What is best life and critical illness cover?

Best life and critical illness cover is a combination of two different important insurance policies, merged together to provide a customer with complete cover, and will often be cheaper than buying the two different policies together.

A best life and critical illness cover policy is made up of critical illness cover and life insurance. Life insurance provides a lump sum pay out to a customer’s family, in the event of a customer’s death, while a critical illness cover policy provides a tax-free lump sum payment to a customer who is diagnosed with a critical illness.

 

Why should I take out a best life and critical illness cover policy?

There are two main reasons why a customer is unable to earn money to look after their financial responsibilities, like their mortgage or paying for their children’s upbringings, and these are death and a critical illness.

Best life and critical illness cover gives a customer peace of mind that if either of these worst case scenarios occurs, their financial responsibilities will be looked after, by their best life and critical illness cover policy pay outs.

Should a customer die, their life insurance part of the best life and critical illness cover policy will kick in, and their family will receive a lump sum payment, which they can use to pay off their mortgage, guaranteeing the family somewhere to live. They will also be able to use the rest of the pay out to support the family while they get back on their feet.

Should a customer be diagnosed with a critical illness, and make it through the survival period (a period which varies by insurer but is usually around 28 days, and is the period from first diagnosis a customer must survive to receive a pay out) then the insurance company will pay out a lump sum payment, which the customer can use to pay for private medical care, or to replace lost income as a result of the illness.

Even the best sick pay packages run out after six months, so many customers will find that they are no longer able to earn after a certain time. A best life and critical illness cover policy can make sure that the family notice little loss of income by providing a payment to support them through this period.