Serious Illness Cover
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Serious Illness Cover
Serious illness cover is a type of insurance that provides financial support in the event that you are diagnosed with a serious illness. This coverage is designed to help alleviate the financial burden that can arise from medical expenses, loss of income, and other costs associated with the illness.
When you have serious illness cover, you will receive a lump sum payment if you are diagnosed with a covered illness. The specific illnesses covered can vary depending on the insurance policy, but typically include conditions such as cancer, heart attack, stroke, and organ failure.
The lump sum payment can be used in any way you choose, whether it’s to cover medical bills, pay for necessary treatments, make modifications to your home for accessibility, or simply provide financial stability during your recovery period.
It’s important to note that serious illness cover is not the same as health insurance. Health insurance typically covers the cost of medical treatments and hospital stays, while serious illness cover provides a lump sum payment to help with the financial impact of a serious illness.
Having serious illness cover can provide peace of mind knowing that you have financial support in place if you were to be diagnosed with a serious illness. It can help you focus on your recovery without the added stress of financial worries.
Benefits of Choosing Gallagher
The global strength of Gallagher gives you access to more insurance markets
We provide cost-effective, client-centric, and expertise-driven risk management solutions
We will assign you a dedicated and qualified business advisor with local knowledge to look after your insurance needs
In the unfortunate event of a claim, our in-house Claims Team will work on your behalf
Since 1927, Gallagher has led with integrity, ethics and purpose — the building blocks of The Gallagher Way.
Serious Illness Cover can be taken out as a policy on its own, or as an add-on to life insurance as an accelerated or standalone benefit.
Accelerated
this means that in the event of an illness claim, the life insurance amount is reduced by the illness claim amount.
For example, I have a life insurance policy of €150,000 with accelerated illness of €50,000. If I am diagnosed with a serious illness as specified in the policy conditions, €50,000 is paid to me. My life insurance is now worth €100,000.
Standalone
this means that the life insurance amount is unaffected in the event of an illness claim.
For example, I have a life insurance policy of €150,000 with standalone illness of €50,000. If I am diagnosed with a serious illness as specified in the policy conditions, €50,000 is paid to me. My life insurance remains at €150,000.
Top Tips:
Check to see if your Serious Illness benefit is accelerated or stand-alone.
Make sure your illness benefit is enough to support you and your family in the event that you cannot work due to diagnosis of a serious illness
If your Serious Illness benefit forms part of your Mortgage Protection, make sure to check if it is a fixed cover amount or if it is decreasing.