Serious Illness Cover
What if you become seriously ill and can't work? What if you find yourself struggling financially at a time when money should be the last thing on your mind? You probably consider dying to be one of the biggest risks you'll face. In fact, you are more likely to suffer from cancer, a heart attack, or a stroke before age 65 than you are to die*. That's why you should have serious illness cover.
What to look for
Sick-pay: Firstly, you should check with your employer to see what sick-pay arrangements they have in place. You could be surprised at how generous or poor some sick-pay arrangements are.
Existing cover: You should also review what cover you already have in place - are you familiar with the terms of your existing policies? Check with a financial broker or advisor if you are unsure.
Savings: Consider the savings you have. Ask yourself how much you need to spend every month and work out how long your savings would last if you had to live off them.
Why consider serious illness cover?
Serious illness cover pays out a cash lump sum if you get one of the many serious illnesses covered by the plan - illnesses such as cancer, a heart attack or stroke (subject to policy terms and conditions) are covered. A cash lump sum can help remove some of the financial and emotional stress associated with a serious illness - to enable you to take the time off work, to help pay for specialist treatment or even to help cover day-to-day household bills such as childcare.
In 2016, Zurich Life paid out over €17 million in serious illness claims to our customers*.
A little goes a long way
Even a small amount of serious illness cover can go a long way. If you needed €2,500 every month (€30,000 in a year) to cover your household expenses, the good news is that it doesn't have to cost the earth. But it's important that you don't delay. All forms of life insurance cost more the older you get, and serious illness cover is no different. The longer you leave it, the more it will cost you. The table below shows how far even a small amount of cover could go and the monthly cost.
Source: Zurich Life, August 2016. Based on a 40 year old non-smoker with serious illness cover for a term of 20 years. A government insurance levy (1% as at August 2016 and may change in the future) applies to this policy. These sample premiums do not include this levy. Funding calculation based on a net annual income of €30,000.
We provide cover for 70 serious illnesses including the three most common: cancer, heart attack and stroke. In fact, in 2016 these three illnesses accounted for over 80% of all our claims.* Also, we think our Heart Attack and Stroke definitions are the strongest in Ireland. What this means is that we expect to pay out on more of these claims than anyone else - so you can have peace of mind that you are covered with Zurich. And when it comes to making a claim, we want to make it easy for you. We understand that making a claim can be distressing so we will be here to support you and make sure that all valid claims are paid quickly and easily.
*Source: Zurich Life Claims Experience, February 2017