Can I have more than 1 critical illness/injury protection What is the benefit of having more than one? Or what other avenues are open to me that may be more useful if I fall ill and cannot work .
Cheers Z
- posted
20 years ago
any benefit
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- Vote on answer
- posted
20 years ago
Yes
You get a bigger payout. However, it may be better to increase the one you've got or to change over completely. Beware the changed definitions in more recent policies, though.
Permanent Health Insurance (PHI) is the normally accepted one. This pays out an income if you cannot work after a pre-determined deferment period and continues until you get better, or die, or you get to the pre-determined termination age.
However, some people like to have an ASU (accident, sickness, unemployment policy) with or without the unemployment bit. This pays out, usually after a very short deferment period, for a relatively limited time such as one or two years. If you have both ASU and PHI then you need to realise that the PHI plan will reduce its payout in line withe money paid by the ASU. To avoid this double insurance you might take out an ASU and a PHI with a 12 month deferment (cheaper and covers most scenarios).
Rob Graham