Unsure of the benefits of life insurance with critical illness?

By CoverMyBubble

16 Jul 2020

Why should you get life insurance with critical illness?

You may be unsure of what these types of insurance can do to protect your bubble. We are here to explain to you why you should have life insurance with critical illness, the benefits of having both and how affordable it really is.

What is life insurance?When you pass away, a lump sum of your choice will be paid out to your dependents to cover any outstanding mortgage payments, household bills and future living cost. This can help your family by avoiding added stress, hardship or any financial burdens that could take place.

What is critical illness?If you were to be diagnosed with a critical illness or medical condition during the term of your policy. You would receive a tax-free lump sum payout to help pay with regular outgoings if you were unable to work, pay for any treatment you may need or any changes you may need to make to your home.

You can spend your payout as you wish we recommend that you should consider if you need any of the pay-out to afford special treatment to help with your critical illness. But you could treat you and your bubble to a dream holiday to spend that precious time with the ones who you love and care about.

Why should you have critical illness cover on top of life insurance?Life insurance on its own is great to cover your family if you or your partner were to pass away. As a lump sum would be paid out on death to support the family with any outstanding payments.

However, without critical illness cover, you could be off work for a prolonged period of time if you were to suffer from a critical illness. There would be no financial protection to cover your wage which could mean that your loved ones may struggle to pay for regular outgoings. By having critical illness cover you can help cover and support your family financially.

There are many benefits, one of the main benefits of having life insurance with critical illness is that you will have potentially two payouts, one if you were diagnosed with a critical illness and one when you pass away during the term of your policies.

If you and your partner both have critical illness cover, usually with most policies you can cover your children until they are 23. If your child was to suddenly pass away you would receive a lump sum to help cover for the funeral if you have life insurance and critical illness. More recently, most providers offer children’s accident cover which would pay out if your child was to get an injury after an accident that would last over a month.

Did you know that you are more likely to get a critical illness than dying during your policy term? Critical illnesses are becoming much more common with children as well as adults. After all, they say that 1 out of 2 people in the UK will develop cancer in their lifetime. With critical illness cover, you can be protected if you were to get one of the 178 medical conditions that are covered such as Cancer, Multiple Sclerosis, Stroke, Heart Attack or Major Burns. Please check your policy to see exactly which critical illnesses you are covered for. As not all providers will cover all 178 medical conditions.

It’s Affordable!Many people think it’s going to cost them a small fortune to cover their family but we are here to help you find the most suitable and affordable policies. Check out how affordable getting life insurance with critical illness is below:

Example 1: A single parent renting a house with a young child. They could get £50,000 of life insurance and £15,000 of critical illness for £8.96 a month. This is similar to buying two Starbucks a month, two bottles of cheap wine or two drinks for you and your partner on a night out.

Example 2: A couple who own a house. They could get £100,000 of life insurance and £50,000 of critical illness for £18.80 a month. This is similar to a trip for two to the cinema, £20 of fuel put in the car every other week or paying for a round of four drink at the pub.

Get in touchEvery family has different circumstances and it’s our job to help find the best cover for you and your family. Contact us today if you would like to get life insurance with critical illness, you can ring us on 01254 460880 or email us at [email protected].

If you have a current policy and are unsure if it is still suitable, we can review your policy for free to make sure that your bubble is properly protected.

Enjoyed this? Read more from CoverMyBubble

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