Serious illness or critical illness cover pays out a tax-free lump sum if you are diagnosed with a specified serious illness detailed in your policy.
It is a lump sum payout which differs from income protection which pays you a salary until you return to work. Serious illness cover will not replace your income if you are out of work due to long-term illness.
Not all policies cover the same serious illnesses, with some policies covering over 70 different types of illnesses. Even though policies vary, heart attacks and strokes are usually covered.
It is important to note that some illnesses may have additional criteria which have to be satisfied before a claim can be paid out.
If you think you need serious illness cover, you should find an independent financial planner or advisor who will be able to help you with the level of cover you need and where to get it.
For more on serious illness cover, check CCPC.ie or contact us at email@example.com and we’ll be happy to help assess the level of cover you need and help you get it.
Want more advice on your finances? Check out our financial resources here