Norwich Union looks set today to announce that it will implement changes to its Critical Illness protection range.
Critical Illness is protection if you do not die e.g. cancer, a stroke, heart attack, paralysis etc. It is all well and good having protection if you do die with life insurance but what if you do not die but become severely incapacitated.
Norwich Union look set to withdraw their "stand-alone" guaranteed premium plan and offer critical illness only as either a reviewable premium plan (i.e. rates may increase each year) plus only offer the guaranteed rate plan to bolt on options with things such as mortgage protection life insurance.
Our view
Technology has advanced and the ability of insurers to predict the risk of future claims has increased. As a result, many insurers are revising their definitions of illnesses that are covered as well as increasing premiums. Norwich Union are expected to increase rates by as much as 12%.
Simple advice - if you have not got cover - get cover now - rates are set to rocket and in a few years time you may not be able to afford this valuable cover.
Visit the quotations centre now to compare companies costs.
Search the news archive for more on critical illness protection.
Visit the Life Cover Adviser.com to learn more about protecting you, your family or your business.