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The financial implications of being diagnosed with a Serious Illness

29/10/2020

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While you may not like to think about serious illnesses, you are probably aware of its medical implications and the effects it could have. But often overlooked is the financial impact a diagnosis could have on your life. 
 
Medical cost
Patients will likely have increased medical costs such as consultant fees and expensive medications. These costs are a necessity and shouldn’t be something that anyone needs to worry about while they focus on getting the care they need. 
 
Out of pocket expenses
Travelling in and out of hospital can be very expensive, even more so for those that do not have the facilities they need in their home county. Along with this, treatments can result in side-effects, leaving patients unable to use public transport (if this is even available).
 
Utility bills & childcare costs
Patients may experience increased utility bills due to the extra time spent at home recovering from surgery. Patients with children could also gave the extra cost of childcare, which they may not have needed before. For example, a married couple with a stay-at-home mother, now have to pay the extra costs of childcare if one of them becomes unwell. 
 
Reduction in earnings
Patients (and their family members) may experience a reduction in earnings. Most serious illness patients need to take time off work during treatment and most suffer a substantial fall in income. This can lead to further stress as they may not know how long their employer will pay sick leave for and to what amount. This is particularly relevant for those who are self-employed. Self-employed people, many of whom might not be eligible for illness benefit or disability allowance, sometimes try to continue work between treatments, this an extra worry. 
 
Having Serious Illness Cover will give you one less thing to worry about and letting you concentrate on the main thing – getting better! 
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Cahir camogie jersey sponsorship

18/10/2020

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We are delighted to have sponsored the jerseys for the Cahir u6-u12 camogie teams. It was such enjoyment presenting these to the teams during the week. It was great to see the amount of young girls dedicated to the sport and the commitment and devotion of their coaches  and the club is outstanding. To see the effort they put in with the girls is admirable and it is no wonder that they have such a high attendance at trainings and matches. We wish them the very best with their development and skills and continued success.
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October 16th, 2020

16/10/2020

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​When you are young and single, life insurance is probably the furthest thing from your mind. You’re in the prime of your life with little expenses to think about. Putting funds in place for an event that is unlikely to occur in the foreseeable future seems like a waste of money, right?
 
In claim statistics provided by one company, for last year, the youngest age for a death claim was 23 and the youngest claimant for serious illness was 24 following a cancer diagnosis. This puts owning a protection policy in a whole new perspective, because sadly we are not as invincible as we would like to think. 
 
In the event of your untimely demise, it could cause a huge financial weight for your loved ones. This brings to them the expenses of your funeral along with any outstanding debts you may have. The diagnosis of a Serious Illness also bring many financial implications to you and your loved ones, as there will be many medical expenses which will be hard to cover if you are left without an income. 
 
Life is unpredictable and to not plan ahead can be irresponsible. You won’t be young and single forever. Things could change very quickly and remembering life insurance may slip further down the list when they do. Sadly we are all leaving someone behind and burdening them with our financial problems is not the way most of us want to go. 
 
With the benefit of financial security in place for unforeseen events, what are the other benefits in setting up life insurance while you are young? Setting up a life insurance policy is most affordable the younger you are and with this can avail of the longest term. You also get the benefit of being in the prime of your life and less likely to have any medical conditions to disclose, therefore avoiding the risk of any exclusions or additional rates. 
 
When it comes to thinking about life insurance at a young age, it is important to consider not only your current personal and financial situation but how this might all change. You’re young, single and childless. Maybe not in the foreseeable future, but most of these factors will change and your insurance policy will be used to provide for your spouse and children or even use towards cover for a mortgage if required.
 
A 25 year old, non-smoker, can avail of €300,000 life cover over a 30 year term for €16.82 a month. Or for the same cost you can get a €50,000 Serious Illness Protection Policy. That’s less than what it costs to insure your car and your family are taken care of in case the inevitable happens. 
 
Bottom line- almost everyone needs life insurance. It is about protecting what is important to us and taking care of our loved ones left behind, without any idea as to when that might happen. It’s important to be fully prepared. 
 
We can help you find the right protection policy for you, at an affordable price! 
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