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Critical illness insurance, life insurance and critical illness with life insurance are all protection plans designed to provide financial assistance in the event of the unthinkable happening Aviva offer plans such as these. All these policies are designed to pay a tax-free lump sum; critical illness insurance will pay out on diagnosis of certain life-threatening or debilitating conditions whereas life insurance pays out upon death.
Aviva critical illness with life insurance will pay out either on one of the specified illnesses or death. Generally, people purchase these plans when they take on major commitments or have family/dependents. If your income is the main/only money coming into the household and this should suddenly cease, for what ever reason, how would you and/or your family cope. Critical illness insurance and/or life insurance are means by which you could provide you and/or your family with the financial security in the event of not being able to work due to a serious illness or if you were to die.
Aviva critical illness - Aviva critical illness insurance - Aviva critical illness cover
Which plan you purchase is down to personal choice and circumstances. Life insurance is normally a relatively cheap plan to purchase. However, it will not provide any financial assistance in the event of suffering a critical illness. Aviva critical illness with life insurance and AXA critical illness insurance are one way of providing such cover. Generally, critical illness with life insurance works out cheaper than purchasing the two plans separately. However, should a critical illness with life insurance plan pay out on a critical illness the policy then normally ceases and you will no longer have any life insurance.
Any of these policies can be purchased either directly from the insurance company, from a financial adviser or insurance brokers who can offer Aviva. It could be argued that it is invaluable to buy via someone whom can help and advice you on the best plan for you. In the case of critical illness cover there are a vast number of different policies; the main differences being the conditions covered. Additionally, there are differences between the providers and their underwriting parameters. An insurance broker who specialises in protection policies will work everyday with the different insurers and be able to advice you on the most appropriate plan and company for your needs.
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