Does Critical Illness Insurance Cover Diving?
Question asked by Matt Thomas
I already have Life Insurance for my mortgage which as been in place for over 5 years. I now have a child and was looking at CriticalI Illness Insurance to ensure my family is protected should I suffer a serious illness.
Can I take out a separate Critical Illness policy or do I need to cancel my Life Insurance plan and take out insurance covering both?
You may see a combo of Life Insurance with Critical Illness Cover, but can you buy them separately? We asked our very own, Alex Weir, for a clear answer. Just press play! 👇
There is often confusion around whether or not you can get Critical Illness Cover without a Life Insurance policy so this is a good question.
The quick answer is yes. You can take out Critical Illness cover without taking out Life Insurance too.
Although you can take out a standalone Critical Illness policy, it’s not always the most cost-effective option.
This is because there are tax benefits which insurers receive on Life Insurance. This means it can often be cheaper to take out combined Life and Critical Illness Insurance rather than just Critical Illness.
You can compare quotes from the top uk insurers here to see the premium difference for yourself.
As you already have a Life Insurance Policy, the best thing to do is speak with a financial adviser. Without knowing other information such as medical history or the cost of your current policy, it’s hard to say what the right option would be.
It really will depend on how much your circumstances have changed since taking out your Life Insurance. A financial adviser will be able to look at your current lifestyle, health and budget and tailor a recommendation to your specific needs now.
To ensure you get the best cover possible for your budget and needs, we would always recommend speaking with an adviser. The team at Drewberry is on hand to help so don’t hesitate to pop us a call on 02084327333 or email us at help@drewberry.co.uk.