Critical illness life insurance cover

Once you've decided which type of basic life insurance best suits your needs it is then time to turn your mind to the question of additional cover. If you consider that the chances of succumbing to a critical illness before the age of 65 (which is when standard cover typically expires) are double the chances of passing away; then taking out additional critical illness cover suddenly makes sense. This type of cover is also ideally suited to anyone who doesn't have any financial dependants.

Critical illness cover is paid as a capital lump sum if the policy holder is diagnosed as critically ill (different policies cover different illnesses and accidents). People are often confused at what exactly the difference is between critical illness cover and private health insurance. In short the latter only pays for the cost of medical treatment.

Critical illness cover can be taken out in addition to standard life insurance policies or they can be offered as a dual package. If you decide to go for the latter it's important to read the small print, as you may find that once a claim is made the remaining policy becomes void. On a practical note this could mean that a policy holder who has a stroke will receive a single pay-out, which effectively invalidates the ‘other bit' of their life insurance (and finding new cover after a stroke will be next to impossible). If you're in any doubt about the level of cover being offered; seek professional council. Another popular add-on is permanent health insurance, which provides an income stream if the policy holder is unable to work due to health reasons.

Providers will often ask for a full personal and family medical history, as well as a medical, before they will agree to provide cover.

 

 

 

 

© AskFinancially.com 2008

Life Insurance

Ask About

> Life Insurance UK
> Cheap Life Insurance
> Critical Illness Cover
> Endowment
 > Level Term Life Insurance
 > Life Insurance Quotes
> Low Cost Life Insurance
> Online Life Insurance