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?
This is a good question and a topic there is often some confusion around.
Standalone vs Combined Cover
You are able to take out a standalone Critical Illness Insurance policy without Life Insurance; however, this may not be the most cost-effective option.
There are tax benefits which insurance providers receive on Life Insurance policies which means that it can often be cheaper to take out combined Life and Critical Illness Insurance over a standalone critical illness plan.
You can compare quotes from the top uk insurers here to see the premium difference for yourself.
Existing Life Cover
Given you have existing Life Insurance and without any other information with regards to your medical history or the cost of the plan, it’s best you speak to a financial adviser to ensure you make the right decision.
The way forward will really depend on how much your circumstances have changed in terms of your lifestyle, medical history and affordability.
Get in touch…
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