Critical Illness cover is a very valuable form of protection for yourself and your family. It generally pays out on the diagnosis of a serious illness, such as cancer, heart attack, stroke and kidney disease.
Whilst Critical Illness protection policies have been around for a number of years, the advances in medical science have meant that premiums for these policies are on the up. In addition to premiums creeping up, insurance companies are also changing the definitions of the illnesses they will pay out on. For example, many insurers are now excluding prostate cancer as an illness they will pay out on.
Our view:
When comparing the premiums for policies, you should also make sure that the conditions you are covered for are the same. For a slightly larger premium you might get more comprehensive cover. The best advice I can give is to take independent financial advice and compare the cover you are being offered.
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Learn more about critical illness protection in the Life Cover Adviser.com.