Critical Illness Cover is an insurance policy that provides a payment (up to the amount specified in the policy) in the event of you contracting a critical illness. Most importantly Critical Illness Cover provides the payment upon first diagnosis of the condition and so the payout is made whether you make a full recovery or require on-going medical treatment for the rest of your life.
Income Protection is another excellent way of insuring your financial position should you become ill. This popular insurance covers a percentage of your salary for any health issue, so if you have anyone financially dependant on you, it offers a great sense of security in the event of any untimely adverse event.
Critical Illness Cover is also known as "Serious Illness Cover" and more technically as "Specified Illness Cover" because there is typically a specific list of illnesses and conditions that are covered. These include chronic conditions such as multiple sclerosis, motor neuron disease and cancer, to strokes, heart attacks, organ failure and even loss of hearing, speech or sight, etc. This is not an exhaustive list, so please contact us for a more detailed list of conditions covered.
None of us likes to think about falling ill, but statistically the chances of contracting a critical illness before age 65 is 1 in 4. However you are more likely to survive a critical illness than to die from it prior to age 65. Although this is good news you will still require hospitalisation and may not be able to work for some time, if at all. Additionally, your family's lives, earnings and costs will be affected while they visit you and perhaps tend for you during your recovery. Because of this,Critical Illness Cover or Income Protection make an excellent addition to a life insurance policy.
Recent claims history (2011 from Aviva) have shown some interesting statistics:
* Heart related illnesses accounted for 29% of all male specified illness claims, compared with 6% of females.
* 60% of all specified illness claimants were under 50.
* 73% of all claims were cancer related and breast cancer accounted for 50% of all female specified illness claims.
The average age of claimants for Specified illness cover were Male 51 and Female 46.
The average claim paid for Specified illness cover in 2011 with Aviva was €104,394.
Cancer accounted for 73% of all claims in 2011 and heart related illnesses accounted for 19%, so between heart and cancer illnesses, they totalled 92% of all claims which is a major issue.
With cancer rates set to double within 20 years in Ireland, it is likely that the cost of Critical Illness cover will rise going forward.
If you worry about taking care of your family in the event of you contracting a critical illness or serious and prolonged medical condition, then Critical Illness Cover provides the ideal protection. In most cases this is very affordable and allows you to choose the amount of protection you require.
So, make sure that if you do contract a critical illness, you can recover and convalesce without worrying about your family’s future and security. Contact Financial Architects and we can help you decide exactly how much protection you require and then provide the appropriate critical illness cover for your needs. Call us today or simply fill out the form to the right and one of our team will contact you to discuss your needs further. Alternatively feel free to visit our main website for more information on our products and services. Why deal with us? Financial Architects are the only Financial advisors in Ireland to receive an award for educational achievements in 2010 from the Irish Brokers Association. As Qualified Financial Advisors, we specialise in insurance. We are fellows of the Life Insurance Association of Ireland and have several other professional finance qualifications. So you not only get a great view of the market but also expert advise with an unrivalled service. Contact us today.
