that a person can unfortunately suffer from more than one serious illness in their lifetime.

It’s important to understand that the conditions for subsequent claims may vary, and there might be specific terms and periods that need to be adhered to. 

Explore our article to learn more about Multi Claim Protection Cover.

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Renew Your Policy Without Proof of Health

This is one of the most beneficial features for long-term security. 

Choosing a Conversion Option in your Serious Illness policy allows you to switch your coverage to a similar type of policy later without needing to show proof of good health.

You can convert your plan anytime before you turn 70 if it has specified illness benefits. If you want your new plan to include the option to convert, you need to do it before you turn 65.

The conversion option is offered for both Serious Illness and Life Insurance policies.

Example:

Imagine you purchase a new Serious Illness policy to extend your protection beyond the expiration of your current policy. 

If you develop a health condition by the time this policy ends, your provider could refuse to insure you further if you haven’t chosen the convertible option on your policy.

However, if you select a conversion option, you can renew your existing policy without needing a medical exam or providing proof of good health when you convert.

Protection Against Less Severe Illnesses

Typically, Serious Illness Cover provides a lump sum payment if you are diagnosed with one of the severe illnesses specified in the policy during its term.

However, you may be eligible for partial payments if diagnosed with a less severe illness.

You could receive a partial payment of up to €15,000 or 50% of your Serious Illness Cover at the time of diagnosis, whichever is less, except for Coronary Angioplasty (of specified severity). 

This feature can be particularly helpful, providing financial support during less critical but still serious health issues and allowing you to manage treatment costs without dipping into savings or other financial resources.

Please note that this information may vary between providers. We recommend speaking with one of our financial advisors at LowQuotes to obtain detailed information tailored to your specific circumstances.

Get your Serious Illness Cover quote with LowQuotes

Secure your future and ensure peace of mind by getting a Serious Illness Cover quote with LowQuotes today. Our dedicated team offers tailored advice to help you find the coverage that best suits your needs and budget. 

With LowQuotes, you can easily compare options from top providers and make an informed decision that provides the protection you deserve. 

Alternatively, you can read our article, Serious Illness Cover Explained, where we clarify the most frequently asked question about this insurance.

We also provide a wide variety of financial services, such as mortgages, life insurance, pensions, financial planning, health insurance, and savings & investments

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All our content has been written or overseen by a qualified financial advisor. However, you should always seek individual financial advice for your unique circumstances.

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