Choose what's right for you

Health insurance is designed to provide financial assistance to help overcome some of the consequences of surviving a serious illness. The insurance pays out a tax free lump sum after a survival period that varies depending on the insurance company but is generally 15-30 days after diagnosis.

The insured may not be able to return to work and so lose their income and may be permanently disabled. The lump sum is available to help reduce outgoings on a mortgage and other loans and provide capital for special equipment that might be needed.

The insurance is not designed to replace lost income. The loss of income could be covered with income protection insurance. In addition to reducing outgoings the lump sum can also help in providing better convalescent facilities than would otherwise be available.

The plans provide cover for a specified range of illnesses which include cancer, stroke, heart attack, major organ transplant and many others including permanent and total disability. Please see the next section for a complete list.
Every illness covered is specifically defined in the insurance company’s literature and the diagnosis of the illness must conform to the definition to support a valid claim. For example, not all cancers are covered.

The underwriting of the plans will take in to account the applicant’s health and medical history, age, sex, plan options, term of years including pastimes and occupation. The plan is normally set up to run for a number of years or to a certain age but some companies offer a whole of life plan.