If you are looking for life insurance with critical illness cover, you will have to compare quotes from at least three different companies. These can be found by either going online or by contacting a broker. The key to getting the best cover and at the cheapest premiums is to make sure you get the right cover for your circumstances. It is easy to take out cover but you need to know that you will get your money back if something happens.
Life insurance with critical illness cover comes in two different forms. You can take out the traditional life insurance. This will offer the same cover as life insurance with no exclusion as regards to the illness covered. You will receive the same premiums as with this cover. You do however have to take into account that you will only receive the death benefit if you die within the specified amount of time after you have received the cover.
If you decide to take out critical illness cover instead of the traditional life insurance, there are some things you can do. Critical illness cover will allow you to choose between whole and term life insurance. You can usually choose to take out a part of cover over a certain amount of time, say five or ten years. Or you can take out cover for the whole of your life, making sure you will get back the death benefits when you die.
The premiums for life insurance with critical illness cover are generally higher than for life insurance without critical illness cover. They are also generally cheaper than term life insurance. This is because you will receive a larger death benefit and the premiums will be lower. Of course you will have to take into account that you will not have as large a payout should you pass away due to critical illness.
If you are over the age of 65 then you will need to tell the insurance company you are over the age of 65. The reason for this is that there will be raised premiums in place for this. If you do not tell them this when taking out life insurance, they may think you are unhealthy and so increase the premium.
One of the main reasons you may want to consider life insurance with critical illness cover is if you have someone in the family who has already had to have hospitalised. This could cause financial problems in the short to medium term. Some policies will also include part of the cost of the critical illness treatment. So it is important to check how much of this will be included in the policy before taking it out. You may need to take out more cover than what you think you need.
With a critical illness policy you are basically agreeing to pay the same rate of interest for the life of the cover. The policy would usually last for twenty-five years. However as the cover ages it could then rise at a greater rate of interest. It is therefore vitally important to read the key facts of any policy you are considering taking out. Check what is not covered in the cover.
The main advantage of life insurance with critical illness cover is the peace of mind it provides you with. Knowing that should you pass away that your family can go forward without too much financial strain. Of course this type of cover does not just cover funeral expenses. It can also help cover your mortgage and day to day costs. You do however have to remember that if the cover ends you will still have to find another source of income.