Specified Illness – Loss Of Income Cover
Specified Illness
Life insurance pays on death claims, while specified illness pays a lump sum should the insured be diagnosed with a specified illness as per the policy conditions. The aim of this policy is to pay the insured a lump sum which will enable them to pay in full or reduce any loans or mortgages, maintain their current standard of living, obtain proper medical care, pay for expensive operations and hospital expenses.
Specified illnesses include cancers, heart attack, stroke and heart bypass surgery to mention a few and we will explain the cover provided, the illnesses definitions and any policy exclusions applicable. This insurance cover can be added to your main life assurance plan or may be arranged on a standalone basis. There is a wide variety of insurance plans available and we will be able to advise you on the most suitable policy for you.
Income Protection
This type of policy insures against your loss of income in the event that you cannot continue your usual occupation as a result of an illness or an accident. The aim is provide the insured person with a monthly income to cover a percentage of the salary so that the mortgage and other expenses can still be paid, despite the fact the person is not working.
An important cover to have if your are self employed, as there would be no entitlement to social welfare payments and therefore, must rely on cash reserves that the business has accumulated. An essential cover to have for all those who are employees.
The premiums payable are fully tax deductable within certain limits and the aim of the policy is to provide you with an income payable in the event that you do not recover from your illness or injury until your 70th birthday. We will advise and arrange the most suitable income protection policy for you based on your circumstances. The policy can also be paid by your company.