Life & Critical Illness Insurance
Life & Critical Illness Cover Explained
Life and Critical illness insurance pays out a lump sum, if you die or are diagnosed with a qualifying critical illness during the term of the policy.
There are two types of life and critical illness insurance, all based around a term life insurance policy.
Integrated Life and Critical Illness Insurance.
With this type of cover the critical illness benefit is set at the same level as the life insurance amount. If the policy holder makes a claim on either part of the policy the plan has done its job and stops.
If a policy is in joint names and a claim is made on either the life or the critical illness element, the policy will stop and the cover will cease.
Additional Life and Critical Illness Cover
With a term life insurance policy written with critical illness cover as a separate benefit the policy would pay out twice. This could, for example, be a critical illness claim and then a later claim on the death of the life insured during the policy term. This type of cover is typically more expensive than an integrated policy as the benefit is higher, however they do offer greater flexibility in terms of the benefits you can select.
Menu style life and critical illness
It is now possible to taylor the amount of cover that a joint life and critical illness cover plan can provide to suit the separate needs of each person. With the new style menu style life and critical illness plans you can for select different life insurance and critical illness cover amounts for each person.
If you are looking for a single life policy for life and critical illness cover but the cost is to high for your budget rather than having no critical illness cover you could take a small amount to keep within your budget. For example you could have a £100000 worth of life cover and £50000 of critical illness cover.
One of the main additional benefits of a menu style plan instead of taking several separate polices are polices fees. The average insurance company policy fee is £3.00, so if you required separate amounts of life insurance and critical illness insurance you could save up to £9.00 per month by taking one menu style policy instead of four separate polices.
Menu style life and critical illness cover quotes
If you would like more information on menu style policies cover our quote system does not currently support these plans. However our advisors will be happy to discuss your requirements, prepare illustrations for you and discuss any questions might have about the menu plans available. Their advice is without obligation, and you will still benefit from Go Directs’ discounted premiums.
Do you want advice on Life and Critical Illness Insurance ?
After looking through the information on life and critical illness insurance if you would like advice on Life and Critical Illness Cover, complete our critical illness cover and life insurance enquiry form and we will contact you to discuses your critical insurance and protection needs.
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