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How much would you need on diagnosis?

Specified illness cover pays a tax-free lump sum when you are diagnosed with a listed condition. This works out roughly what that lump sum would need to be.

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Tax free the lump sum, with no conditions on how you spend it

On diagnosis not on death, and not dependent on stopping work

No relief unlike income protection, premiums do not qualify

How to size it

Four things the lump sum has to do

There is no formula from anywhere official. Work out what the money would actually be for, then subtract what you already hold.

01 Time. Six months or a year without worrying about income, for you or for a partner who reduces their hours to help.

02 The mortgage. Clearing it, or a chunk of it, removes the single largest monthly commitment at the worst possible moment.

03 One-off costs. Adapting a house, travelling for treatment, help at home. The things nobody budgets for.

04 What you already have. Existing cover, accessible savings, and any employer benefit. Whatever is left is the gap.

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What you would need on diagnosis

Rough figures are fine. This is about the size of the lump sum, not the exact euro.

Yearly income to replace {{ incLabel }}

Months you would want coveredTime off work, or a partner reducing their hours {{ monthsLabel }}

Mortgage you would want clearedLeave at zero if you would rather keep paying it {{ mtgLabel }}

One-off costsAdapting a house, travelling for treatment, help at home {{ oneLabel }}

Cover you already haveSpecified illness cover and accessible savings {{ exLabel }}

Thanks. We will send that over shortly, and one of our advisers will follow up if you would like.

Illustrative only and not personal advice. A simplified needs estimate: it makes no allowance for inflation, for State illness payments, or for any income protection or sick pay you may already have. Every condition in a policy carries a medical definition that a diagnosis has to meet, and early-stage conditions are often covered at a partial rate rather than in full. Premiums on specified illness cover do not qualify for tax relief.

What the answer means

A figure to insure, not a figure to fear

The shortfall is what a policy would need to pay to put your household on solid ground while you deal with a diagnosis. It is usually smaller than people expect, because the mortgage and a year of income do most of the work.

This cover answers the shock, not the long haul. If illness kept you out of work for years rather than months, income protection is the product that carries you, and most households need to think about both.

We compare across the market on what actually pays out, not only on price, and we will read the definitions with you before you commit to anything.

Book a call ↓ Call 0818 44 55 66

Before you buy

What to watch in the small print

This is the product where the wording matters most, and where two policies at the same price can be very different things.

01 Definitions decide claims. Every condition carries a medical definition the diagnosis has to meet, and early-stage conditions are often paid at a partial rate.

02 Standalone or accelerated. Accelerated sits with your life cover and pays once, on whichever happens first. Standalone leaves your life cover intact.

03 Guaranteed or reviewable. Reviewable starts cheaper and can rise sharply later. Guaranteed costs more now and cannot be increased.

04 Disclose everything. A claim declined years later for non-disclosure is the worst outcome in this business.

Finnegan Maguire Financial Advisors

We will read the definitions so you do not have to.

And we will tell you plainly whether you need this alongside income protection or instead of it.

Book a first meeting

Three products Specified illness handles the shock, income protection the long haul, life cover the worst case.

PaysA lump sum

WhenOn diagnosis

ChildrenUsually included

Book a call

Pick a date and time that suits you.

No sales pitch, just a conversation about what you already have, what it is heading for and whether we can improve it. You will get a written summary either way.

Cian O’Sullivan Director and Financial Adviser, Finnegan Maguire Financial Advisors

30 minutes Phone or video call, no charge

Rather just ring? Call 0818 44 55 66 or email go@splash.ie

What we advise on