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Critical
Illness cover is taken out to pay cash benefits when
things look at their bleakest. For example, you may need
additional funds to modify your house for a wheelchair,
for specialist medical expenses, or merely for peace of
mind at a time when you need it most. A Critical Illness
policy will pay a lump sum upon diagnosis of an
insured condition. You need to survive the condition for
a specified period of time, usually two weeks. Your
recovery has no bearing on the claim: you could be back
at work the next day!
Because the
likelihood of a person suffering such a
condition is far higher than the risk of his premature
death, premiums are significantly higher than the
equivalent cover for life insurance only. The choices as
to term, increasing and decreasing policies, are as for
life insurance policies.
The difficulty
for consumers choosing a critical illness policy is
that each insurer's list of covered conditions differs
from the others'. Indeed, some major household name
insurers have policies which cover only a fraction of
the critical illnesses covered by the best policies. You
wouldn't want to fall critically ill only to find your
condition is not covered by your policy!
There are many
plans available and comparisons aren't easy. How to
choose then? That is where a good financial adviser can
assist. With their in-depth knowledge of the industry,
they can recommend the best combination of policy and
premium for your personal circumstances.
To have a chat
with an independent financial adviser and obtain quotes,
please just fill out your
details on the form on the right of this page,
and you will be contacted soon afterwards by a helpful
IFA who can explain the differences between the
different types of health cover, get you quotes and help you find the
right policy for your needs and budget. |