If you have a mortgage, debts, or you just want to have the peace of mind of a lump sum if you become ill then critical illness cover could help you.
If you’re married, or cohabiting or have a mortgage with another person, then critical illness joint cover should be a policy that you consider.
With dozens of joint critical illness insurance policies in the market, however, it’s important that you shop around and compare joint critical illness cover before you buy.
How joint critical illness cover can help you
A ‘critical illness joint cover’ policy will pay out when you or the joint policyholder are diagnosed with one of a list of conditions covered by the policy.
These conditions typically include a heart attack, stroke, cancer and multiple sclerosis but can include a range of conditions including total and permanent disability and the loss of a limb.
When you claim under your policy you will receive a tax-free lump sum that you can use to repay your mortgage, help meet your monthly commitments while you are ill or pay for private medical treatment.
It’s worth remembering that a joint critical illness cover policy is a ‘first event’ policy. This means that it will pay out on the first diagnosis of a critical illness and then end. It doesn’t pay again if the second policyholder is subsequently diagnosed with an illness covered under the policy.
You need to consider whether you're happy with this arrangement or if you'd prefer to take out separate policies.
What to look for when you compare joint critical illness insurance quotes
With dozens of insurers from banks to supermarkets offering this cover, it’s vital that you shop around for the best joint critical illness cover quote.
This doesn't necessarily mean the cheapest as when you compare quotes it’s vital that you take both the cost of the policy and the quality of the cover into account.
You should always remember that the best critical illness joint cover policy is unlikely to be the cheapest. In fact, the reverse is often true as cheaper premiums can mean that fewer conditions are covered.
It’s vitally important that you compare the quality of the joint critical illness cover policies you are considering. For example, how many illnesses are covered under the scheme? And, does it include ‘children’s cover’, meaning that you can make a claim if your child becomes critically ill or seriously disabled?
It’s also important to establish whether the insurer offers ‘fixed’ premiums for the life of the policy or ‘reviewable’ premiums which are likely to rise in years to come.
The best joint critical illness cover quote is likely to offer excellent coverage for the two of you at a competitive price.
