My Lifeinsurance - What is Serious Illness Cover?

What is Serious Illness Cover?

Serious Illness Cover, also known as Specified or Critical Illness Cover, is an essential insurance policy that provides financial support in the form of a tax-free lump sum payment if the policyholder is diagnosed with one of the specified serious illnesses. This cover is vital as it encompasses a range of over 70 illnesses, including some of the most common and financially impactful conditions like cancer, heart attack, and stroke. It’s designed to ease the financial burden during some of life’s most challenging times, offering much-needed support for recovery and adjustments to new living circumstances.


• Tax-free lump sum on diagnosis of a covered illness.

• Financial cushion during challenging times.

• Ideal for everyone, given the unpredictability of serious illnesses.


What is Serious Illness Cover?

Serious Illness cover is also referred to as Specified / Critical Illness Cover. It covers the policyholder for a set number of medical illnesses and conditions. Most providers will cover 70+ illnesses. The most commonly claimed illnesses are cancer, heart attack, and stroke. If the policy holder is diagnosed with one of the illnesses covered under the policy, they receive a tax free lump sum payment.

Who should have it?

We recommend everyone should have some level of Serious Illness cover. We are all at risk of being diagnosed with a serious illness. If this happens, it can have a major financial impact. Time away may need to be taken off work, additional help or resources may be needed. Hospital expenses and other expenses can add up. 

How much cover should I have?

It is completely dependent on your personal circumstances. We can help you work out the most appropriate Serious Illness benefit to protect you and your family. We focus on what replacement income would be needed for someone who was diagnosed with an illness. Affordability will always be factored into any recommendation we provide. We are strong believers that some cover is better than none.


If you have read all of the benefits to having Serious Illness Cover then please use our quick and easy quote service to get a range of quotes straight to your inbox.

Have any Questions?

We all want to get the right cover but often we don’t know where to start. Our team of experienced, friendly Protection Insurance Advisors are here to help.

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