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Joint life first death or single life Pros & Cons.
This is something that not many people even consider but when I
have given you a bit of information it is something you might
will never brush over in the future.
It has to be said no one underestimates the true value of
critical illness insurance quite frankly once people know about
it they are daft not to take it.
With that in mind it is strange why people do not take it out on
a single life basis. Well the reason is due mainly and solely to
cost that is of course the pro for joint life first death. I
have to admit at this point in time it is indeed the only pro I
can think of.
However there is one huge con against joint life first death,
and at this point we will start referring to it as JLFD for
ease. what if you have a JLFD critical illness plan or any life
cover for that matter and your partner dies or suffers a
critical illness and makes a claim?
You don't want to be insured any less do you?
But now because of the way your insurance was set up you no
longer have any cover at all because once the benefit paid out
the plan ceased taking your cover with it.
The big problem is you are older and therefore more expensive to
insure. Beyond that rates might have changed, cover limits could
be tighter than they were when the original plan was taken out.
You might have started seeing the doctor for something that
would make you a higher risk to insure and therefore present you
with a rating should they offer cover (increased premium rates).
All these things are a serious downside to JLFD cover for any
type of insurance.
The most important thing to be aware of, is the increase in cost
today, is not as much as you think. So with that in mind you
should always quote yourself on two single plans first and if
you can afford to take the cover out on that basis.
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UK-critical-illness-insurance.com
45 Market Street
Wirral
Cheshire
CH47 2BQ
Tel
0800 083 6050
Fax
0151 632 2117
email:
info@UK-critical-illness-insurance.com
Office
Hours
9am - 5pm
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