Should I consider Critical Illness cover instead?
Depending on your circumstances you may want Critical
Illness cover as well as Life Insurance.
If you have no dependants, or already have sufficient life
insurance, you may well want Critical illness cover by itself.
If you want cover that provides a capital sum in case of
a serious illness or accident that prevents you from ever working again,
you need Critical Illness Insurance. Many families will consider this
in addition to life insurance and if you are thinking this way, look at
combining the two policies as it usually works out cheaper.
However, Critical Illness cover can be a good kind of insurance
to think about instead of Life Insurance if you don’t have family
members that you need to make provision for, were you to die. In this
is the case, it obviously makes more sense to spend money on providing
a lump sum for yourself in the event that you may dearly need it.
If you want to be able to repay your outstanding mortgage
were you to become seriously ill, Critical Illness Insurance
can provide what you need. Depending on your type of mortgage you will
want either decreasing cover (for a Repayment
Mortgage) or level cover (for an Interest
Only Mortgage).
Depending on your circumstances you may opt to combine Critical
Illness cover with Life Insurance and this can be very cost-effective.
Other relevant questions…
How does level cover
insurance work?
How does decreasing
cover insurance work?
Is Life Insurance for me?
What else do I need to know about Life Insurance?
How do I get a Life Insurance Quote?
How do I choose the right policy for me?
What if I need cover to be arranged quickly?
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How are premiums calculated?
What if I have to make a claim?
Do I need Mortgage Life Insurance instead?
Should I consider Critical Illness cover?
What other sorts of Insurance should I think about?
How do I make a complaint?
What do I need to know about the law and Life Insurance?
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