Ladies and Gentlemen a grim one this week I’m afraid.
Sometimes serious illness cover can be out of the price range for people due to its higher cost, so is there an alternative that can be used for peace of mind?
Well, the statistics show that cancer is the biggest number of claims on most serious illness policies.
Cancer incidence in Ireland
Almost 45,000 people in Ireland get cancer each year. This figure is comprised of both invasive and non-invasive tumours, as well as non-melanoma skin cancers.
It is estimated almost 25,000 invasive cases (13,152 men, 11,641 women) will be diagnosed. This excludes non-melanoma skin cancers.
Incidence of cancer in Ireland is growing, but more people are surviving cancer than ever before.
Zurich life have brought out a product that covers cancer only.
If you have life cover already then you can buy this product as a stand alone cover.
It is a term policy which means you can cover yourself for a ten-, twenty- or thirty-year term in fact right up to age 70.
As an example, a female age 30 who is a non-smoker can get cancer only cover of €100000 on a forty-year term for only €36.92 per month.
If this same lady wanted €100000 serious illness cover for this same period of 40 years, it would cost €45.47 per month.
Now imagine if you are diabetic or have other underlying conditions. You unfortunately will not get serious illness cover however you will be eligible for Cancer Cover, so you still have some peace of mind.
Now for the small print ( try and stay with me till the end please )
How does it work?
On proof of the diagnosis with Cancer of specified severity of a life insured, Zurich Life will pay the Cancer cover sum insured in force in respect of that life insured at the date of diagnosis. The cancers covered are defined in your Policy Document, which will be sent to you when the policy is issued. A copy is available from Zurich Life on request. There may be a difference between your perception of the severity of a cancer diagnosis and the actual medical definitions as set out in your Policy Document. If you require clarification, Zurich Life suggests that you contact your Financial Advisor or Zurich Life directly.
Alternatively, your doctor may be able to offer some advice on the definitions.
Partial Payments Cancer Cover Benefit This is an automatic additional benefit if Cancer cover is chosen. On proof of the diagnosis of one of a specified number of Partial Payment Cancer Illnesses of a life insured within the term of the policy, Zurich Life will pay 50% of the Cancer cover benefit then in force in respect of that life insured, subject to a maximum of €15,000.
This benefit will make one partial payment for each unrelated illness covered, for each life insured, subject to the total amount not exceeding the Cancer cover sum insured. In the event of a claim, your current and future Life, Serious Illness, Monthly Income, Cancer cover and Permanent Total Disablement (Own Occupation) sums insured will not be affected. However, you cannot claim the full Cancer cover sum insured within 30 days of the occurrence or diagnosis of a Partial Payment Cancer Illness of the same life insured. Full details are provided in the Policy Document. The Partial Payment Cancer Illnesses are defined in your Policy Document, which will be sent to you when your policy is issued. A copy of the Policy Document is available from Zurich Life on request. There may be differences between your perception of some medical conditions and the actual medical conditions set out in your Policy Document. Therefore, if you require clarification, Zurich Life suggests that you contact your Financial Advisor or Zurich Life directly. Alternatively, your doctor may be able to offer some advice on the definitions.
The following is a list of the Partial Payment Cancer Illnesses covered: • Cancer in situ – with surgery • Early Stage Bladder Cancer – of specified advancement • Early Stage Thyroid Cancer – of specified advancement • Gastrointestinal Stromal Tumour (GIST) of Low Malignant Potential – with surgery • Low Level Prostate Cancer – with Gleason score between 2 and 6 and with specific treatment • Neuroendocrine Tumour of Low Malignant Potential – with surgery • Ovarian Tumour of Borderline Malignancy / Low Malignant Potential – with surgical removal of an ovary .
So, in the event of being unable to get serious illness cover for whatever reason this product is a fantastic and cost-effective replacement.
You know the drill by now Hit the contact button bottom right
Next Week will be less grim !