How long do I need critical illness cover for?
Summary: The length of your critical illness cover must be the same length as your life insurance cover. At Beagle Street, dependent on your age, you can choose between 5-40 years cover.
How long do I need critical illness cover for?
When you take out life insurance with Beagle Street, you have the option to add critical illness cover to your policy.
This operates separately to your main policy; you get clear breakdowns of premiums and cover amounts for both life insurance and critical illness.
The length of your critical illness cover must be the same length as your life insurance cover. At Beagle Street, dependent on your age, you can choose between 5-40 years cover.
You may want to consider the length or your mortgage or when your children will be financially independent when choosing your cover period.
Critical illness cover operates separately to your main policy; you get clear breakdowns of premiums and cover amounts for both life insurance and critical illness.
Even though your life insurance premium and cover amount are different to your critical illness cover, you’ll still need to decide whether you want to add on critical illness at the same time you do your full life insurance application. This is because you can’t make changes to your life insurance policy with beagle street once the policy has been bought, so all the cover you want needs to be added on together.
If you decide not to include critical illness cover and want to get covered for it later in life, then you’ll need to cancel your policy with us and start a new one with critical illness cover added on. You can cancel your policy with us whenever you like with no cancellation fees.
When deciding how long to take out critical illness cover for, consider things like your family history of critical illness, as well as your own current health. The earlier you add critical illness to your policy, the larger your payout will be, compared to taking it out when you’re older as with age comes with more health risks.
The length of your life insurance policy term must be the same as your critical illness cover as it’s an add on to your main policy and not a standalone product.
Child critical illness
Child critical illness is another type of cover you can add on to your critical illness cover and this could be another factor that affects the amount of time you decide to take out your cover for.
The number of children you currently have or might have in the future could help you decide how long you need your cover. Adding child critical illness to your critical illness cover protects all your children (aged 30 days – 18 years old), even those you haven’t had yet, for the life of the policy.
That means you might only need child critical illness cover until your youngest reaches 18 and they no longer depend on you financially. Your decision might also be affected by your family medical history and your kids’ current health.
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