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FAQ Home | General Questions | Critical Illness Insurance | Life Insurance | Home and Contents Hot Topics
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.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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