Serious illness cover is essential in helping to financially protect individuals and families when facing life-altering health conditions.
Serious illness cover provides a tax-free lump sum if you are diagnosed with a specified critical illness covered by your policy, such as cancer, stroke, or heart disease. The purpose is to give financial support for costs like medical treatment, rehabilitation, or income loss during recovery. At Smart Financial, we recognize that each client’s needs are unique, and we work with you to customize cover that meets your specific health and financial goals.
This cover is essential if you’re concerned about how you would manage financially during a health crisis. Critical illnesses often require long recovery times and high medical expenses, leading to a potential drop in income. Serious Illness Cover bridges this gap, providing financial stability during challenging times.
Typically, policies cover major illnesses such as:
Each policy may vary, so it’s essential to review and understand what is covered.
The amount you need depends on factors like:
Our advisors at Smart Financial can help assess your needs and recommend a suitable coverage amount.
As a self-employed professional without employer benefits like sick pay or income protection, Sarah relies entirely on her income for household expenses, making her financially vulnerable if she faces a serious illness. Her monthly expenses include:
Total monthly expenses: €2,800
Estimated monthly income loss: €4,000
After assessing her finances, we worked with Sarah to determine that €100,000 in Serious Illness Cover would be appropriate. Here’s why:
With €100,000, Sarah would have enough to cover her essential monthly expenses of €2,800 for at least 24 months, giving her two years of financial breathing room if she were unable to work. This duration provides her with:
Although Sarah has health insurance, it may not cover certain treatment-related expenses, such as:
The lump sum from her Serious Illness Cover can help cover these potential gaps.
As the sole provider for her children, the policy would also allow Sarah to maintain their standard of living and cover education costs, ensuring minimal disruption to her family’s routine during her recovery period.
For Sarah’s age and health profile, the monthly premium for €100,000 in Serious Illness Cover is estimated between €45 and €60, depending on the insurer and specific policy
features.
With the recommended €100,000 in Serious Illness Cover, Sarah gains peace of mind, knowing that she has a safety net in place if she faces a critical health issue. This tailored policy addresses her unique needs as a self-employed professional with dependents, giving her financial resilience during a potentially challenging time.
Pension Term Assurance is a type of life insurance specifically designed to provide financial security if the policyholder passes away before reaching retirement age.
Executive Pension Term Assurance is a life insurance policy tailored for company directors, providing life cover with tax efficiency. Businesses can fund it as a company expense, potentially reducing corporation tax.
Inheritance tax, or Capital Acquisitions Tax (CAT) in Ireland, can be a significant financial burden on beneficiaries, especially if a large estate includes valuable assets like family homes.
When planning long-term financial security for your loved ones, Whole of Life insurance is a key product that ensures protection throughout your life.
Level Term insurance provides affordable protection by guaranteeing a payout to beneficiaries if the policyholder passes away within a set term.
Get help from Smart Financial knowledgeable life insurance advisers to discover coverage that meets your requirements.
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Serious illness policies usually cover major conditions such as cancer, heart disease, stroke, and other life-threatening illnesses. Policies vary, so we recommend consulting our team to confirm specific illnesses covered.
The cost of serious illness cover varies depending on factors such as your age, health, and the level of cover you choose.
Once diagnosed with a covered illness, the policy pays out a tax-free lump sum that can be used for any purpose, such as medical bills, household expenses, or income replacement.
While Life Insurance offers a payout upon death, Serious Illness Cover is specifically designed to support you if you survive a major illness. Both can be combined in a comprehensive policy to protect you and your family fully.
Pre-existing conditions may affect your eligibility or premium rates, but some providers will still offer coverage. We can help assess options tailored to your health background.
Yes, many providers allow you to add serious illness cover as a rider to your life insurance policy, making it more comprehensive.
Most policies have a waiting period (e.g., 90 days) before coverage begins. Claims made during this period are typically not eligible.
Serious illness cover is a protection policy, so there is no payout if you don’t make a claim. However, the peace of mind it offers is invaluable.
Yes, you can cancel your policy, but you may lose coverage and any benefits. It’s best to consult with us to understand the implications before cancelling.
