What is UK life critical illness insurance?

UK life critical illness insurance is a form of insurance offered to customers that incorporates both life insurance and critical illness insurance in one policy. UK life critical illness insurance offers customers total peace of mind that their financial responsibilities will be looked after if they are no longer able to work because of death, or contracting a critical illness.

UK life critical illness insurance is made up of two policies. Life insurance pays out a lump sum payment to the family of a customer who loses their life, while critical illness insurance pays out a tax free lump sum to the customer if they are diagnosed with a critical illness and survive the survival period.

As with all critical illness insurance policies, the survival period, and the list of critical illnesses covered varies from one customer to another. The survival period is the period of time from first diagnosis of an illness that the customer must live, and is generally around 28 days. The beauty of UK life critical illness insurance is that any customer who does not survive the survival period will still see their family paid the life insurance part of the policy.

Why do I need UK life critical illness insurance?

Any customer who has financial responsibilities can benefit from UK life critical illness insurance, as it gives customers, or their families the money to continue to meet those responsibilities, like a mortgage, or paying for children’s upbringings. Most life insurance policies are offered to customers when they take out their first mortgage, but with the average age of the first time buyer now reaching 38, many customers should seriously consider the cover when they have their first child, if this is earlier.

UK life critical illness insurance provides customers with the peace of mind that their mortgage will be paid off, and money left behind to support their family if they are no longer able to do it themselves, guaranteeing the family somewhere to live. A large number of families who lose one of their earners during the mortgage repayment period, and who are not covered by a life insurance policy end of having to move house, as they simply cannot afford the mortgage anymore.

A UK life critical illness insurance gives you the best of two different insurance policies, in one cheaper all round package.