Do you need serious illness cover?
It is widely assumed that when considering serious illness insurance, the only serious illness protection option available to most people is critical illness protection, but this is not necessarily the case. Serious illness cover typically provides similar levels of protection but for a far wider range of illnesses and medical conditions, as well as using a sliding scale method of calculating your benefit entitlement under the policy.
With serious illness cover, the severity of a medical condition and its potential effect on the policyholder's lifestyle are both taken into account when determining how much benefit is to be paid out under a serious illness cover insurance policy.
What is the difference between serious illness cover and critical illness cover?
With critical illness cover, the policy pays out agreed sums in relation to a limited range of more serious medical conditions and diseases. Once a claim has been made on the policy, cover ends and the policy ceases.
With serious illness cover, you are effectively covered for a wider range of medical conditions so there may be an increased chance of receiving a benefit from a serious illness insurance policy as its cover extends beyond the limited but more serious range of conditions covered under a critical illness policy.
The likely benefit from a serious illness cover insurance policy may be less, depending upon the severity of the condition. Also, serious illness plans continue to provide cover, regardless of the number of claims made, up the point where the sum insured under the insurance policy is reached. Unlike critical illness protection, serious illness insurance policies can remain in force after a claim has been made.
Is serious illness cover right for me?
If you require financial protection against a wider range of medical conditions, but potentially with a lower payout, then serious illness cover might be right for you. For a narrower, more restricted range of serious medical conditions and with a potentially higher financial benefit, then critical illness protection is possibly more appropriate to your needs.
Frequently asked questions
How much is serious illness cover?
Monthly premiums will be based on several factors, including the level of cover that you want to receive should you need to make a claim. Other factors taken into account that will affect your premiums include:
How many illnesses are covered under a serious illness plan?
While the range and number of illnesses covered under a serious illness insurance policy is quite extensive, individual insurers will each have their own list of conditions covered, upwards of 150 different illnesses and medical conditions.
Can I increase the sum insured under a serious illness insurance plan?
Some serious illness cover policies will allow you to increase the amount of benefit payable under the policy, should you have made a claim. Typically this will not require further underwriting by the insurer.
Who can take out a serious illness policy?
Serious illness cover is available to almost anyone who wishes to protect themselves, their family or even an employer wishing to provider protection for their employees.
How can QuoteRack help with serious illness cover?
If you would like a serious illness insurance quote, QuoteRack will submit your details to a specialist insurance intermediary who understands this market and who will be able to offer you advice on the appropriate level of serious illness cover.
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"The amount paid out by serious illness insurance will depend upon the severity of the condition and will take into account its impact upon your lifestyle, too"
"Most critical illness policies cover an average of 34 conditions, whereas serious illness cover can cover over 150 - that's quite a difference in insurance cover"