This plan pays you a lump sum should you contract 1 of the numerous illness covered by the policy. These tend to be the more serious types of illness – in the 2016 claims statistics published by Irish Life, 59% of all claims were for Cancer and 21% were for stress. Source Irish Life.
The lump sum payable would allow you time to recuperate, pay medical expenses or perhaps make alterations to your home if necessary. The amount of cover you chose is fixed like Term Assurance as is the term and cost of the cover.