Critical illness insurance is fast becoming a popular form of insurance, says critical-illness.co.uk. This insurance offers critical illness cover, and may be either be taken as a standalone plan, or combined with life insurance. There are variations in the insurance plans from one company to the next.
Critical-Illness.co.uk explains that level-term critical illness insurance runs over a specific term decided at the outset, and the sum assured selected will then remain the same during the duration of the plan. Alternatives to the level or interest only critical illness insurance is one on a decreasing or a reducing basis. The sum assured decreases over the term that the plan is taken out over. Under this arrangement, the premium becomes considerably cheaper than the level version so works for those who are protecting a capital and repayment mortgage.