Types of Illness Cover
AIB Specified Illness Protection Plan
This product is designed to pay out a significant cash sum, if a policyholder is diagnosed as suffering from a specified serious illness, or becomes totally and permanently disabled. The policyholder can choose any period of cover from 5 to 35 years (subject to terms and conditions). The plan can be used to help your family or dependents replace lost income or repay debts, should you or your partner become critically ill.
Who this plan suits?
- The AIB Specified Illness Protection Plan is available to people aged between 18 and 59, unless they select the conversion option, in which case they must be no older than 49.
- The plan can cover one or two people as it can be arranged on a single life basis - or on the lives of the policyholder and another person, either on a joint or a dual life basis.
What Specified Illnesses does the Plan cover?
The benefit will be paid out if the policyholder is diagnosed as having any of the following illnesses:*(Source: Ark Life 2008)
Alzheimer’s disease (including Pre-senile dementia),Kidney failure, Angioplasty, Liver failure, Aorta graft surgery, Loss of speech, Aplastic anaemia, Loss of hands or feet,
Bacterial meningitis, Major organ transplant, Benign brain tumour, Motor neurone disease, Blindness, Paralysis of limbs, Cancer (Invasive), Multiple sclerosis, Cardiomyopathy (Dilated), Parkinson’s disease, Coma, Progressive supra-nuclear palsy, Coronary artery by-pass surgery (Grafts), Pulmonary artery replacement,Creutzfeldt-Jacob disease, Severe lung disease, Deafness, Stroke, Encephalitis, Third degree burns, Heart attack, Traumatic head injury, Heart valve replacement or repair, Total and permanent disability, HIV infection. Terms and Conditions apply.
(For full terms & conditions of each of these features and for eligibility please arrange an appointment with an AIB Financial Adviser who will explain the features, terms and conditions in full)
- Cover for a child - The AIB Specified Illness Protection Plan can provide a lump sum in the event of one of the policyholder’s children suffering one of the “specified Illnesses” or dying. The lump sum payable is 50% of the specified illness benefit up to a maximum of €25,000 or a death benefit of €2,500.
- Indexation of premiums – A policyholder may choose at outset that the amount of cover will automatically increase by 5% each year, on the anniversary date of the policy. (premiums would also increase – as per the terms & conditions laid out in the brochure available from your AIB Financial Adviser)
- Convertible option - This allows the policy holder(s) to convert their policy at any time before their 55th birthday to a new AIB Specified Illness Protection Plan with a maximum expiry age of 64, without the need to provide further medical information (subject to underwriting conditions at outset)
- Best Doctors® Should a policyholder be diagnosed with a serious illness, the AIB Specified Illness Protection Plan provides them with access to Best Doctors® - a leading medical knowledge company that has built up a worldwide database of over 50,000 of the world’s top physicians and, at the policyholder’s request, can provide a comprehensive review of the diagnosis and treatment without the policyholder having to leave home.