By taking out a continuous policy, you are giving yourself the option to open or start a new policy at any time, whether "term" or another alternative at any time. Starting the new policy is not effected by your current occupation or health at the time you change.
This arrangement gives your the option to convert your policy to alternative type. You might do this to create a savings element to your policy or ensure the new converted policy extends beyond the life of your existing one.
Critical Event Cover Policies
These policies are based around events which have a major impact on your life, for example, marriage or the birth or adoption of a child. The benefit is paid out when these events occur.
Critical Illness Cover Policies
The benefit is payable should you be diagnosed as having a illness or affliction which will be specified under the policy.
Terminal Illness Cover
The sum is payable should you be diagnosed as having a terminal illness. There is no set list of illnesses which all companies use. It is therefore important to find out exactly what types they will cover.
Premium Level Policies
Some policies may appear cheaper by looking at the initial premium, but may increase
over time. It is therefore essential to question whether the insurer can increase your
premium in the future. If a policy states that it is "fixed for the term of the
policy", then the premium will remain constant.
What Will It Cost?