You can get joint Critical Illness Cover which will insure two people under the same plan. Some couples choose this option to reduce costs and simplify their monthly payments.
However, be aware that a number of joint policies will only pay out once. Meaning if one of you makes a claim, the policy ceases. The other person is then no longer covered in the event of an illness.
Some providers offer “dual cover” products which will continue insuring the other person if one of you makes a claim.
Providers such as Guardian and Royal London offer policies that pay out twice rather than just once. So if you opt to buddy up on a policy, you’ll both be protected – regardless of if the other person claims.
The cost difference between two plans and a joint one is often pretty insignificant. Joint Critical Illness Plans tend to have slightly cheaper monthly premiums: around 10% lower than two separate plans.
Just make sure you get a “dual cover” policy if you want the option of two payouts, as most insurers will end the policy after one of you claims.
There’s a lot to think about, which is why it’s important to get financial advice before deciding.
Insurance is hugely personal. So the right product for you will depend on your unique circumstances.
Our team of specialists live and breathe insurance, and are ready to chat about your Critical Illness needs. For fee-free advice and access to competitive rates, give us a call on 02084327333 or email us at help@drewberry.co.uk.
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