Critical Illness insurance cover to other plans
Something a lot of people are unaware of is the fact that as
well as this benefit being sold as a standalone plan it can also
be used as an add-on to other plans, such as Endowments Whole of
life cover Mortgage protection insurance and Term insurance.
This means that you can take out life cover and you build in
what is known as accelerated critical illness benefit. This
means that you have the sum assured for death but if you suffer
a critical illness then the benefit is then paid out to you,
hence "accelerated benefit".
However the downside is the benefit has been paid so you no
longer have any life cover. For this reason you can select
additional critical illness cover this means that it will pay
out for critical illness but the plan will still continue and be
ready to meet a death claim if necessary in the future.
Some life companies have buy back options allowing you to buy
back life cover after a critical illness claim, they just charge
a slightly higher premium at outset to cover the increased risk
that this represents.
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