Critical Illness Cover

When looking at the various options for critical illness there are many different factors you need to take into account.

First of all decide why you need the cover in the first place. Is it to cover a mortgage or would you like to have some money to help pay for private health care. Once you have decided on the use of the cover you need to look at the amount of cover you need.

The more cover you need the more expensive the policy will be. If you double the amount of cover you will often find the premium roughly doubles in price. When using the online quote system you will also need to put in the amount of time you want to take out the cover over. This is called the term of the policy. The quoting system will come back with various prices which may be re viewable premiums or guaranteed premiums.

Various companies offer critical illness most of which are well know UK brands that you should have heard of. But they do all vary in the cover they offer. All critical illness policies have to abide by the ABI best practice to be able to call themselves critical illness providers. But they also then add various different definitions of critical illness that they will pay out on. Some companies such as Pru-Protect will offer partial payments which they define bu serious. For example they will not pay out 100% of a claim for tunnel vision but will pay out a proportion of the benefit. Other companies are starting to follow suit but this means that Pru Protect are claiming they pay out for over 100 serious illness’s for the most comprehensive cover.

However this is a new type of critical illness policy and most companies are still offering only 100% payout’s.

When taking out a critical illness policy you will need to check the key facts documents to see the various differences between the polices. Key facts documents are a Financial Services Authority regulated document that all critical illness providers need to provide directly or through the broker. This is often provided at the quoting stage. Our online critical illness quotes system provides these after you have chosen your provider.