Are there any benefits to buying combined Critical Illness and Life Insurance policies?

The figures show that life insurance in the UK is more popular than critical illness insurance or income protection insurance. It would be better to say that people are more publicly aware of life insurance and cover policies than they are of critical illness policies as the former have been available for a greater length of time. There are currently around 3 times more individuals in Britain who have life cover compared to critical illness protection but that divide is narrowing year after year as more UK residents are discovering the many benefits that taking out critical illness policies offer them.

There are now a number of insurance companies that actively advertise combinations of different insurance policies to their prospective clients, with a large percentage now offering cost effective policies that feature multiple coverage such as life insurance and critical illness insurance combined. A money saving option, buyers can still think they are receiving a good deal but are advised to shop around for the best offers.

Only recently in the last 12 months, the IRDA (Insurance Regulatory and Development Authority) issued and passed certain rules and guidelines to assist insurance companies to actively begin offering what are now known as life-plus-health policies, combining different and influential insurance plans, designed to offer a high level of individualised cover. However, even without these guidelines there are more insurers who focus on life and those who focus on health insurance who are rapidly taking on critical illness policies as well.

The bottom line of either life insurance or critical illness insurance is to offer a financial payout to cover bills and family running costs in the event of you losing the ability to earn an income. The difference is that life insurance is paid out to your spouse of other family members if you are to pass away suddenly, whereas critical illness insurance is paid out straight to the affected person or the individual whose cover it is, again as a lump sum but without the individual passing away. The similarities between critical illness and life insurance policies are that they offer a significant cash amount to help protect the living environment of your loved ones.

It may come as a shock but there really is a much higher risk of contracting a critical illness than there is of dying prematurely. Even more so as the list of recognised critical illnesses now includes over 150 different afflictions and diseases that an insurer may cover. The ages of concern for critical illnesses are between 40 and 70 and there are as many as 1 in every 5 people in the UK who are expected to develop a critical illness, whether physical such as cancer, a stroke or other pulmonary illness or mental problem such as Alzheimer’s Syndrome.

Now is the chance to take advantage of combined insurance policies, much as in the same light as you would buy Buildings and Contents Insurance, you can expect to save a great deal with purchasing life and critical illness insurance policies now. Critical Illness Insurance is a respectable provider of critical illness plans and offers you many advantageous solutions when looking to purchase the right insurance for you and your family today.