Income Protection and Specified Illness are solutions which can provide valuable benefits in the event of ill health or injury. But which of these is more appropriate solution for you?
Anyone can become too ill to work or have an accident at any time. And if this happens, it can turn your world upside down - both emotionally and financially. Being ill is stressful enough for both you and your family, so if the worst should happen, it is important to be able to concentrate on getting better without any financial worries.
Ask yourself:
- Could you continue to cover the cost of your mortgage and household bills without an income?
- Does your employer pay you if you are out of work due to illness? If so, for how long?
- Do your dependants have a source of income other than your income?
- Could you continue to support yourself financially during a long-term work absence as a result of serious illness or injury?
What is income protection?
This type of cover pays you a replacement income if you are unable to work because of illness or injury. With a Bank of Ireland Life Income Protection policy, you will continue to receive an income until you are well enough to return to work, or if not, until your retirement age.
What is specified serious illness cover?
This type of cover pays you a lump sum amount if you suffer from one of the specified illnesses covered. Our Specified Illness benefit - pays you a lump sum on diagnosis of one of a number of illnesses specified under your policy, provided you meet the illness definition. It includes common illnesses such as Cancer, Heart Attack and Stroke
You can spend the lump sum however you like to maintain your standard of living, or to help you and your family cope financially during a difficult time. You choose the amount of cover you need and how to use it. For example, if you suffered a listed specified illness and your claim was accepted, the pay-out could cover your mortgage and loan repayments or everyday bills and expenses, leaving you to concentrate on getting better.
Which is best for me?
For customers who would like to be able to clear loans or make significant lifestyle changes in the event of serious illness, Specified Illness pays out a lump sum which can be used as required. Income Protection may be the more suitable option for customers who wish to protect their future from the loss of income due to illness or injury. It’s also comforting to know that the benefit will be paid for as long as you are unable to work.
However, if a customer doesn’t qualify for Income Protection, then a Specified Illness benefit equal to a multiple of salary is the next best thing. Many customers may need both lump sum and income replacement benefits and, where it’s possible to secure cover for both, a combination may be appropriate.
Terms and conditions apply. Benefits are subject to underwriting and acceptance by Bank of Ireland Life. It is important to understand that certain restrictions and exclusions may apply.
Disclaimer
Life assurance and pensions products are provided by New Ireland Assurance Company plc., trading as Bank of Ireland Life. New Ireland Assurance Company plc., trading as Bank of Ireland Life is regulated by the Central Bank of Ireland.
Advice on Bank of Ireland Life products is provided by Bank of Ireland, trading as Bank of Ireland Insurance & Investments. Bank of Ireland trading as Bank of Ireland Insurance & Investments is regulated by the Central Bank of Ireland.
Bank of Ireland is a tied agent of New Ireland Assurance Company plc trading as Bank of Ireland Life for life assurance and pensions business.
Members of Bank of Ireland Group.
