Critical illnes insurance faq-SMART

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Critical Illness insurance questions answered....

What does Critical illness insurance cover?
It pays out a tax free cash lump sum upon the diagnosis of a critical illness during the policy term.

What does it cost?
Critical illness insurance premiums vary depending on many factors such as the sum assured, your age, gender and medical history. Premiums are paid on a monthly basis and you are never tied in to the policy. For personal critical illness insurance quote click here.

Are there different types of policies?
Yes, Critical illness usually comes in 2 different forms;

Level Term insurance: the sum assured is guaranteed and remains unchanged throughout the term of the policy. This can be used to repay your debts and maybe have money left over to pay for treatment.

Decreasing term insurance: this is design so that the sum assured reduces throughout the term of the policy. Designed to clear the balance of a repayment mortgage upon diagnosis of a critical illness, this is the cheaper of the two options.

Policy premiums also have a choice of being ‘reviewable’ or ‘guaranteed’. Reviewable premiums are re-assessed at different intervals during the policy term (usually 5 years), usually making them cheaper in the early years and more expensive as the term passes and you age. Guaranteed premiums are just that, the premium is guaranteed to stay the same throughout the term.

How do I buy Critical illness cover?

It couldn’t be easier, just fill out the box on the right hand side of the page to get a quote and compare the market. Once you have your quotes we can talk you through the differences between the policies if you like, to make sure you get the right cover for your needs! If you hate paperwork, no problem we love it so we’ll do it all for you!

Can I have life insurance and critical illness cover in one policy?

Yes you can, these are called combined policies and will pay out on either a critical illness or death but will only pay out once. For the ultimate cover you should have two separate policies.

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