Specified Serious Illness
What is Specified Serious Illness Cover?
It is a lump sum that is paid out when you are diagnosed with an illness that is covered on your plan. You must meet the criteria of the insurance provider regarding the severity and effects of the illness in order to have a valid claim. There are a number of different illnesses covered such as cancer, stroke and heart disease.
Different lenders cover a number of different illnesses and some of them will provide what they call partial cover on some of the less serious illnesses. Partial cover is where a certain level of benefit is paid that is lower than the full sum assured you are covered for.
You can set up Specified Serious Illness either on its own or in conjunction with your Life Cover. It can be set up to repay your mortgage in the event of an illness or to replace loss of income while you are out of work. The factors that determine your ability to set up Specified Illness Cover is dependant not only on your own medical details but also on your family history.
Contact DW Financial to find out more about the benefits of Specified Serious Illness Cover and what policy would best suit your needs.