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What is combined life insurance?

Combined life insurance can be a confusing term as it can be taken to mean one of two different types of insurance policy. The first is combined in the sense that it covers two people, paying out a lump sum on the death of the first of the insured and then expiring, the second where life insurance is combined with another level of insurance, such as critical illness insurance. However, more often than not it refers to the first of these types. The advantage in a combined life insurance policy for two people is that it is normally cheaper than if both people took out individual life insurance policies. This is crucially because it only involves one payout, which many couples will deem sufficient as the surviving partner will be provided for. For many such provision is ideal, as by the time most people expect to be dealing with a payout, their offspring will be self-sufficient and their mortgage paid off, so they will be at a time of life when huge outgoing are not expected, so the payout truly will provide for everyday life.

If it is life insurance combined with critical illness cover you are after, the life insurance part will be as you require, in other words, no different to a standalone life insurance policy, being either whole life or term life as you choose, but with the addition of critical illness cover. As a result your premium will be higher than for just life insurance, but may well be significantly cheaper than obtaining two separate policies from different companies. As with a standalone critical illness policy the premiums will be determined by your age, your family medical history (as most critical illnesses tend to be hereditary), whether or not you smoke and the level of cover you require, which will depend on your financial commitments are (such as your mortgage and outstanding loans) as well as your income and any other items that would need to be covered. Not unlike your life insurance policy, which pays a lump sum on death, critical illness insurance pays out on diagnosis of any of the specified illnesses covered by the policy. Be warned though, each insurance company has its own list of critical illnesses and you are only covered for those on this list.

Disclaimer: The information contained on this page is not intended, nor should it be construed as providing any form of financial advice or guidance as to which insurance product/policy is right for you. If you are unsure as to which product meets your requirements/needs you should always seek advice from an Insurance Professional.

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