While the majority of people who take out a critical illness policy choose a policy that also includes life insurance, there is also an option many dont consider – a standalone critical insurance policy. So whats the difference you might ask?
Well a policy that includes life insurance means that on the death of the person holding the policy or should that person suffer from a critical illness or become permanently disabled, then a lump sum benefit will be paid.
If you purchase a standalone critical illness policy it will only pay out the amount of benefit should you be unfortunate enough to be diagnosed with a serious critical illness or you should be become permanently disabled.
However, in many cases, purchasing a combined policy of life insurance and critical illness does work out cheaper than purchasing the standalone policy.
The reason behind this is that the majority of people take out the combined policy and overlook the standalone; this means that competition is fiercer for the combined, which helps to keep premiums lower due to competition.
The standalone could however benefit you if you dont have to worry about dependants...
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