Critical illness cover – Choosing the best policy

Before deciding to take out critical illness insurance and more

importantly which provide to go with, there are a number of factors

you should first take into consideration.

Unlike life insurance, where the policies companies offer are very

similar, critical illness cover differs between each provider.

With this in mind the cheapest policy is therefore not always the

best value for money.

All insurance providers should provide basic cover for core illnesses

such as heart attacks, strokes and some forms of advanced cancers.

Some companies also offer additional illness including

Parkinson’s disease or Severe Lung disease.

All companies will provide a key features document that details the

list of critical illnesses that they coverer.

It is important that you read and fully understand the terms and

conditions of the policy so that, in the event that you do need to claim,

it will not be rejected on a technicality.

Some plans, also include a death benefit, which will pay out once,

either on death or in the event of a critical illness; however it will not

pay out for both.

Having a death benefit included in a policy may be an advantage if you do not already have traditional life

insurance.

In general though, it is better to take life insurance and critical illness

insurance out as a package.

It most cases the premiums will work out the same if not cheaper by

taking your cover as a package rather than stand alone insurance.

In addition to this it will also cover you for every possible eventuality.

The premiums on Critical illness cover can be considerably higher than traditional life insurance so

when choosing a company, applicants should maybe consider taking a lower amount of critical illness cover alongside basic life

insurance.

This will still provide you with some protection whilst helping you to

keep your premiums down.

All insurance premiums are based on the term required, the overall

cover amount and the risk associated with the insured; you

should pay careful attention to all of these areas.

Additionally before choosing an insurer you should asses your cash

flow situation and exactly how much cover you will need to cover all your

debts.

Joint policies are also available as are a product called waiver plans which will pay for the premium if

you unable to.

If you have any pre-existing medical conditions or if you have suffered

from any medical conditions in the past then it is vital that you seek

independent advice before choosing an insurance policy.

Doing so will enable you to effectively compare quotes and help get the best deal for your condition.

Similarly for those who are classed as overweight, which will make it

harder to get cover, using a specialist advisor will enable you to

find a better deal.

When selecting critical illness insurance, using an advisor can be one of the most effective ways to get more comprehensive cover as

well as helping to reduce your premiums.

An advisor is often able to suggest options that are not available

directly online.

They can also suggest better ways to organise your cover then you maybe would have considered

yourself.

Using an advisor will also ensure that all your paperwork is correct and may prevent you from being

caught out by non-disclosure in the future.

It is important to remember that no two insurance polices are the same,

advisors are an affective way of getting a tailor made policy, fit for

your purpose.

Critical illness cover – Choosing the best policy