Critical Illness Life Insurance
What is critical illness life insurance?
Critical illness life insurance is a combination of two different insurance policies, to make one combined, and ultimately cheaper policy, which completely covers a customer and their financial responsibility should the worst happen. Critical illness life insurance is made up of both critical illness cover and life insurance and offers all of the benefits of both fantastic insurance products in one package.
Critical illness life insurance offers the same benefits a critical illness policy usually would. The policy has a list of critical illnesses, and should a customer be diagnosed with one of them, they will receive a tax free lump sum payout after living through the survival period. The survival period will differ by insurer but is generally around 28days from first diagnosis of the illness.
Critical illness life insurance also offers the same benefits as a life insurance policy and will pay out to the customer’s family if the customer dies. The payout can then be used to pay off a mortgage, and to help keep the family on their feet at a difficult time, guaranteeing them somewhere to live and going a long way to clearing some of the customer’s financial responsibilities.
Why do I need critical illness life insurance?
You need critical illness life insurance if the answer to the following question is no. Would my family be able to cope financially if I died or stopped earning money tomorrow?
Nearly everyone with financial responsibilities like children or a mortgage would struggle to pay for household bills without their main earner, and even those customers who look after children and don’t work should bear in mind the financial value of their work if they were no longer around, or well enough to do it. Child care is extremely expensive.
Critical illness life insurance is a fantastic way of buying life insurance because of the added serious illness protection you get with the policy, as well as the standard life insurance benefits. To compare life insurance, including critical illness life insurance then visit the compare quotes section of our website and find the best life insurance product for you today.