Why, when you only want Critical Illness cover, should you consider combining it with Life Insurance?

Two good reasons: You are likely to save money! And if you died within the survival period (see below), the claim would still be paid under the terms of your Life Insurance.

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
 

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The following might help you decide how much cover you need.
How much would you need to repay your mortgage, overdraft, loans or any credit card balances? The freedom that comes from being debt free does wonders for recovery
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 conditions are considered critical?
Years ago Critical Illness policies only covered heart attacks, strokes and cancer but today the list of insured illnesses is truly extensive.
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.
It is probable that combining the two forms of insurance into one policy will be a cheaper option. This is because the insurance companies apply various internal company tax allowances to their pricing of combined policies that are not available for stand-alone Critical Illness policies.

Another aspect to consider is that all Critical Illness policies have what is called a “survival period”. In order to claim under Critical Illness Insurance you have to survive for a minimum number of days. It’s normally 28 days following diagnosis but some Insurance Companies have reduced this to 14 days. If you were to die within that survival period any claim would be invalid. But if you also have Life Insurance cover the claim would be paid under the provisions of the Life cover.

Please note that all the combined Life and Critical Illness policies we sell are on a first event basis. This means that if you have a claim for Critical Illness the policy automatically terminates – another claim cannot be made if you subsequently die!

 

Frequently Asked Questions related to the above topic.
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