Life and critical illness insurance could make your life a great deal easier if you should become a victim to one of the critical illnesses defined in your policy. When looking into taking out both forms of protection together you could choose whether you wanted just to protect your mortgage repayments and take out decreasing term assurance. If you want protection that would provide your family with a lump sum in the event of you passing away and critical illness cover that would provide an income while you were dealing and living with your illness, then you could take out level term assurance.
Life insurance of course would only payout upon your death during the term of the policy or while you continued paying your premiums. Critical illness insurance on the other hand would pay out a sum of money if you were to be diagnosed with one of the critical illnesses which were outlined in the policy. This could make life a great deal easier during a time when you need it the most. You would be able to continue paying your bills and general outgoings which would allow you to concentrate on adapting to your new way of life with your illness.
If you are looking into taking both life and critical illness insurance then taking them together with the same provider could save you a great deal of money. You would of course need to check the terms offered by the provider as the illnesses which are protected under critical illness protection could vary. Usually the majority of critical illness policies would include protection for cancer, stroke, and heart attack and bypass surgery. They would generally protect between 27 and 38 different illnesses which might also include HIV, kidney failure, meningitis, Alzheimer's and major organ transplant plus more. Some providers could also include protection automatically for any children of the policy holder under the age of 18 and again this would need checking with the provider.
Life and critical illness insurance can bring enormous peace of mind for the policy holder and their family. While you cannot predict what the future may bring you can at least protect against falling victim to a critical illness which could have a devastating effect on the whole of the family. If you were to suffer from an illness it would be life changing and of course you would not be able to earn a living to keep the family in the way they are accustomed too. With the insurance provided from the policy you would have an income to be able to fall back onto which would at least take away the financial stress. If you should lose your life then life insurance would be there for your family to fall back onto after your death. This would allow them financial security during a time when they needed it the most and would help them some time to recover from your death and get back on your feet again. With any insurance you would need to check the limitations and exclusions in the cover as these could differ between providers.
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