Life insurance and critical illness cover pay in different circumstances. A combined policy needs to be understood by its definitions, benefit structure and what remains after a claim.
Understand the cover
Life cover relates to an insured death. Critical illness cover pays for specified diagnoses meeting policy definitions and other requirements. Combined cover may end or reduce after a main claim; standalone or additional benefits can work differently. It does not cover every illness, disability or inability to work.
Set the amount and duration
Add outstanding borrowing and the family support needed over time, then allow for existing policies, accessible savings and reliable employer benefits. Include the cost of replacing unpaid childcare or caring work. Consider affordability and how long the need will last, rather than assuming a salary multiple suits everyone.
Compare policy terms
Compare the same amount, term, single or joint basis and optional benefits. Check premium guarantees or reviews, exclusions and claim requirements. Different benefits and definitions can justify different prices; no unsupported price-beating promise applies.
Application and acceptance
An initial online quote is subject to underwriting. The insurer may request more information, change the premium or terms, postpone a decision or decline. Answer questions about health, medication, nicotine, occupation and activities accurately, including existing and pending cover when asked. Do not cancel an existing policy until any appropriate replacement is confirmed in force.
Useful guides
Read term cover, decreasing cover, critical illness protection and the policy comparison checklist. For whole-of-life, see our costs and options guide.
Compare your options
Speak to our advice team about the protection discussed here. Initial quotations are subject to the insurer assessing the application. Cover begins only when the insurer confirms the policy is in force; completing a form or receiving a quote does not start cover.
Editorial note
The right comparison starts with what the protection needs to achieve. It is useful to check the duration, claims and premium terms before deciding whether a headline price represents good value.
Jody Pearmain is Director of My Key Finance Ltd. About our advice service and editorial approach.
Updated October 2026. General information, not a personal recommendation or a quotation. Eligibility, exclusions, premiums and tax treatment depend on the policy and individual circumstances. Discount Life Cover is a trading style of My Key Finance Ltd, authorised and regulated by the FCA, FRN 628996.
Further information: MoneyHelper: critical illness cover.