critical illness insurance

KIP

Hi I'm thinking I need to get some critical illness insurance to cover the cost of all bills if necessary. I would be grateful for any advice or knowledge? Many thanks.

InsideInsurance

Are you sure critical illness is what you want? It gives you a lump sum and so tends to be more for paying off mortgage or adapting your property to your new life rather than ongoing bills.

PHI gives you an ongoing income up until your nominated age (normally 65) and so is more commonly used for the ongoing bills.


If you dont know much about Protection Insurance then get yourself down to an IFA or an advisory Protection Broker and they can discuss your circumstances, what you are trying to achieve and recommend both products and providers.

KIP

I think I may need both depending on the cost. Many thanks for the advice.

ACG

If you decide to do these through a comparison site do not let cost be the deciding factor.

You may end up with a policy that has a limited payout period. If anything its worth considering less cover but having a bigger chance of payout. Or it may start off cheap but then price will increase as you get older.

Its worth a chat with a mortgage or financial advisor with this to ensure you do not get it wrong - the last thing you want when expecting a payout is to be told it wont be happening.