Critical Illness Cover with GSB Capital Ireland
Although we cannot predict when illness or injury will strike, we can prepare for it. One such way of securing your financial future’ should the unfortunate happen’ is to avail of Critical Illness Cover.
Critical Illness Cover (also known as Specified Illness Cover or serious illness cover) is a type of insurance that provides you with a tax-free lump sum in the event you’re diagnosed with a specific illness or disability that has been stipulated in your insurance policy.
It can be tricky to sieve through the legal language that often clutters insurance policies, which is why it’s best to seek the advice of an expert like GSB Capital Ireland before signing the dotted line. Led by Managing Director Michael Cunningham, our team members have years of experience providing tailored advice to clients when it comes to choosing the right Critical Illness Cover.
Why Specified Illness Cover Matters
Although we all hope to live a long and healthy life, a bump in the road is not uncommon. According to the HSE, “more than 1 in 2 people will develop some form of cancer during their lifetime”. Not only that, but 1 in 4 strokes occur in people of working age (25+). These statistics highlight the importance of Critical Illness Cover.
It may be that your family is dependent on your income. Should the unfortunate happen, it’s best to have insurance in place so that you and yours can continue to live a normal life, the life you’ve all grown accustomed to.
Furthermore, your illness or disability may require you to adapt your home to accommodate your new way of living. This kind of work can be taxing on your savings, which in turn is another reason to have Critical Illness Cover.
All in all, Critical Illness Cover will be there for you when the unexpected happens, the impact of which will be much easier to manage.
Critical illness Cover Versus Income Protection
So, what’s the differences between Critical Illness Cover and Income Protection? It’s a fair question and one we’re often asked by clients.
Here, we explain the difference between both options:
Critical Illness Cover
Also known as Critical Illness Insurance or Specified Illness Cover, Critical Illness Cover is often presented as an optional add-on to an Income Protection policy. You can, however, sometimes take it out as standalone cover. In essence, Critical Illness Cover provides a lump-sum payment should you be diagnosed with a serious illness or disability. It’s tax-free and a smart choice whether you’re single and just starting out in life or married and rearing a family.
Income Protection is a type of income that offers regular payment in the event you’re unable to work due to injury or illness. As a monthly income, this insurance can help you maintain the life you’ve been living, from bill payments to simply having an idea of how much you have coming in and when.
So while it can be confusing to differentiate between Critical Illness Cover and Income Protection at times, you can see that they are beneficial in varying ways. If you’re still unsure which option, a member of the GSB Capital Ireland Team will be happy to help you decide
Reviewing Your Critical Illness Cover has Healthy Benefits
Do you already have Specified Illness Cover set up? When was the last time you reviewed your policy? It might be time to check your coverage.
As we get older, the chances of being affected by illness and disease increase, so it’s crucial that you review your Critical Illness Cover policy throughout your life. Doing so can clarify if your current policy is up to scratch and still capable of providing you with the cover you need. For instance, you may have achieved several pay increases since taking out your policy, or your family may have grown. These are the types of changes that need to be accounted for, as the last thing you want is for you and your family to be left short should an illness or disability strike.
To review your policy and ensure it will be there for you when needed, contact GSB Capital Ireland today.
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Critical Illness Cover FAQs
Yes. In our experience, we have witnessed firsthand how vital Critical Illness Cover can be for someone diagnosed with a serious illness or disability. It is the safety net for the unpredictable, and when life changes in the blink of an eye, Critical Illness Cover is there to provide peace of mind. As it’s not a one-size-fits-all type of cover, we advise you speak with an expert to ensure you choose a plan you can rely on.
No, Critical Illness Cover does not apply to any illness or disability. This is because each policy will feature a unique list of illnesses and disabilities, although those commonly covered include:
- Cancers
- Heart attack
- Stroke
- Multiple sclerosis
- Kidney failure
- Motor neuron disease
An important note here is that the severity of the illness or disability matters. For instance, a minor stroke might not be covered even if a stroke is stipulated in the policy. For this reason, and the fact that there’s no way of knowing what illness or disability you could get in the future, it’s best to speak with an expert about your Critical Illness Cover options.
No. The only life insurance you need to draw down a mortgage is Mortgage Protection. That said, securing Critical Illness Cover is a wise move once you do have a mortgage. You can do this by adding Specified Illness Cover to your Mortgage Protection policy. Having Critical Illness Cover will give you peace of mind that, should you be affected by an illness or disability and unable to work, you have the lump-sum to rely on. For more on this, contact GSB Capital Ireland today.
Choose GSB Ireland for Critical Illness Cover Advice
Marriage, children and buying a house are all major life decisions, so it’s only right you have the correct cover in place to protect them.
The personal aspect can’t be ignored when it comes to protection like Critical Illness Cover, as no two lives are identical. We know this at GSB Capital Ireland and treat each new client and their needs as unique. Doing so helps us both agree on cover that will not only be there for them in the future but provide peace of mind that allows them to live and enjoy their life now.
Client First Approach
Building sustainable, long-term relationships with clients is what we strive for here at GSB Capital Ireland. By focusing on client needs and providing tailored guidance, we foster trust that helps us to maintain relationships that can be prosperous and rewarding. So, whatever your unique needs are, we’re ready and willing to help.
Independent Advisors
As independent financial advisors, our only concern is you. So, when you ask for guidance on choosing Critical Illness Cover, we will endeavour to find you the most suitable plan, free from external pressures.
Full Support
Essential to any successful relationship, GSB Capital Ireland will be by your side whilst choosing Critical Illness Cover and beyond. Your personal advisor will be there to answer your most pressing questions and resolve any issues you feel need addressing. Whatever the challenge, you have our full support.
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