Specified Illness Cover
Specified Illness Cover is a benefit which pays out a tax-free lump sum if you are diagnosed with one of the specific illnesses or disabilities that your policy covers. The main aim of the insurance is to replace a loss of income due to illness.
Why should you consider Specified Illness benefit?
You have no other provisions in place should you be diagnosed with a specified illness.
You have a mortgage, personal loans and other debts which you still have to pay even if you became seriously ill and unable to earn an income
You have a family that are financially dependent on your ability to work and earn an income
It is important to realise that specified illness does not replace your income if you were out of work because of a long-term illness. The policy is designed to pay a once off lump sum rather than an ongoing income.
