Critical illness cover can provide long term protection for you and your family. As well as providing peace of mind for the future. A protection policy can help you with your financial responsibilities including a mortgage or any other large financial outgoing. However, if you are already struggling to stay on top of the bills. The thought of having to pay a further monthly cost is far from appealing. But is a Cheap Critical Illness Cover worth it?
Due to the need for Cheap Critical Illness Cover and cost effective Life Insurance. There are many different providers who offer very reasonably priced policies. As a whole of market broker, Life Insurance Cover can find both Critical Illness Cover and Life Insurance protection for you without a huge monthly premium. It is very important to note that “Cheap” doesn’t always mean the best protection possible. That is why we always encourage our customers and website visitors to compare polices through an FCA regulated broker, like Life Insurance Cover.
In today’s guide we take a look at how to find cheap Critical Illness Cover and Life Insurance. Helping you to avoid under Insuring or even worse having ineffective long term protect. We will also go through some of the most common questions on the topic, including:
Is Critical Illness Cover Expensive?
The simple answer for this question is, it depends on your budget. As with all the different types of Insurance available. You can choose many different levels of cover when you choose a Critical Illness Cover policy. Put in its simplest form, the more you pay per month, the more illnesses are you will be covered for. This also includes the potential of a larger lump sum payment you could receive if you need to make a claim. This could range from a policy basic payment of £25,000 to a very substantial amount of money. Because there is so much variation in the types of policies available, it can be quite tricky to find the best policy for you and your family.
A monthly premium will also include a calculation for your lifestyle, health, age and other potential risk factors. With so many different variables involved in working out an individual’s premium, it is almost impossible to have an “average” cost for everyone. The key point to remember is that whatever your household budget could be, there will be a cost effective Critical Illness Cover policy within your financial budget.
Should I Buy The Cheapest Critical Illness Quote?
At Life Insurance Cover, we would recommend caution against a Cheap Critical Illness policy without doing research into what it may protect. With so many different providers and policy variations between policies. It is very important to ensure that any protection policy you choose protects you for the long term. Another point to remember is that each policy is created on your unique circumstances and the most comprehensive policy will cost a little more. By choosing a cheap Critical Illness Cover policy, may mean reduced cover or restrictions to a policy.
By making the first and most important step in protecting your family for the future. Obtaining a free Criticail Illness Cover quote will allow you to find a monthly premium that is both affordable and sustainable for your family.
How Do I Choose The Right Critical Illness Cover Policy?
With the different variations between the many different policy providers, the choice will be defined by your personal circumstances and priorities. Because each policy is created on the information provided including your age, health, number of people who rely on you. All of these factors will provide a monthly premium cost driven by your monthly budget. It is very important each policy includes:
A fixed monthly premium which will not increase during the length of the policy, which will make monthly budgeting easier.
Critical Illness Cover protection for children and others who rely on you. This policy type can be included for free with some providers, however it is not always a free benefit. By using an FCA regulated broker will help you find the protection you need.
How Does A Critical Illness Policy Pay Out?
If you needed to make a claim against your protection policy, you have a choice of two very different payment methods. The most popular choice for many people is a lump sum payment, but there are an increasing number of people choosing a payment per month to replace an income. The size of either a lump sum payment or a monthly benefit payment will be driven by the cost of your monthly premium. To help you to work out how much you may need in the future, the key points that need answering will be:
How much money would you need to finish paying off your mortgage? Also are there any other significant debts which need payment, if you were suddenly unable to work for an indefinite period?
In addition to the questions above, how much would you need to ensure a sustainable quality of life for your family while you are unable to earn an income?
By working out the approximate amount of money that you may need, will give you an idea of how much protection cover you will require. If you need help from our expert team to help you find cheap Critical Illness Cover that will protect you and your family, simply complete a quote today.
Can I Get Combined Cheap Critical Illness Cover And Life Protection?
Many households within the UK have people who rely on them. The most common type of protection for these households is to prioritise a Life Insurance policy, rather than a Critical Illness Cover policy. Which is an important level of protection for families and loved ones. But it will potentially leave your family at risk if you suffer a long term illness. Therefore it is important to also look at a combined protection policy.
Many website visitors and our customers include a combined policy type quote before they decide on their preferred policy type. Many people choose to take out a combined Life Insurance and Critical Illness Cover policy. This is because both products offer protection for you and your family for very different but important purposes. It can also work out to be more economical than buying two separate products.
Why Speak To Life Insurance Cover?
Finding the best and right level of Critical Illness Cover can be very time consuming and not always easy to find. With so many potential pitfalls and possible policy errors, many people feel more comfortable obtaining protection from an FCA Broker. At Life Insurance Cover, our experienced team of specialist have helped people find the best protection for the future.
As an FCA regulated broker, we can help you navigate the entire insurer market. Helping to create a bespoke protection policy for you. At Life Insurance Cover we can explain each of the policy benefits and features to match your individual needs.