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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.
What decisions will you have to make before you can get a quotation?
You will have to make four decisions:
What other benefits can be added to a Critical Illness policy?
Life cover is a must. Then consider Waiver of Premium and Indexation.
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.
How will a critical illness claim be paid?
If you have a claim a Critical illness policy pays you a tax-free lump sum normally by cheque. Then, as soon as you receive the payment. the policy will terminate.

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.

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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