Specific illness cover options are now becoming more popular and affordable.
This is particularly so with cancer considering its occurrence rate is greater than 1 in 4 of the general population.
It is true to say that we don’t have to have to look too far in life to know someone who has been afflicted by the devastating news that they have been diagnosed with cancer.
Whilst thankfully with the advances in medical science, the survival rates of various forms of cancer are improving. However it is still devastating news for anyone who is affected by this disease.
From our perspective as Financial Advisors we witness first hand the financial implications that being diagnosed with cancer can bring with regards to the affect it may have on the household income and indeed the increased medical expenses that can arise.
Traditionally someone could take out a serious illness plan which would be designed to pay out a lump sum on diagnosis of various specified illnesses.
However looking at some recent research released by Zurich Life, they confirm that in 2012, of their illness claims for females 88% were for cancer and the corresponding figure for males was 53% .*
This demonstrates that a high percentage of claimants have benefited from having that type of cover. For many people however the cost of putting this cover in place on a standard serious illness plan due to the cost meant that such cover was unattainable.
However it is now possible to put Cancer Cover Only in place and as the cover is solely based on that type of illness the relative cost of the cover is reduced. For example a 25 Year Old Female/Male taking out €100,000 Cancer Cover would be €11.53 per month.**
UPDATE: You may be able avail of FREE cancer insurance and save 30% or more of on your current life premium. If you have taken out life or mortgage protection during the expensive boom years, this could be an ideal solution. See how much you can save here.
This certainly merits some thought and for many people taking out the additional peace of mind this type of cover would bring may just be attainable.
If you would more detailed information you contact our advisors for a no- obligation chat on 01-8693400 or use our contact form.
*Source Zurich Life June 2013 ** Based on Zurich Life Cancer Cover Plan