If you have no dependants or already have life insurance, then consider Critical
Illness Insurance as an alternative to life insurance.
life insurance includes Terminal Illness cover which pays out if you die or if you
are diagnosed with any illness from which a Doctor expects you to die within 12 months - however
if you have no dependents then you may consider it more important to provide for yourself.
With a critical illness (such as blindness) you could survive for many years and be
unfit to financially support yourself, and in those circumstances a tax-free lump
sum from a Critical Illness policy would be a blessing.
You can buy critical illness insurance with decreasing cover (for a Repayment Mortgage)
or level cover (for an Interest Only Mortgage) just as you can life insurance, although
these types of policies are more expensive than Mortgage life insurance or normal
life insurance.
Many people decide to buy both life insurance and Critical Illness cover so they
are covered for both eventualities - and the most cost-effective way to do this is
usually through a combined policy.
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