+353 (0)74 9321420 info@mlmg.ie

The ideal solution is to have sufficient serious illness cover in place to protect your family against the onset of a serious illness. However this may not always be possible because of:

1. affordability – the cost may be prohibitive; and
2. depending on your current state of your health and family history insurers may not be prepared to cover you.

Insurance providers are recognising these issues and are starting to introduce policies to fill the gaps. One of these is Cancer Cover. This is a protection plan which pays out a lump sum benefit solely on the diagnosis of cancer. With cancer cover you can have other ongoing health issues or a family history of illness which is not cancer related and still qualify for protection.

Several forms of cancer would ordinarily be covered, such as:

• Breast Cancer
• Prostate Cancer
• Lung Cancer
• Bowel Cancer
• Gynae Cancer
• Testicular Cancer
• Malignant Melanoma Skin Cancer
• Stomach Cancer

Your financial advisor should be in a position to explain to you what cancers are included and excluded, and the diagnosis and specified severity required for a claim.

How much does it cost?

As it focuses solely on one specific illness, cancer cover costs substantially less than general serious illness protection. For example:

A man, non-smoker, aged 35 on his next birthday can get €100,000 cancer cover for a 20 year period at a cost of €16.18 per month – serious illness cover for the same man would be €32.61 per month – over double the cost*.

The same level of cover for a woman non-smoker, aged 35 at next birthday would be €27.70 per month – a saving of almost 20% on serious illness cover, which in her case would be €33.75 per month*.
(*source – Zurich Life – April 2012)

The pricing difference is less for women as they have significantly higher rates of cancer claim payouts than those experienced by men. However as you can see from the above cancer cover is significantly cheaper and provides a cost effective alternative to regular serious illness cover.

This blog does not constitute financial advice. You should always seek independent professional advice when entering into or changing your personal cover.

For more information contact McLaughlin McGonigle, St Helens, St Oran’s Road Buncrana, Co. Donegal. Tel +353 (0)74 9321420 / Fax +353 (0)74 9321421/or email: info@mlmg.ie

McLaughlin McGonigle is authorised to undertake investment business in Ireland by the Association of Chartered Certified Accountants

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