Norwich Union is leading the way and increasing its critical illness cover premiums by around forty percent. The insurer currently offers critical illness cover rates that remain at the same level throughout the term of the policy. These are known as guaranteed rates. Some other companies offer rates that are reviewable during the policy term, meaning premiums could go up or down, depending on a number of factors including claims history.
Norwich Union is intending to introduce a reviewable policy but claim that the increase to their guaranteed rates is due to the advances in medical science and increased costs of reinsuring their policyholders. Reinsuring is usual for insurance companies and means that another insurance company takes on some of the burden of your policy. If you claim, it means that Norwich Union is not left paying out the whole amount.
Learn more about insuring yourself against things like heart attack and cancer etc in the Life Cover Adviser.com.