SPECIFIED ILLNESS INSURANCE AFTER CANCER
Thankfully, in recent years we have seen great strides in medical diagnostics and treatments. These advancements mean that serious illnesses are being diagnosed earlier and treated more effectively.
This also means that the way in which people live their lives is changing. Because more illnesses are detected earlier, following treatment, many people can return to life as normal. That’s why Royal London has developed an innovative new protection policy to accommodate people’s changing needs.
Multi-Claim Protection Cover from Royal London is a unique, severity-based policy aligned with the progression of modern medicine and health. Only available in Ireland, from Financial Brokers, it provides a financial safety net for a broad range of health conditions and treatments. It is also more inclusive than some other types of protection cover.
Whereas people who have had cancer are not eligible for Specified Serious Illness cover, they can, with relevant exclusions, get Multi‑Claim Protection Cover. The exclusions would relate to the previous cancer diagnoses but cover would still be possible for heart conditions/treatments, functional incapacity, psychiatric admission and neurological disorders, for example.
More about the policy
Multi-Claim Protection Cover provides cover for your life, if you were to pass away, as well as for the impact of a serious illness such as having a heart attack or stroke or undergoing serious surgery. It also covers other life impacts, for instance, a long hospital stay such as after a serious road traffic accident or not being able to do basic activities, like feeding or dressing oneself, for six months or longer.
Without a long list of prescribed medical definitions, Multi‑Claim Protection Cover is designed to be easy to understand when you can make a claim and can potentially pay out multiple times over the lifetime of the policy.
This policy can pay out 5% to 100% of your cover (your original sum assured when you take out your policy) depending on the applicable illness or condition. This means for some illnesses or treatments, it will pay out potentially less than 100% of your cover at once, keeping the rest in place for any future, more severe illnesses.
For illnesses or treatments that have a more serious impact, it aims to pay out a higher amount.
in‑patient rehab for two weeks triggers a 5% payment
a terminal illness diagnosis or death triggers a 100% payment
You can continue to claim on the policy, as needed, until you have claimed the full amount of your cover. After a claim, your monthly payments (premium) will not change.
Terms and conditions do apply and are fully explained in the policy conditions document which is available on request.
A fictional example to help explain policy cover
Emily, aged 47, wanted some form of life and illness insurance. Five years earlier, she had received chemotherapy and radiotherapy to successfully treat stage 2 breast cancer.
Emily could get life cover, but because of her medical history traditional Specified Serious Illness cover was not possible. However, Multi-Claim Protection Cover was an option.
Emily chose to take out a policy, understanding that cancer and its related treatments were excluded.
Emily’s policy provided the associated peace of mind that she had financial cover in place for: death; terminal illness; heart related conditions such as heart attack, angioplasty, and heart failure; neurological conditions such as multiple sclerosis, stroke, Alzheimer’s and dementia; and functional incapacity
Getting more details or financial advice