Life insurance and critical illness cover - question

missk_2

Hi
I'm hoping someone can point me in the right direction. I'm trying to get life assurance (term) and am also interested in having critical illness cover just in case. My question is, should I go for a combined policy or separate policies? Or is it a case of whatever works out cheapest?

I thought I'd read an article from Martin on this but cannot find it now. I can find the one on term assurance but it doesn't seem to cover the critical illness side of things.

Any help would be appreciated.
Thanks a lot.

dunstonh

A combined policy will almost certainly always be cheaper than standalone plans. Perhaps the exeception being for higher rate taxpayers who can get 40% tax relief on pension term assurance (potentially upto 72% if working/childrens tax credits come into play as well).

The term assurance article on the site was beginning to get dated as it made no reference to pension term assurance (and i dont think family income benefit either). CI is a little more complicated as no two plans share the same CI benefits so you cant just look at premiums when it comes to including CI.

springtide

I'm not 100% but I think that it is cheaper to get the policies seperately. I have just got a very reasonable quote through Cavendish Online for level term which is more reasonable than anything I have found previously. There is some info on this in Martin's articles on Life Assurance.

Hope you get sorted.

rossbenn

missk wrote:

Hi
I'm hoping someone can point me in the right direction. I'm trying to get life assurance (term) and am also interested in having critical illness cover just in case. My question is, should I go for a combined policy or separate policies? Or is it a case of whatever works out cheapest?

I thought I'd read an article from Martin on this but cannot find it now. I can find the one on term assurance but it doesn't seem to cover the critical illness side of things.

Any help would be appreciated.
Thanks a lot.

Bit of a minefield this one. More info is needed like, what is the cover for?

Is it to protect your family, is it to protect your mortgage, are your employed/self employed, do you have income protection if you are off long term ill. All this info is important before you can decide which is right for you.

The trickey bit is deciding which policy gives the best benefits. There you have your minefield. Best to seek advice from an IFA.

Good luck

Ross

missk_2

Thanks all for shedding some light for me. I have cover for myself for death in service and long term illness but my partner does not so I'm trying to fill the gaps.
Thanks for the advice.