Statistics show an increase in critical illness so taking out life insurance with critical illness cover is something important to consider.
The aim of critical illness cover is to provide financial protection and security to immediate family/ dependents should the policy holder be diagnosed with one of the insurer’s critical illnesses during the term of the policy.
A sum of money will be paid out under the life cover which the family can use for various purposes.
This depends on your personal circumstances and what you might need the cover for. It doesn’t just have to be about your mortgage, you could factor in other debts, monthly outgoings and future costs such as funeral expenses or your children’s education.
Not necessarily, some insurers might ask you to have a medical and others may not. If you are a young, healthy non-smoker then you are less likely to be asked to have a medical than someone older with pre-existing medical conditions.
You can get life insurance if you have a pre-existing medical condition but the premiums are likely to be higher and there will be less insurance providers to choose from.
You can legally have as many life insurance policies as you like. Some people take out more than one policy to cover different requirements, but a single policy covering everything you need may be cheaper.