As mentioned previously in this section, you have been warned that Critical Illness Insurance costs were set to rise dramatically given the increasing incidence of claims and providers adopting new definitions of illnesses covered. This time last year guaranteed premium rates where broadly similar to premium rates that increase each year. There are now only a few insurance companies remaining who have tried to keep their guaranteed premium rates competitive and these are dwindling fast.
Our view
Critical Illness Protection is perhaps more important than life insurance protection. It is for if you are diagnosed with a serious illness e.g. cancer, heart attack, loss of limbs, paralysis etc. It is all well and good having life insurance if you die to protect your mortgage, family or business, but what if you do not die? Your are six times more likely to be diagnosed with a serious health problem in your 40’s or 50’s than you are die. 1 in 3 of us will develop cancer.
In simple terms, everybody in this country should at least have a small amount of critical illness protection – even if you establish a small policy to pay out let’s say £10,000 or £20,000 at minimum premium levels of say £10 or £15pm, it will at least offer you some security and help you or your family in time of need.
Do not delay, premiums are increasing and if you want cover cheaper perhaps now is the time.
Learn more about Life Insurance and Critical Illness Protection in the Life Cover Adviser.com.
Need some help or advice? Visit the Help Zone to find out about all the different ways we can help you.Compare companies get a quote on line today. 50% commissions discount!