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One option when buying UK Life Insurance is to add critical illness cover. Most life insurance policies will pay out a lump sum to your loved ones in the event of your death, but what if you are diagnosed with a life-limiting illness? It may be that receiving a tax free payment before you die would be a big help to you and your family at a very difficult time.
Life Insurance with Critical Illness provides such protection. It’s important to be aware of exactly what constitutes a critical illness: different life insurance companies have different definitions. A rough guide is shown below, but remember that one of our advisors can explain exactly what is and is not covered.
Typical Illnesses Covered by Life Insurance With Critical Illness Policies
Blindness – which is permanent and irreversible
Deafness – which is permanent and irreversible
Cancer – although some cases may be excluded
Coma – with permanent (ie ongoing) symptoms
Heart attack – depending on the severity
Kidney failure – which requires ongoing dialysis
Stroke – leaving you with permanent symptoms
Our advisors can provide you with all the information you need to make a decision about life insurance with critical illness. Quotations are obtained from all of the leading UK life insurance companies including Aviva, Legal and General, LV (Liverpool Victoria), Zurich, and more.
Use the form above to get a free Life Insurance with Critical Illness quote. Our experts save you money.
Critical Illness Life Insurance
Critical Illness Life Insurance is intended to pay out a cash lump sum if you die, or if you are diagnosed with a critical illness before you die. It is a fact that you are much more likely to suffer a serious illness than to die before you are 65. Many people have life insurance, but few also take out critical illness cover too. In the sad event of you being seriously ill, it can make life much more bearable.
What is Critical Illness Life Insurance?
Standard life insurance (either decreasing term or level term) pays out a cash lump sum in the unfortunate event of your death. Critical illness cover expands the insurance so that it pays out if you are diagnosed with one of a range of serious (life threatening) illnesses. Policies can vary (our advisors will give you detailed information), but most common illnesses such as cancer and heart attacks are included.
Who should have critical illness life insurance?
Anyone with dependents should consider life insurance with critical illness cover. Leaving behind large financial commitments (such as a mortgage) will add to the strain on family at an already difficult time – and without your income they may not be able to meet these commitments. Insurance will ensure that these burdens are lifted.
What Do I Need To Consider?
The cheapest life insurance with critical illness policy is not necessarily the best one. Make sure the level of cover suits your needs, and you are happy with the serious illnesses that are covered.
Remember, if you are changing life insurance providers, to keep cover in place during the change. Should anything happen in the interim you would your family to be protected.
When completing the application form, be sure to disclose all relevant fact (again, our advisors can help with this) to ensure that the policy is valid.
It’s worth reviewing your policy and level of cover periodically, especially if your life circumstances have changed. Typically having children, moving house, or taking on other commitment are times when it may be sensible to review your cover.
How Much Do Life Insurance With Critical Illness Policies Cost?
As with all life insurance, the cost of your premiums is strongly related to lifestyle. Factors such as smoking will have an impact on cost because of the risks involved.
Our advisors will give you detailed information about the costs involved and enable you to compare prices.
Use the two-minute form above to get a cheap UK Life Assurance Quote
We can provide a same day quote for life insurance online – just complete the simple form above and our advisors will create a customised life assurance quote based on your circumstances.
Life assurance cover is essential for many mortgages – but did you know you can often save thousands of pounds over the life assurance company your mortgage provider recommends? You are free to switch if you can find cheap life assurance, and our advisors will provide a range of quotes from all UK providers, enabling you to easily compare life assurance.
Life assurance cover is particularly important when you have dependents – would they be able to cope with mortgage repayments if the worst happened to you? A lump sum is paid out on your death, which can either pay off outstanding mortgage commitments, or simply provide a cash buffer to make life easier for your family.
Decreasing term life insurance is also called mortgage life insurance. This is because it is designed to pay off your outstanding mortgage should you die during the term of the insurance. This will take the pressure off your dependents, who will no longer have to pay off the mortgage.
It is called decreasing term because the amount paid out if you die decreases over time. This should be in line with your outstanding mortgage, so that the amount paid covers at least the outstanding mortgage amount.
Most mortgage lenders will either insist, or strongly recommend, that you have decreasing term life insurance when you take out a mortgage, but most lenders will recommend their own policies – which are often much more expensive than they need to be. If you do not have anyone to leave your property to, and no dependents, then there may be no need for a policy at all.
Even people with dependents might consider level term life insurance instead since, as the outstanding mortgage balance decreases, this will leave an additional lump sum to dependents.
Like level term life insurance, it can technically be called decreasing term life insurance. This is because ‘assurance’ is for certainties, whereas ‘insurance’ is for possibilities. Although we are all certain to die, it may not be during the term of the policy, so many sources refer to it as insurance rather than assurance.
Our team can provide you with a range of quotes depending upon your requirements, so you can then make the right decision.
There are two main types of life insurance: level term life insurance and decreasing term life insurance.
Level Term Life Insurance is designed to pay out a fixed sum upon your death to your family. Over the term of the policy (for example, 20 years) it will pay out a particular sum (for example, £150,000) upon your death. It is, of course, an insurance policy that you hope will not have to pay out.
The insurance is designed to make your dependent’s life easier should the worst happen to you. There is little point in having level term life insurance if you have no dependents. If paying the bills and maintaining a reasonable lifestyle would be difficult for your dependents on your demise, then it’s worth having some cover for peace of mind.
It should be remembered that there is never any cash-in value for level term life insurance. If you survive the term, there will be no payout, and if you stop the cover during the policy, there is no redemption value.
Technically, it is an ‘assurance’ policy, and not an ‘insurance’ policy. This is because insurance cover a risk where something might happen. Assurance covers certainties, and, of course, death and taxes are unavoidable!
Level term insurance should not be confused with decreasing term life insurance.
Our team can provide you with a range of quotes depending upon your requirements, so you can then make the right decision.
