How long should you insure for?

20 to 25 years is most common but it really depends on how much you can afford and your personal circumstances.

STEP 1 of 2
Type of cover
Life Insurance       Mortgage Life Insurance
 
Cover Level (£)

Number of years
Do you want:  
Critical illness cover
Family income benefit
 

Hot Topics

What could Critical Illness cover be used for?
Anything you want. Medical expenses, repaying the mortgage, making your home easier to live in, school fees, general living expenses, but to name a few.
Is there a minimum or maximum amount of Critical Illness cover available?
When you get an quotation, the insurer providing the quotation has agreed in principle to insure you for the sum you have requested. Therefore, you do not need to worry about this issue.
Can You Include Your Partner On Your Critical Illness Policy?
Yes, as with Life insurance, Critical Illness policies can insure one or two lives.
Will Critical Illness policies permit the use of alternative medicines?
After you have been diagnosed with a qualifying Critical Illness and the claim has been paid you can spend your money however you like. So if you want to spend some of your money on alternative medicines then that’s entirely your choice.
How much does the critical illness cover cost?
The cost of a Critical Illness policy depends on the amount of cover you need, your personal details (especially your health and age) and the optional extras you select.
If you are using your Critical Illness policy to protect a mortgage, then the policy should remain in force until your mortgage is due to be fully repaid.

For other purposes you should insure for the longest period you can afford. If you don’t, you could find yourself having to reinsure yourself at a much older age. Then you will find it much more expensive and, if your health has deteriorated, you may be unable to find insurance at any price!

2 years is usually the minimum term for a Critical Illness policy. The most common term being 20 to 25 years. You’ll also find that many companies will refuse to insure you beyond the age of 65 but a few will go to 70. However, in your 60’s, cover is becoming very expensive.


Frequently Asked Questions related to the above topic.
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