Life insurance / critical illness cover

Morata_

Just seen a Vinnie Jones life insurance for Tom.com for life insurance.

Just got me thinking...my young family isn’t covered!

Are life insurance (death by accident /car crash) and illness covered by one policy or would I need separate to cover them both?

Is Tom a good company or am I best going for a bigger and more tradional brand. First real thoughts as I’m 38 and have 3 children. Any advice would be great. Thanks

Weighty1

As far as I'm aware Tom is just a marketing tool and they provide leads for partnered companies, one of which is the company which first got me into the life insurance industry, LifeSearch, who are really good most of the time.

illness cover can be combined with life insurance, however, I'd suggest that long term income protection is better than critical illness cover since long term IP covers anything which prevents you from working, not just a specific list of conditions which must meet the minimum severity requirements.

You'd be as well speaking to an adviser and they'll review your current circumstances and will be able to run through a variety of options with you. For example, family income benefit is a type of life insurance which few people know about, outside of the industry. This provides a regular income until a set point in the future, such as when the kids are 21. Because this type of plan pays out a little less each month (since you are getting closer to the end of the plan) it's generally a more cost effective option than a lump sum, you wouldn't need to worry about it being misspent as the money can't run out too soon and your family wouldn't need to worry about investing the money. That said, if you died 12-months before the end of the plan then you'd probably have wished you'd arranged a lump sum as the income option would only pay for 12-months at that point.

These are all things that an adviser would be able to discuss with you.