This product is often linked with a life assurance policy (Decreasing or Level term) but it is also available
on a
‘stand alone’ basis. It pays out the agreed assured sum, for defined medical
conditions at the time of diagnosis
(subject to the terms and conditions of the policy) rather
than on the death of the insured. Indeed, you can recover
fully from your illness and still retain
the amount ‘paid out’ by the policy.
However, where it is a combined ‘Life & Serious Illness Policy’ and a claim has been made and
paid by the
assurance company in respect of a ‘serious illness’, on the death of the insured no
further benefit is payable
to the insured party under the terms of the policy.
E.g. Starts off at €250,000 for 25 years and reduces in line with the outstanding balance
of your
mortgage.
This policy type is the minimum level of cover required by your
mortgage lender for
your homeloan.
Level Term Assurance remains at a constant level of cover for a specific term.
E.g. Starts off at €250,000 for 25 years and remains at that level of cover for the 25 years.
We would be delighted
to
help you organise your mortgage protection or Life insurance
requirements furthermore we can
review your
existing policies that you have in place to
see can you save money call us, your don't
have to have your policies
to hand we can
do that
for you.
Main use / Advantage
It provides the additional assurance that should the insured person become ill with a defined medical condition
that the benefit of the policy is paid during the lifetime of the insured rather than after their death. The funds can
be used as the client wishes providing the policy has not been assigned to a lender, in which case only the
amount of the policy, in excess of the outstanding borrowings, will be available to the insured person.
The policy is often associated with level term assurance, and if so it can be mortgage related. However, if you
purchase a ‘stand alone’ SIC policy it is not usually associated with mortgage borrowings and you can use the
benefit as you see fit.
We would be delighted to help you organise your serious illness requirements. Furthermore we can review your
existing policies that you have in place to see can you save money call us, you don’t have to have your policies
to hand we can do that for you.
Please call us on (01) 6424204 or email us on info@kanefinance.ie - We are here to help.
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Kane Finance
39 Dame Street, Dublin 2
Lo-Call 1890-500-700
01 6424204
