Is joint critical illness cover right for you? Ask Principle First
Critical illness insurance is available on a single cover or joint critical illness cover basis.
Joint critical illness cover simply means that, with one joint critical illness policy, the insurer covers both spouses in the family.
As independent financial advisers, Principle First is able to examine the joint critical illness policies from all of the 20 main UK insurers, and put together a critical illness insurance quote that will secure the best critical illness cover for you.
Would you like quality independent advice on joint critical illness cover? Ask Principle First by making a critical illness insurance enquiry or ring 0800 678 5929 now.
There are various considerations to be taken into account, however, when considering joint critical illness insurance policies.
Joint critical illness cover is provided on a ‘first event’ basis, which means that when one partner claims, the policy finishes, and is void. This leaves the other partner with no critical illness cover, as the joint critical illness policy has expired.
At Principle First we advise our clients that, for just a few pounds extra per month, they can have separate policies which ensure that the second spouse keeps his or her cover, after the first has fallen ill and claimed.
No matter what our clients decide to do, we also point out that joint critical illness cover and single polices often include free childen’s critical illness insurance cover as well. This comes at no extra cost, it is included in the premiums for both joint critical illness cover and for single cover policies. Around 2% of claims on its single and joint critical illness cover policies relate to children, according to Aviva.
When you work with us to calculate critical illness cover, using our critical illness calculator, Principle First can also advise you on related products such as accident, sickness and unemployment insurance, which covers not only illness but also loss of income through redundancy, and income protection insurance, which provides a regular monthly income, if you fall ill.
Cutting the cost of joint critical illness cover
You can use the Principle First online critical illness insurance calculator to do your own preliminary calculation of how much cover you need. Our critical illness insurance calculator will take account of either a single or a double income to work out the best level of cover for you.
At Principle First, we can also help you cut the cost of both single and joint critical illness cover.
Rather than covering yourself until retirement, we can offer you the option of insuring yourself for a shorter time, allowing instead a reasonable convalescence period, before returning to work.
For a couple, the best critical illness cover is a sum equal to two years of their joint net salaries. If a man’s salary of £20,000 gross is £16,000 net, and his wife’s salary of £10,000 gross is £8,000 net, this brings their joint net income to £24,000. They should, therefore, each have critical illness cover of £48,000, to cover their joint income for two years if one becomes ill, and the other stays home as carer.
These figures apply to either single policies, or joint critical illness cover, depending on which option you take.
Do you need an independent quote for the best joint critical illness cover? Ask Principle First by making a critical illness insurance enquiry or ring 0800 678 5929 now.
