How long should you insure for?

20 to 25 years is most common but it really depends on how much you can afford and your personal circumstances.

STEP 1 of 2
Type of cover
Life Insurance       Mortgage Life Insurance
 
Cover Level (£)

Number of years
Do you want:  
Critical illness cover
Family income benefit
 

Hot Topics

What could Critical Illness cover be used for?
Anything you want. Medical expenses, repaying the mortgage, making your home easier to live in, school fees, general living expenses, but to name a few.
Should you have a “Guaranteed” or a “Reviewable” policy?
When a policy is first started Guaranteed policies have higher premiums than Reviewable policies - but in the longer period Reviewable policies generally work out more expensive.
Are Critical Illnesses In Pregnancy Covered?
Pregnancy does not affect any claim under critical illness insurance. It would be hard to make a case that pregnancy was a ‘self-inflicted injury’!
Is there a minimum or maximum premium for critical illness cover?
Minimum premiums vary from company to company but they can be as little as £5 per month.
What is the difference between Critical Illness cover and Terminal Illness cover?
Critical Illness Insurance is much more comprehensive than Terminal Illness cover. 1 in 5 men and 1 in 6 women suffer a critical illness before their usual retirement age.
If you are using your Critical Illness policy to protect a mortgage, then the policy should remain in force until your mortgage is due to be fully repaid.

For other purposes you should insure for the longest period you can afford. If you don’t, you could find yourself having to reinsure yourself at a much older age. Then you will find it much more expensive and, if your health has deteriorated, you may be unable to find insurance at any price!

2 years is usually the minimum term for a Critical Illness policy. The most common term being 20 to 25 years. You’ll also find that many companies will refuse to insure you beyond the age of 65 but a few will go to 70. However, in your 60’s, cover is becoming very expensive.


Frequently Asked Questions related to the above topic.
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