Over fifties critical illness, also known as life assurance, is becoming a very popular form of critical illness due to the amount of people, who desire or require insurance, getting older. This type of insurance is now one of the most cost effective forms of providing protection to oneself as they get older. Critical illness can be a very effective form of protecting an individual, against death, for an amount of money that is presented to the policy owner’s beneficiaries if death was to arise.
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Over 50's critical illness in now commonly available in two different types, these are term critical illness and whole of critical illness. Both types of insurance offer a great amount of insurance and protection however each offer different benefits.
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Term critical illness has been designed to provide protection for a specific and set time period of time. This type of critical illness can be on a level or decreasing basis, it also means that there is no cash build up which is available in other types of insurance such as the whole of critical illness. With term critical illness the policy owner is able to provide protection for a specific amount of years, this type of policy is usually renewable meaning that the policy owner can further the term insurance. If the policy owner was to die during the period of term insurance the death benefit will be provided to the beneficiary.
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Whole of critical illness provides protection against death for the insured's whole life, meaning that the policy will not run out over a period of time. Whole of life, or permanent critical illness is designed to provide the beneficiary of the insurance policy a cash lump sum of money if death arises which can be used for a wide range of needs, purposes and occasions.
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Over 50's critical illness can protect individuals who would like to provide their families and loved ones with a cash lump sum if death was to arise. Â Protecting yourself with over fifties critical illness today can ensure that you can provide your loved ones with a financially stable future.
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It is not possible to predict whether or not you will get a critical illness and there is always going to be a risk no matter what age you are, someone who is 21 could be diagnosed with a critical illness just like someone who is 75 could also be diagnosed with one. It is important to have protection so that you can lessen the struggle and strain it will have on your life. Being critically ill could mean you require specialist care which the payout from your policy can help to pay for.
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It is essential when looking for a critical illness policy that you take the time to find one which suits your needs, rather than buying the first one you see. The first policy you find may be the cheapest or even the most expensive but you could find that it doesn’t offer all the protection you require or doesn’t cover a critical illness which you want covered, which means that you may not be able to claim on your policy even after having spent years paying the premium. All insurers offer different policies and cover different critical illnesses so you may find that using an online quotes generator allows you to find policies from a number of different insurers which will offer cover for different illnesses and different circumstances.
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For over fifties having that extra protection could give them the peace of mind that they need for both themselves and their family.
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Critical Illness can help you find the right critical illness policy to suit you whether that’s an over fifties policy or a standard policy, they will find one which gives you everything you need.
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