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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.