28 January 2009 - 8:12Life and Critical Illness Insurance

Combining the policies is often cheaper than having separate life and critical illness cover.

- Have a critical illness diagnosed that is listed on the policy

You can choose term life insurance with critical illness cover as an additional benefit.

If you only have a term insurance policy, the insurer will only pay out if your die during the term.

If you have a term insurance policy plus critical illness cover and the insurer pays out for a critical illness, most insurance companies will not pay out a second time on your death.

Defining a critical illness

Who’s covered by the policy?

Other life cover options

Besides term life insurance, you could opt for whole-of-life insurance policy with a critical illness add-on.