Will the cover work alongside Permanent Health Insurance?
Critical illness assurance is mostly taken out by people for cover to pay a lump sum to repay their mortgage, pay medical treatment or to alter their homes should they become ill.
Income Protection (IPB / PHI) is also available and pays a regular amount to replace your income should you be too ill to work.
It is usually recommended that people protect their income with a Permanent Health Insurance policy and that they also have sufficient Critical illness cover to at least repay their mortgage.
In a perfect world you would take out the maximum Income Protection that you can and also enough Critical illness cover, not only to repay your mortgage but also to provide you with a lump sum that would be able to cover you for every future eventuality. However in reality most clients can not afford to do that, therefore you need to work out what you can afford and importantly what your priorities may be.
Permanent Health Insurance is only designed to replace your income, so it will stop when you reach retirement, but critical illness assurance cover can be bought on a Whole of Life basis, meaning that the cover will continue until you die, or until you stop paying the premiums.
Endsleigh Financial Independent Tailoring can advise you further on how such policies can be combined to attain you the best overall level of cover or any other questions you may have on critical illness assurance.
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