Critical illness life insurance rate
What is critical illness life insurance rate?
Critical illness life insurance rate is a combination of two very important insurance products, and gives the customer total peace of mind that their families finances will be looked after, whatever happens.
The two different insurance products that make up critical illness life insurance rate are life insurance, which provides a lump sum payment to the family of a customer who dies, and critical illness insurance, which provides a lump sum payment to a customer who is diagnosed with a critical illness.
The life insurance aspect of a critical illness life insurance rate policy is term life insurance, which is the most common, and popular form of life insurance offered in the UK. Term life insurance covers a customer for a certain term, in this instance the length of the critical illness life insurance rate policy.
Any customer who dies during that period will have a lump sum payment made to their family.
Life insurance is an important part of any critical illness life insurance rate policy because it provides total peace of mind that should you die tomorrow, your financial responsibilities, like your mortgage and children will be looked after by the critical illness life insurance rate policy payout.
Critical illness insurance
The critical illness insurance aspect of a critical illness life insurance rate policy runs alongside the life insurance and will provide a lump sum payout to a customer diagnosed with a critical illness, who then survives the survival period.
Each different critical illness life insurance rate policy provider will have their own list of critical illnesses covered, and the illness must be from the list to make a claim. Generally speaking you can expect cancer, heart disease; a stroke and heart bypass surgery to be on list as standard.
The survival period is a period of time from first diagnosis of a critical illness that a customer must live to be able to make a claim. The period will vary from insurer to insurer but is generally around 28days.
Customers who do not survive the survival period but have a critical illness life insurance rate policy will find that the life insurance portion of their cover will pay out instead, meaning they are totally covered for whatever situation arises.
The money from a critical illness payout as part of a critical illness life insurance rate policy can be used to supplement lost income, to pay for private medical care or to make improvements in the home that help improve quality of life with an illness.