Why is critical illness and life cover cheaper than a stand alone critical illness policy?
Answer:
CHECK THE RESTRICTIONS AND PRIOR EXCLUSIONS IN THE SMALL PRINT
Be very careful with this.
It is likely that the Life policy has a 'terminal illness' extension to it.
This means it will pay out if you are likely to die within the next 6 months.
The reason for this being cheap is that Insurers would pay out the limit anayway on your death - they are just paying out 6 months earlier??
Also, you need to think about why you want critical illness cover - it is expensive.
Critical Illness cover only pays out on specific identified illnesses - even some cancers are not insured!
You need to be sure why you need the cover - if you have family history of a particular illness - check it is covered before your start. If it is covered, the premium required will reflect you may be in a 'higher' risk category - again would may be better off putting the money aside for a rainy day?
Some people would suggest you seek independant advice - their job is to sell you a policy and earn their commission - so be objective with the advice.
Hope this helped
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