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Critical Illness

Critical Illness cover can be put in place as a stand alone policy and can be funded in two ways. Either the policy can be based on lower premiums achieving a certain investment return over a period of time to maintain the cover at the required level or higher premiums providing a lower investment return required for the same cover.

The advantage of the lower premiums in the early years is that this keeps the cost of the policy down, however, if the Provider has been unable to reach the investment returns required then they will ask you to increase your premiums or reduce your cover. On a 25 year term you can often have lower premiums for the first 10 years but see these considerably increase for the next 15 years making the total cost more over the 25 year term. This policy pays out on diagnosis of a specified critical illness

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