Life insurance is pretty common, but not everybody has both life insurance and critical illness cover. Of course, life insurance is very important if you have a mortgage, because if you happen to pass away within a specified period of time you will be covered. However, it is a good idea to add critical illness cover to your policy. Even though it costs a little more to purchase, you could end up saving yourself a lot of money down the road if you get a critical illness.

When you add this type of coverage to your life insurance policy, you can receive payments from your insurance company in the event that you were to get a critical illness. In most cases you will be unable to work when you are critically ill, and you will most likely be unable to take care of your monthly expenses. However, it is important to note the fact that you will only be covered under your critical illness policy if you have been diagnosed with one of the illnesses that is listed in the terms of your policy.

The reason why you will want to have both life insurance and critical illness cover is because there are so many illnesses out there that could cause you to be unable to work for a significant amount of time. You and your family are going to require significant financial protection at such a time. Life insurance is great, but you are not always going to pass away when you become critically ill. For example, if you were to get cancer or have a heart attack you would be unable to work, yet there is a good chance that you will survive and need some financial relief. This is when you would be very glad that you added critical illness cover to your life insurance policy. As long as your illness was listed in your policy you will get a lump sum of money to help you stay current with monthly expenses such as a mortgage.

Of course, the cost of your premium will be a bit higher, and you are going to have to provide your insurance company with a full report of your medical history, as well as that of your family. This is because many critical illnesses are hereditary, and the insurance companies will adjust your monthly premiums according to the amount of risk on their part. It is very important that you are completely straightforward about your medical history. If you leave something out, the insurance company will have a right to deny giving you your benefits in the event that you should make a claim.

The most important thing is that you have thoroughly looked over your policy before purchasing it. Make sure that you are going to be covered for any illness that you feel you are at risk for getting. Otherwise, getting both life insurance and critical illness cover won’t end up being beneficial for you in the long run if you get an illness that is not listed in your policy.

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Category: Finances
Keywords: Life Insurance and Critical Illness Cover