This is often a real issue. Beyond the impact an illness might have on your income or business, you might need extra funds for home care, adapting your home, or purchasing medical equipment to aid your recovery or enhance your quality of life. In Ireland, specified illness cover is frequently tied to mortgages, potentially covering some or all of the mortgage if you fall ill.

Specified illness cover, sometimes referred to as serious illness cover, is designed to alleviate financial stress when you are diagnosed with one of a list of serious illnesses. This type of cover has been popular among clients in Ireland for the past two decades, thanks to the benefit of receiving a lump sum or partial payment in the event of a claim.

Is it something you are likely to face? Hopefully not, but according to the National Cancer Registry Ireland, there are over 20,000 new cancer cases in Ireland each year. Thankfully, survival rates have significantly improved due to advances in medical science. The same applies to heart disease and strokes. Around 10,000 people in Ireland experience a stroke annually, with approximately 30,000 living with stroke-related disabilities, as reported by The Irish Heart Foundation. While surviving these conditions is positive news, having the financial means to recover without added stress is crucial.

Recent developments in specified illness cover have introduced exciting innovations. While traditional policies cover about 40-50 specified illnesses, some insurers now offer partial payouts for other illnesses or serious accidents. Additionally, some policies include free cover for children and access to second medical opinion services. With the ongoing evolution of financial products in 2024, it is worth exploring the latest options to ensure you have the best coverage for your needs.

So, how do you find the right specified illness cover with the most relevant benefits? This is where your Financial Broker becomes invaluable. Unlike a bank with access to only one provider’s products, your Financial Broker has a comprehensive view of the market. They can identify the best specified illness policy tailored to your needs at the most competitive cost.

Facing illness is undoubtedly challenging. However, you can ease the financial burden by having your Financial Broker find the right specified illness cover for you.