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Please note that the information provided here is of a general nature
only and for more detailed advice on what you are covered for you
must refer to your policy or to your insurance company.
Critical Illness cover
Critical illness cover is fast becoming one of the
biggest-selling forms of life insurance, yet one in five claims is
rejected by policy providers.
Many homebuyers are talked into signing up for critical illness when
they take out their first mortgage. It is even more popular among
people moving up the property ladder with a view to starting a
family.
The estimated 12 million policies sold to date promise to pay out a
lump sum not when you die but on diagnosis of a terminal or other
debilitating illness, which typically includes:
- Heart Attack,
- Cancer
- Stroke
- Kidney Failure
- Multiple Sclerosis
- Major Organ Transplant,
- Coronary Artery By-Pass
- Permanent Total Disability.
Clauses can be added to cover:
* AIDS and HIV
* Alzheimer's Disease
* Benign Brain Tumour
* Coma
* Creutzfeldt-Jakob Disease (CJD)
* Loss of a limb, sight, speech, hearing
* Multiple Sclerosis
* Paralysis
* Parkinson's Disease
* Motor Neurone Disease
Remember, 1 in 4 of all adults suffer a heart attack and the
second highest age group at risk is 20 to 30. Critical illness
insurance provides a one off lump sum for a fixed number of
conditions, it is not private health insurance.
At present there are two types of critical illness insurance
cover in the UK. "Guaranteed", for which, as the name
suggests, you pay a fixed premium for the term of the policy, and "reviewable",
where the insurer can raise the premiums every few years.
The major insurers are starting to pull out of guaranteed policies
so shop around for the best deal! You can often include these in a
life, income, mortgage protection package. |
