Insurance Center

A combined “life and critical illness” insurance policy is cheaper than taking out two separate policies. Both forms of protection will provide financial security. Depending on the type of protection taken, life insurance will pay out upon your death as long as you paid the premiums, or it would expire after a fixed period of time.

Critical illness protection would payout a lump sum if the policyholder was diagnosed with one of the critical illnesses specified and included in the terms of the policy. There will be time delay in claiming on this policy.

Term life insurance is usually the cheapest forms of life insurance. You decide the term of the cover and how much you want to protect and if you should die before the policy expires your beneficiaries would receive the sum that you insured when taking out the policy. Of course, if you are still alive at the expiration of the time period of the policy it simply expires and no payment are made.

If you have mortgage life cover, the policy would run in line with the amount you had left to pay on your mortgage. As your mortgage balance decreases each month then so would the amount of insurance your beneficiaries would receive in the event of your death.