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

Why do I need critical illness cover?
1 in 5 men suffer a critical illness before their normal retirement age. 1 in 6 women suffer a critical illness before their normal retirement age.
Can You Include Your Partner On Your Critical Illness Policy?
Yes, as with Life insurance, Critical Illness policies can insure one or two lives.
Will Critical Illness policies permit the use of alternative medicines?
After you have been diagnosed with a qualifying Critical Illness and the claim has been paid you can spend your money however you like. So if you want to spend some of your money on alternative medicines then that’s entirely your choice.
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 information do you need to provide to apply for a Critical Illness policy?
The Application form will ask questions regarding your height, weight, age, sex, current state of health, occupation, hobbies etc.
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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