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The Value of Serious Illness Cover

20 Sep 2017

Unplanned and unexpected – the diagnosis of a serious illness can cause an unprecedented amount of stress upon not just yourself, but your family and dependents too. Securing a financial safety net is key to lifting some of the weight off your shoulders in the event of being diagnosed with a severe ailment.

So What Is Serious Illness Cover?

Designed as a lump sum payment to help tackle ongoing medical costs, loans or a reduction in income, serious illness cover has no restrictions on how the monies are used at such times, allowing you to alleviate any difficulties in the most appropriate way for yourself – whether it’s to pay bills, making modifications to the home, allow time off work, etc.

Most people are caught off guard by the onset of a serious illness – particularly if there were no previous signs (hereditary illness, for example). Make sure you’re prepared by making note of the events and considerations that can trigger the need for this kind of cover:

Age: something none of us have control over! Even if you continue to enjoy good health as you grow older, the premiums for this type of cover will increase to reflect your age and higher risks. The sooner you have this cover in place, the better for your pocket as these increased costs can become relatively high. Take advantage of the now to guarantee security for the future.

Autoimmune Diseases: commonly including Crohn’s Disease, Coeliac Disease, Lupus, Graves Disease, Ulceratic Colitis and more — every single one of the illnesses listed in this chart are most likely to happen when you’re thirty years old or indeed younger. They are not usually associated with older clients, highlighting the need to consider buying cover when you are as young as possible!

Weight Gain: As we age, our metabolism ceases to be as efficient as it has been. The likely results of some weight increases can impact on the ability to secure serious illness cover. If your body weight is well within what’s considered the ‘normal limits’ for your age, you are much more likely to secure ‘standard acceptance terms’.

Family History: You can’t choose your family, a truism especially for applicants seeking serious illness cover. Fate has a hand in your future health – some conditions may become more apparent as your parents or other relatives get older. For example: a history of breast cancer becomes much more prevalent if both your mother and older sisters suffer from breast cancer).

When you are younger many of these family issues may not have materialised. As such, you are much more likely to secure favourable terms than if you delay and these family histories have manifested themselves over time.  Find out what’s cropped up for older relatives in the past in order to be aware of what might happen in upcoming years.

Type 2 Diabetes: With diets in recent years welcoming much more sugar and fatty foods, a higher propensity of individuals with type 2 diabetes has manifested as a result. Diabetes can take hold gradually and in many cases, you might not realise that you have it until any routine blood tests. If you apply for serious illness cover when you are younger, the likelihood of having diabetes is considerably less likely.

Many young people tend to delay considering serious illness cover until they are older, however those in the know are well aware that the cost of this cover is incredibly cheap in your late twenties / early thirties. Non-smokers and those with a clean bill of health can enjoy even more affordable prices and it’s encouraged to take advantage of those as soon as possible.

How Can I Apply?

Contact Full Circle Financial Services Limited and we would be happy to talk you through the variety of options available. We aim to select a plan that provides you with the best possible cover at the best possible price. You’ll be guided through all the logistics and ensure that you know exactly what illnesses are covered by the insurance we decide on together.

It’s worth noting that the vast majority of serious illness applications are not subject to completing a medical examination – although you will have to complete an application form as part of the process, disclosing your medical history, so it’s imperative to be aware of as much information as possible. More details can also be found on our products and services page.

Full Circle Financial Services Limited is regulated by the Central Bank of Ireland – C130136