Specified Illness Cover

Specified Illness Cover provides payment of a capital sum if the life assured is diagnosed as suffering from a specified illness which is covered by the particular policy chosen. The policies are designed to make a single payout.

 
Specified illness insurance

Example 1
Joe & Mary decide to take out Life & Independent Specified Illness insurance cover on themselves for €300,000 on a Dual Life basis (both parties covered independently of each other).

Life & Independent Specified Illness cover

Joe Mary
Life cover of          €300,000     Life cover of                      €300,000
Specified Illness   €300,000     Specified Illness cover     €300,000
Total cover:           €600,000 Total Cover:                       €600,000


In the event of Joe suffering a specified illness, what cover would Joe & Mary have left?


 Joe                                        Mary
 Life cover: €300,000 Life cover:     €300,000
 Specified Illness:  €0 Specified Illness cover:  €300,000

Joe’s Specified Illness cover is independent of his Life cover. Therefore Joe receives €300,000 as a lump sum payment but his life cover remains unaffected. Mary did not make any claim and both her Life & Specified Illness cover remain the same.

Example 2
Joe & Mary decide to take out Life & Accelerated Specified insurance cover on themselves for €300,000 on a Dual Life basis (both parties covered independently of each other).

Joe  Mary
Life and Specified Illness cover:  €300,000 Life and Specified Illness cover  €300,000
Total cover: €300,000 Total cover: €300,000

                             
In the event that Mary suffers a Specified Illness what remaining cover is left?

Joe Mary                                                  
Life and Specified Illness cover:  €300,000 Life and Specified Illness cover  €0
Total cover: €300,000 Total cover: €0

In this example Mary’s total insurance cover between Life & Specified Illness insurance is €300,000. As she received a payout of €300,000 she is then left with no remaining cover.

Important information

Danske Bank has selected Irish Life as its preferred provider for Specified Illness Cover business after an extensive tender process of Life assurance providers. Irish Life is the largest provider of protection products in Ireland and has been providing these products for 70 years.

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