Our Term Life Insurance comes with Terminal Illness Benefit as standard. We have three types of cover to suit your lifestyle.
As mentioned above, being terminally ill means that you are diagnosed with a sickness that will ultimately be fatal, and in this type of cover, it is expected to happen within the next 18 months. An example of this could be an aggressive or advanced stage of cancer. Should you find yourself in this situation, there are many other benefits and forms of support that you may also be able to claim, as Marie Curie explains here."
It can be useful to compare this type of insurance with critical illness cover. This is a different type of insurance that will pay out if you develop a serious condition that could make it harder to live your life as normal. This could include, say, a heart condition or stroke. While not terminal, such an illness could have a critical effect on how you live, the cost of your living, and your ability to earn for your family.
It is important that it is clearly understood what is meant by both 'terminal illness' and 'critical illness' by your insurance provider. Please check the insurers policy for their definition of critical illness terms.
Terminal Illness Benefit is absolutely free with Post Office Life Insurance polices, but you can also add an extra layer of protection by purchasing Critical Illness Cover with any of our life cover options. For a full definition of terminal illness please see page 4 of our terms and conditions.
Terminal illness cover is often included in life insurance policies, but you shouldn’t just assume that this is the case with your own policy. So if you have life insurance already, or are about to take out a standard life insurance policy, ask about whether terminal illness cover is included. If it isn’t you may be able to add it with an extra premium.
Some people may receive terminal illness insurance as a benefit at work. Again, this will depend on the benefits package and any insurance on offer. Because you’ll be getting this as a work benefit, you won’t be able to take it with you when you change jobs. Generally speaking, as with most life insurance policies, you will get a more competitive policy if you’re healthy and relatively young, so it could be worth getting your own terminal illness cover anyway. That way, you won’t need to worry about having to organise a policy later in life when the premiums offered may be more expensive.