Independent Financial Adviser for Critical Illness Cover Advice

Critical Illness Insurance

Generally there are 2 types of Critical illness Plans - These are as follows.

• Fixed Term Life Cover with Critical Illness

• Mortgage Life Cover with Critical Illness

Fixed term life cover with critical Illness

This is a protection policy that will pay out a cash lump sum if you die or are diagnosed with a critical illness that meets our policy definition within a set period of time known as the policy term. The amount of cover remains fixed throughout the policy term.

Mortgage life cover with critical illness

Unlike the Fixed Term policy, this is a decreasing protection policy where the level of cover reduces each year during the term of the policy roughly in line with the outstanding balance on a standard repayment mortgage – hence it is frequently referred to as “mortgage protection”.

Provided the initial sum insured and term are the same as the mortgage at the outset it means that in the event of death or diagnosis of a critical illness that meets insurers policy definitions the policy should be sufficient to repay the mortgage provided interest rates have not risen above the providers advised interest rate.

General conditions of applying are:

• Minimum age to take out a policy is 18 next birthday

• Maximum age to start a policy is 65 next birthday

• Minimum term is 5 years

• Maximum period of cover is up to the age of 70 next birthday

Other information about Critical Illness Cover

• Both pay out in the event of death or on diagnosis of a terminal or a specified critical illness.

• Both types of policies can be written in trust if required.

• Both polices can be taken out on a single life or joint life first death or diagnosis basis

• Premiums can be on a guaranteed or reviewable premium basis

To ensure you get the best priced life insurance quotes, contact me now.

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Trevor Branton is a Registered Individual of Clearwater Financial Limited, who is a an Appointed Representative of Intrinsic Independent Ltd, which is authorised and regulated by the Financial Services Authority.

Intrinsic Independent Ltd is entered on the FSA Register under reference 217742