Critical illness cover is a benefit which, if you choose to take it out, pays you a lump sum if you are diagnosed with one of a number of critical illnesses, such as malignant cancer, heart attack (diagnosed) and stroke (which leaves permanent symptoms). You and your family can use this lump sum to pay off the mortgage.
Some providers have also now identified further conditions where you are able to make a partial payment on. The partial payment ranges from €15,000 or half your specified illness benefit amount, whichever is lower.   These conditions can be automatically covered in some policies, please ask your Vision Financial Solutions Broker for more information on this.
Under your Life Mortgage Cover plan specified illness is an ‘accelerated’ benefit. This means that if you are paid your specified illness cover claim, your life cover will be reduced by the amount you receive.  If your specified illness cover is the same as your amount of life cover, all cover under the plan will end.

Some considerations you must make while taking out Specified Illness Cover

• Once you claim your full payment for specifiecd illness cover, that cover ends and cannot make any further payment.
• The 13 conditions we cover for partial payment are totally separate from your main specified illness cover benefit. This means if you are diagnosed at a later date with one of the 38 conditions we cover for full payment, you can still claim for the full specified illness payment.
• If you make a claim for specified illness cover on a full-payment basis for a related specified illness condition that happens (or is diagnosed) within 30 days of you suffering (or being diagnosed with) a specified illness condition for partial payment, we will only make one payout for your full specified illness cover amount. Please see your terms and conditions booklet for more information.
• You can only receive a partial payment if you have taken out specified illness cover.
• If you have children, they are also covered for one partial payment of €7,500 or half your specified illness benefit amount, whichever is lower. For more information, please see your terms and conditions booklet.
• You must be aged between 18 and 59 to take out specified illness cover.
• The maximum term for specified illness cover is 40 years.
• Specified illness cover will end on the plan anniversary before your 75th birthday.
• We will not pay the specified illness cover if you die, only if you are diagnosed during the term of your plan with one of the 38 conditions we cover.
• At the start of the plan we may not agree to cover you against all these illnesses. If this is the case, we will tell you and we will refer to it in your plan schedule.
• You can only receive one full payment with specified illness cover. For example, you cannot claim for a heart attack and then claim for a stroke.
• You can receive more than one partial payment under specified illness cover. If you were later diagnosed as having one of the 38 conditions we cover, you would still receive your full payment. Please see your terms and conditions booklet for details.
• The partial payment is totally separate from your main specified illness cover benefit. However, you cannot claim under both the partial payment specified illness cover benefit and a full specified illness cover benefit for related conditions if the diagnoses or events leading to your claim are within 30 days of each other. In these circumstances the total amount we pay will be the full payment specified illness cover benefit. Please see your terms and conditions booklet for details.
• Once you claim your full specified illness cover payment , you will have no specified illness cover left and no option to claim for a partial payment. continued Important points about specified illness cover.
• We guarantee the rates we charge won’t change over the lifetime of your plan. This means your payment will not change so you will always know how much your regular payments will be.
• If you stop making your payments, you will no longer be protected and we will not return any money to you. You cannot cash in your plan. It is not a savings plan.
• For serious accident cover we will only pay one amount – full or partial payment that arises from the same event.

If you would like to discuss any aspect of Critical Illness Cover further, please contact us and one of our experienced consultants will talk you through any queries you may have.

Vision Financial Solutions Limited can help you navigate your way through this minefield of information to ensure you get the policy that will best suit your needs.