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How much critical illness insurance cover do I need?

critical illness insurance cover blog image

updated June 2016

Critical illness insurance cover doesn’t stop bad things from happening…

…it just makes them more manageable.

The money you receive will make life easier for you and your family.

You can get on with your life without having to worry about unpaid bills piling up.

Did you know cancer can cost you €2,500 per month?

To pay for cancer related bills such as

  • medicine
  • transportation
  • parking
  • heating costs as sufferers feel the cold more

will cost €1100 per month according to the Irish Cancer Society.

This is on top of the average loss of income of €1400 per month as you give up work or reduce your hours.

That income swing means you will have to come up with an extra €2500 per month

2 in 3 of all cancer sufferers changed their working hours in some way.

It’s no wonder cancer patients say

the stress of managing the cost was greater than the stress of having cancer

Where would you come up with an extra €2500 per month for your treatment?

That’s an extra €30,000.

How much critical illness insurance cover do you need?

Serious Illness Cover exists to produce new money just when you need it most.

From the above, you can see that you need at least €30,000 in cover.

How much will €30,000 serious illness cover cost me?

Less than you think.

Let’s look at an example:

  • 40-year-old couple
  • €250,000 joint life cover, 15 year term
  • €37.86 – life insurance only – see here

life cover quote

  • Let’s add €30,000 accelerated serious illness cover
  • Total premium is now €55.55 (see here)

how much serious illness cover

So that’s less than €18 per month to add critical illness insurance cover.

What’s €18 a month?

The price of a pint each week, a couple of bottles of wine each month.

€18 per month to insure you can focus on recovery without having to worry about how the bills are going to be paid.

€4 per week…

I’ll let that sink in.

Over to you…

You don’t have to go nuts and spends loads on critical illness insurance cover.

Get a quote here for €30,000 and see if it’s within budget.

If it is, great, if it’s even less that you thought then maybe consider income protection too.

When it comes to protecting yourself, my advice is to buy a little bit of everything.

Let me know if I can help.

Complete the short form below or call me for a confidential chat on 05793 20836.

Nick McGowan
lion.ie | making life insurance easier.

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