Critical Illness Insurance Policies - Cover & Quotes

Critical illnes insurance

2011-12-04T09:34:00.000-08:00

When you decide to take some critical illness insurance out, there are a lot of factors you need to take into consideration. The first thing you need to do is to fully understand exactly what critical illness is. Critical illness insurance is an insurance plan you can take out that offers protection should you suffer from one of a number of critical illnesses specified within the plan you take. There are many different critical illness plans that are available in the market, and each and everyone has different illnesess they do and do not cover. It is for this reason that prior to taking out your chosen plan you should ensure you have done your research and take the appropriate plan that suits your needs.

There are two main types of critical illness insurance you can take, one that will provide cover for your family by providing you with a lump sum of money that can then provide an income should the illness result in you loosing yours. The second form of critical illness insurance can be taken to protect a mortgage or loan that you may find difficult to maintain payments on should you suffer from a critical illness. The majority of the critical illness plans that are available in the market will cover you for heart attacks, cancer and strokes depending on severity. These are statistically the most claimed on illnesses although you will often find the better contracts that are available will cover you for far more illneses on top.

Many people find that when taking critical illness insurance out, the most cost effective way of doing so is to combine it with their life insurance. If you do this then you can achieve a comprehensive protection plan that would offer a tax free cash payment from the insurance company should you make a claim. Quite simply the easiest way to find the most appropriate critical illness insurance plan that will suit your needs, is to discuss it with a specialist broker who can independently search the market. The broker can show you comparisons of the contracts available to you from the different providers and get the one that suits you best in terms of price and comprehensiveness.

Price is also another important aspect to consider when taking out critical illness insurance, the difference in prices between the plans that are available can be quite vast and the more expensive a certain plan maybe, doesn’t necessarily indicate its superiority over another. The overall message to remember is to do your research, understand what you want and try and get the best plan for you at the best possible price. If you do this then you stand the best possible chance of getting a critical illness insurance plan you will be happy with, will give you peace of mind and most importantly should you need to make a claim on the plan (should you meet definitions set by the insurance company) will pay you with little complication.

Combining Life and Critical Illness Cover Within One Policy

2010-05-31T05:53:00.001-07:00

by James P White

Critical illness insurance can be taken out as a separate policy or combined with life insurance. The coverage offered by both policy types are very different but nevertheless provide financial protection against two significant forms of family and personal risk.

Life insurance can be viewed as a form of family protection as the sum insured is paid out to the chosen beneficiaries of the deceased policyholder. The payout can be used by the policyholder’s family for whatever purpose they wish, whether that be for general living expenses, repayment of debt or to contribute to funeral costs. On the contrary critical illness insurance is both a form of family protection and personal protection. If the policyholder were to suffer a serious (critical) illness the policy would payout a lump sum directly to them, which can be used for whatever purpose the policyholder decides.

By combining life and critical illness cover the policyholder would be able to protect his family from the financial impact of his or her death and protect both their family and themselves from the financial risk of suffering serious illness. To clarify, if the policyholder were to pass away the benefit would be paid to their beneficiaries but if a critical illness were suffered then the benefit would be paid directly to the policyholder.

With a combined policy there would only ever be one payout, either for the life insurance or critical illness part of the plan. ThusBusiness Management Articles, if the policyholder were to die the policy would payout and then terminate or if the policyholder were to suffer a critical illness the policy would payout and then terminate. The only exception to this is if the amount of critical illness cover is less than the amount of life cover. In this case the plan would payout the critical illness sum insured upon the suffering of a serious illness and then the remainder upon death.

ABOUT THE AUTHOR
Produced by James White of Drewberry Personal life insurance brokers, specialist providers of information, advice and broking services for combined life and critical illness cover and standalone critical illness policy coverage.

Critical Illness Premiums Up For Some

2009-10-28T09:32:00.000-07:00

by Sheila Challiner

Premiums for Critical Illness Cover (CIC) are rising as a result of the increasing number of claims and advances in medical research. If you are diagnosed with a life threatening illness, CIC ensures that you will benefit from a tax free lump sum, to carry you through the time that you are unable to work, from a financial point of view.

At least two of the major insurance companies are planning to raise the cost of cover, following other rises by companies such as Friends Provident and BUPA.

The insurance industry is changing as breakthroughs in medical science are helping patients to survive major illnesses, which would have been classed as terminal only a matter of years ago. The result of this change mean that payouts on death are decreasing, but at the same time critical illness cover payouts are rising fast.

For example, in an effort to reduce the rise in premiums, the conditions under which cover can be given for prostate cancer and heart problems has been amended by the Association of British Insurers. The life expectancy in these two conditions has been much improved as a result of early detection programmes.

Currently the exact conditions under which CIC policies pay out are being redrawn, in an effort to reduce the number of claims and slow down the rate of increase of premiums. Conditions such as skin cancer used to be fully covered but have been altered to cover invasive skin cancer only.

According to a spokesman from the broker LifeSearch critical illness policies are currently covering some conditions which are now much easier to detect and treat. This means that claims are being submitted and settles for non-life threatening conditions, which was never the idea of these policies.

CIC is quite likely to be removed from many policies in the future, which will leave only BUPA including this condition.

A product which is increasing being offered is a reviewable policy. Terms regarding illnesses and premiums which are covered by these policies are up for review every five years.

Typically, CIC’s are what are classed as guaranteed policies, running for a certain agreed number of years. The premiums remain constant whilst the cover is in place and this is usually for the full term of the mortgage. This type of policy is becoming increasingly more expensive.

According to the Group Director of Liverpool Victoria’s independent financial adviser division, you have to pay for the reassurance that a guaranteed policy offers. His thoughts are that people will be increasingly more likely to pick a renewable, rather than guaranteed policy as the increase in cost becomes wider. Some of the main players in the market are giving customers a choice on this matter, whilst others are offering only reviewable cover.

It is understood that Legal and General’s reviewable price will cost around 15 per cent less than the guaranteed cover. If you have a guaranteed CIC it cannot be amended to include new definitions of illnesses.

A representative of LifeSearch is of the opinion that although premiums on reviewable policies may be less expensive, customers would prefer to have a guaranteed policy. His thoughts are that if you don’t already have cover it would be a wise move to take it out now in advance of further changes.

About Sheila Challiner
The Life Insurance Policies provides great deals on Life Insurance for its clients in the uk. Please visit our site for helpful information to aid you in making the right decision, first time. Brokers Online offers cutting edge articles and information about Life Insurance, mortgages and other great financial products.

Get Critical Illness Insurance For A Few Bucks Per Week

2009-09-11T04:28:00.000-07:00

by Paul Abbey

Preparing for bad events is a sensible thing to do; in particular when it comes to critical health insurance even if we do not sense that we will ever need it. For just a few bucks every week it is practicable to protect your close family financially should anything occur to you whereby you will no longer be able to provide for them.

Unfortunately, despite longer lives, we are not generally healthier and insurance suppliers now routinely offer cover in their insurance policies as there is a reasonably high probability of contracting a serious condition.

These studies make for somber reading when you think around one in five males will get one of these conditions before they reach retirement age. This figure reduces, but only slightly, for females with around 15 percent having a severe health condition before retirement.

When asked, the majority of people surveyed claimed they were either unaware of critical illness insurance or they just did not believe they needed it. Those that take out critical illness cover usually do so to help pay their mortgage repayments if they are no longer able, but this type of plan can now be added straightaway to mortgage repayments.

More and more individuals now use the net to source their insurance cover and there has been an increase in the number of individuals who are arranging their health policies on-line. In a rush to supply this type of health coverage, many details are not looked into fully and a number of problems have arisen from attempting to do this on-line. Even if a insurance policy is applied for on-line there is still the problem of organizing a physical examination as no insurance provider wants to have present, possibly expensive medical conditions, to pay out for from the start. Underwriters have become more understanding when a person who has one of their critical illness insurance policies contacts them when making a claim.

Of course smokers will pay more for their cover, even if they have given up within the previous year as they are still believed to be in a high risk group. Smoking is a potential threat to your life therefore, premiums will increase even though having said this, the insurance company will also consider your age, type of work you do, general health, and pastimes before it issues the cover.

Even though a individual may be suffering with a terminal illness; critical illness insurance will guarantee medical expenses, as well as living expenses are met. For people that have families, there shouldn't even be a discussion about whether this type of plan should be arrangedBusiness Management Articles, should there?

ABOUT THE AUTHOR
P Abbey owns and operates http://www.employersliabilityok.com/employersliabilitycompulsoryinsurance.html Employers Liability Compulsory Insurance

What’s Critical for Critical Illness Cover?

2009-07-28T05:12:00.000-07:00

by Michael Challiner

If you have critical illness cover, you need to make sure that even minor illnesses are disclosed. Non-disclosure can totally invalidate insurance – an expensive mistake!

Critical insurance is a useful backup to have in the event of becoming ill. But twenty percent of all claims against it are turned down – which means that one in five of those who take out critical illness cover are not getting the insurance they pay for.

Critical illness cover works in a standardised way: if you should fall ill with any of the listed illnesses described on your policy, you will receive a payment. Many people see this kind of insurance as a vital part of their plans for the future, for a good reason: a serious illness can affect the whole family. Becoming critically ill can affect your ability to work – as well as having to pay for care for yourself and any children, you may need to move from or modify your home, or even retrain for a new job altogether. Taking out critical cover should insulate you against having to worry about paying for the things you need, freeing you to get along with the important matters – like getting well again.

Sadly, this does not always work out as it should. Some policy holders have failed to disclose minor ailments in the past, thinking them too insignificant to mention. Unfortunately, their insurance company has then used this fact as a reason to disallow their claim for a more serious illness. And this process is entirely legal

Because you have not told them about an illness, an insurer is entitled to terminate the cover you have been given. Should this happen to you, you then face the twin pressures of dealing with the illness and the fact that the careful, prudent plans you made for just such an emergency have been derailed. So what options do you have in this situation?

You could take the insurer to the Financial Ombudsman Service (FOS) and appeal their decision, but some people find this situation too much to cope with as well as dealing with their illness, and who could blame them? But the good news is that, if you can face it, they will do their best to help. Crucially, the FOS will also work to establish whether you could be said to have deliberately misled the insurers, or were in fact the victim of poorly worded or confusing forms or insurance proposals.

In the event of your making a claim against your critical illness insurance, your insurer will begin a thorough check of your medical records. Alarmingly, there is no limit on how far back they can go. Not only that, but anything you have failed to disclose can then be used to invalidate your claim, yet this search is not carried out when the policy is taken. No wonder some people feel that this is a matter open to abuse. Can you remember every little ailment you’ve ever had, from the childhood ear infection to the odd bout of headache or muscle pain?

Incredibly, things like this – not to mention eye pains, a stiff neck, or depression have been cited by insurance companies as reasons for turning down a claim. A man suffering from prostate cancer had his claim “invalidated” by an undisclosed ear infection, and a woman’s claim was turned down because she had suffered from depression earlier in her life.

These are alarming facts. But it is important to remember that this is the extreme end of the spectrum – four out of five people do still find this kind of insurance functions as needed. Once alerted to the dangers of non-disclosure, you can make sure that this figure improves and you are not one of the unlucky ones! It can’t be stressed enough how important it is to read all of the small print. Be aware of exactly what you are – and are not – buying. And it is equally important to make sure that you do disclose your full health history. Never try to cover anything up, as it will cause many more problems if exposed later. When properly applied, with the right policy, critical illness cover provides valuable help and peace of mind – the way it was meant to be.

So how do you find the right policy for you? It’s worth taking a look online. Internet brokers will be able to keep you up to date on the latest deals, and advise you clearly on what each policy means for you. They’ll be able to answer your questions, tailor a policy to your specific needs and best of allFree Web Content, maybe find you a real bargain!

ABOUT THE AUTHOR
Check out Michael Challiners great articles about insurance and financial matters, go to http://www.life-assurance-bureau.co.uk/life-insurance/ )

The Real Need For Critical Illness Insurance

2009-06-02T01:46:00.003-07:00

by Paul Abbey

No-one ever anticipates to become ill especially when they are young and healthy but preparing for the day when critical illness insurance might be required is not as strange as it sounds. Providing financial peace of mind for your immediate family by taking out protection for a few bucks each week, does not seem as essential to most of us as having that luxury cup of coffee every day during luncheon.

After numerous years of medical studies it is apparent the chances of a individual contracting a critical illness during their life is quite high and so insurance providers now handle insurance policies like this every day.

Studies has shown that males are more likely to contract a serious condition than females with a figure of one-fifth before the age of 65. The studies only provide women with a little better chance with one in six having serious health problems by the time they stop work.

Of course, most people do not in reality feel they need critical illness insurance and would explain why they are so unwilling to start a plan. This type of insurance is designed to cover those around you who you love but the primary reason why individuals organise critical illness cover is to guarantee mortgage repayments do not lapse.

More and more people now use the internet to source their insurance cover and there has been a growth in the number of individuals who are arranging their health policies on-line. There are still some teething problems with this type of facility with insurance underwriters realizing it may not be as simple as they thought. Not surprisingly, insurance providers often require the applier to undergo a routine exam to clear up any possible existing complaints right from the outset. A common complaint of insurance underwriters is that they are often insensitive to the plight of their customers and this is not the attitude you want if you are contacting them about your critical illness insurance.

Some groups of people fall into high risk categories like those who smoke for instance and can be expected to pay more for their cover. Many things are taken into account when dealing with the risk component asociated with any type of insurance including the applicant's age, their overall health, whether the type of work they do is risky or any activities they participate inArticle Search, not just whether they are a smoker.

One of the biggest benefits of critical illness insurance is it will also cover the health and living expenses should a individual be diagnosed with a deadly illness. Family responsibilities are never easy but ensuring your close family is looked after if you are diagnosed with a terminal illness does not have to price the earth.

ABOUT THE AUTHOR
P Abbey owns and operates http://www.employersliabilityok.com Employers liability

Disability Insurance: Things to Remember

2009-05-18T06:57:00.000-07:00

by Kanishkm

Insurance, needless to say, is a very well known word in the whole world. Not only Life insurance, Vehicle insurance, Building insurance, people today go for even body parts insurance, say eyes or voice insurance. And talking about Disability Insurance, it is definitely one of the much sought after types of insurance.

This insurance, justifying its name, helps the policyholder to take care of his or her necessities when the person fails to attend work due to illness or injury. Some surveys show that one in three people becomes disabled at the age of 35; they get disabled minimum for three months before attaining the age of 65; and one in ten may face permanent disability. This type of coverage will, undoubtedly, solve some of your financial problems such as medical and rehabilitation expenses.

Generally, disability insurance is available in two kinds: short term disability insurance and long term disability insurance. Long-term insurance covers periods more than six months till the time of retirement. No insurance company will offer coverage of 100% of your income fearing that you will not go back to work even after becoming fully fit. Short-term disability insurance covers 40% to 60% of the policyholders actual income

while long-term insurance will offer 75% to 80% on a tax-free basis. Therefore, it is wise to get as much coverage as possible.

Either, people can go for disability insurance issued by the government or get it as insurance package provided by their employers. Mostly, the insurance coverage provided by the employer ends at the time of termination of ones job. Several US States are able to manage public disability insurance coverage policy financed by payroll taxes.

Again, you have to look into several important factors while choosing a disability insurance policy. Such factors as total disability and renewability have to be considered carefully.

Choose the policy that provides the clause that the insurance company cannot cancel or raise your premiums so that you will not be forced to cancel it. Better look for a non-cancelable policy or guaranteed renewable policy. With this policy you will not be singled out and the raise in premiums could be done only with the consent of the whole class of insured people. Conditionally renewable policies are also welcome.

Other policies needed to be taken into consideration are residual insurance-- for hardworking lot falling ill or getting injured; presumptive insurance-- protecting severely affected ones; and recurring insurance-- for helping people who, after recovery, become disabled again.

Also, elimination as well as benefit periods and policy exclusions ought to be keenly studied. To promote disability insurance, various optional riders such as cost of living, are available. The additional clauses also comprise automatic increase rider, social-insurance-substitute-rider and residual-disability insurance. SoArticle Submission, know everything about the policy before going for it. An informed choice is always a better choice.

ABOUT THE AUTHOR

To get more information visit http://www.about-disability.com/disability-insurance/, http://www.about-disability.com/disability-aids/and http://www.about-disability.com/disability-and-civil-rights/

Look at the Small Print When Buying Critical Illness Insurance

2009-04-30T05:10:00.000-07:00

by Sheila Challiner

As a reaction against recent criticism that sickness policies are being mis-sold, the industry claims that it has already put new guidelines into place. A review by the ABI provided more rigorous standards, with easier to understand headings on brochures and standard wording to give a clearer picture.

Some providers have also reduced the number of people they refuse - to 15 per cent, at Standard Life, or 11 per cent in the case of Scottish Provident. In total, Scottish Provident paid 45.5million pounds in claims in the first 6 months of last year, with cancer being the most frequent trigger. This brings the amount paid by the insurer to 344m since 1996. Standard Life paid out 5,047 death and health claims in the same period to the value of 134million pounds.

The majority of people, whose claims are refused, are denied a payout because they did not declare a pre-existing condition. Others fail because their illness does not fall within the bounds of the policy. This mistake is easy to comprehend. What is covered as critical illness to one insurer is excluded by another.

If you take out a loan with Sainsbury's Bank, you will be asked if you require its creditcare protection insurance. The highest price "gold level" includes insurance for critical illness. But what the policy covers will be very different to that on offer from Standard Life.

At Sainsbury's it covers open heart surgery, strokes, heart attacks, kidney failure, quadriplegia and paraplegia and kidney failure. Cancer also features on the list though there are exceptions, including all but the very serious prostate cancers and lymphoma and skin cancer.

Standard Life encompasses 30 different illnesses including the seven highlighted by Sainsbury's. They range from the human form of mad cow disease and third degree burns to bacterial meningitis and Parkinson’s disease. The company’s definition of cancer has the same exclusions as Sainsbury's.

Insurance broker Simon Burgess states he will not sell critical illness cover since, in too many cases, policyholders never claim or the policy fails to pay out "You see adverts which say one in three people will get cancer and how a critical illness policy will help. But these policies are cancelled when people reach retirement age and that's when most people get cancer. The figures for cancer are nearer one in 40 before 70 years of age, but the adverts don't tell you this."

Mr Burgess also says that the financial advice industry is guilty of churning policies. This means that advisers recommend clients to review policies every five years because it may give them a better deal. According to Mr Burgess this is just a money-spinning exercise because each new policy gives commission to the financial advisor. In some cases this can be equivalent to two year’s worth of premiums from the policyholder.

Even some of the largest providers of critical illness insurance agree that there can be better alternatives for paying the mortgage or generating an income when life-threatening illnesses stop you from working.
In today’s world, a person can sometimes be fighting cancer or other diseases for a number of years. If they are unable to work whilst receiving treatment or recovering from side effects, a lump sum payout from critical illness cover could run out very quickly.

It is worth looking into other kinds of policy such as family income benefit or an income protection policy. With the latter, for example, a payout would be made for a bad back if it prevents you from working.

Clearly this would not be covered in a critical illness policy.

Mick James from Standard Life says. "For every income protection policy sold, people buy four to five critical illness policies.”

Yet that is an improvement on some years ago when the ratio was 10 to one. The fact still remains that the industry as a whole needs to do more to explain the alternatives to people so that they are able to make an informed choice.

If you are concerned about NHS waiting times for treatment after a diagnosis for cancer or heart disease has been made and you think you might want private medical treatment then private medical insurance (PMI) is usually a better choice.

About Sheila Challiner
If you are concerned about NHS waiting times, after a diagnosis for cancer or heart disease has been made and you think you need private medical treatment.Then private medical insurance (PMI) is a better choice. Get a quote on Life insurance? Please Visit the Life Insurance Angel for information and other resources. Our sister site Brokers Online offers information about Life Insurance

Critical Illness Insurance And Disability Insurance

2009-04-04T04:30:00.001-07:00

by Paul Abbey

Many of us believe critical illness insurance and disability insurance is something that would be a good thing to have, but when we are fit and healthy, cannot see the point of making a monetary allowance for it in our monthly expenditure. Providing monetary peace of mind for your close family by taking out critical illness protection, for a mere few dollars each week should something occur to you, does not to seem as essential to most of us as having that additional, luxury cup of coffee every day during luncheon.

As the majority of health insurance products now cover common conditions and given the statistical probability that you will be critically ill at some point, it is a good thing to have. The number of men who, before they retire, will suffer from a life-threatening illness is an astonishing twenty percent according to figures published from recent study. For ladies, this figure is slightly lower with only one in six being affected by a life-threatening illness before retirement.

Lack of knowledge or belief in the chances of getting a critical illness might be the fundamental reason why so few adults take out health protection, according to insurance underwriters. For the bulk of people who do decide to take out critical illness insurance, the most essential benefit is to protect their mortgage. As luck would have it, most mortgage security policies will now allow you to include life insurance and critical illness cover.

To make things simpler for someone who wants to take out critical illness insurance, a growing number of individuals begin to start buying products online. Regrettably, being a comparatively new facility, there are new problems that occur as more companies start offering services over the internet for the first time. From critical illness cover providers point of view, this is quite understandable as there often requirements for a medical exam carried out on the insurance applicant prior to the plan being accepted. If you're in the unfortunate position of having to make a claim on your insurance policy , the last thing you want is callous hassle or apparent non-cooperation from your insurance underwriter.

Smokers, regrettably, are treated as higher risk health insurance applicants, including anyone who has smoked within the previous 12 months and as a consequence are placed in a high risk category. It is now thoroughly acknowledged that smoking is dangerous for you and as a result your monthly insurance installment will cost more. For the most part though, when you apply for any type of health insurance, the company will look at your age, health, workplace, environment, activities and so forth. A typical insurance policy will cover you if your prospects are fatal or criticalFree Articles, as well as cover you if you need certain surgery - the plan will also] handle your permanent job loss due to sickness. There can be no argument about the peace of mind that having a critical illness protection insurance policy in place can bring to somebody who has a close family and monetary obligations.

ABOUT THE AUTHOR
P Abbey owns and operates http://www.employersliabilityok.com employers liability

Critical Illness Insurance And Your Family

2009-03-17T06:47:00.001-07:00

by Jason Hulott

For a good percentage of people today, family is the most important thing. It is important that you make the most of every moment spent with them because you never know what may happen in the future. There is any number of things that could happen to us all at any given time, with critical illness being one of the most common problems in most peoples’ futures. With incidences of cancer, heart disease, genetic disorders and environmental illnesses on the rise, you should begin to consider the future in terms of what would happen to your family if you did become ill for a period of time. Critical illness insurance is one of the solutions to the age old problem of protecting your family ahead of time should anything happen to you.

Lets face the fact that we are not immortal but, before we do pass on, illness often intervenes to shake up our lives and those of the people that are closest to us. For some it comes sooner rather than later. If that sounds scary then that is because it is. None of us like to think to far ahead, but good planning can save your family from the heartache of having to cope on a dramatically reduced income whilst you or your partner or spouse tries to come to terms will and beat a serious illness, Critical illness insurance can certainly help a family to get back on even terms following a major health problem and has a number of advantages that are not to be sniffed at. These advantages demonstrate exactly why critical illness insurance is a policy that is most definitely worth considering:

1. Critical illness insurance can give you peace of mind that should anything happen to you, your family would be financially secure and provided for. The payouts from critical illness insurance policies can come as a lump sum or as a monthly salary type payments and can actually cover the entire amount of your annual income, if not more if you choose. This is obviously dependent on the nature of the policy, but it does mean that there is no major gap in your family’s ability to make up for your wage ceasing.

2. You can stop worrying about your family and concentrate on fighting if critical illness insurance is in place. It is hard enough to fight against an illness that is intent on destroying you without the added stress of how your household will make ends meet, but you can actually forget about the money side of things and concentrate on beating your illness.

3. You are covered at any age if you develop a serious illness, so long as it is not a pre-exiting condition and develops during the lifetime of your policy. As long as your illness is within the bounds of your policy, which can be determined by checking the terms and conditions, then you are fully covered, whether an illness invades your body next year or in ten years time.

Of course, there are other relative advantages of critical illness insurance, but you really should look at the individual policies for those because many of them are specific to the terms and conditions. This can be done by using a website that specifically allows you to compare all of the policies that would suit your needs so that you can find the best deals and the policies that would best suit you and the needs of your family. However, whatever form it comes in, critical illness insurance can help you to get your priorities in order and be practical when looking to the future. You can enjoy every moment as it comes, safe in the knowledge that your family is safely equipped to cope and financially sound.

About the Author
Jason Hulott is Business Development Director of Protection Insurance, an internet based insurance business dedicated to getting consumers the best rates and the best products. Visit us for Low Cost Insurance

Critical Illness Cover – Tell All

2009-01-29T06:15:00.000-08:00

by Michael Challiner

Life insurance, term assurance, critical illness cover, level term, pension term and Uncle Tom Cobley and all!

Confusing, isn’t it? Despite all the different names, insurance policies are all there to protect you. Some insurance products are designed to help when things go wrong, like payment protection which will cover your credit payment commitments when your earnings fall or stop. You make payments in the form of premiums and in return you have the assurance that, whatever else, your financial worries will be addressed. Other products are designed to put your house in order when the inevitable happens.

Car Insurance, house insurance and critical illness insurance are in the first category. Hopefully, with the latter, having taken this invaluable cover out, you’ll never have any need to make a claim on it.

The life-threatening diseases and conditions covered by critical illness policies are the familiar ones of cancer, stroke, heart attack, kidney failure, major organ transplant, multiple sclerosis and coronary artery by-pass surgery. These are what are known as the “core” conditions. Increasingly there are policies that will cover other conditions too. All conditions should be clearly listed in the policy document. If you are diagnosed with any of these conditions you will receive a lump sum payment.

There may be some sort of exclusion within the range of conditions. Some cancers, caught and treated at an early stage, usually by screening techniques, are not in the life-threatening category and may not be covered. If initial treatment was unsuccessful and the condition developed severely, then the cover would apply.

As far as the amount insured is concerned, at a minimum you should aim to be able to fully repay any loans as well as your mortgage. More cover on top of this could be used to cover day to day expenses. Up to date treatments mean that you have much more chance of surviving these critical illnesses but treatment and recovery can be prolonged. Sometimes a critical illness can mean a different lifestyle, with possibly a change of career, home and car being needed, in addition to help within the home or with the family. Make sure you take out sufficient cover to keep everything up and running until your recovery is complete. A diagnosis of leukaemia could involve up to two years of treatment and even then a return to full time employment may well be a gradual process.

It is critically important that you are completely honest and open when filling in your application form for critical illness cover. Leave nothing out. If you do, you could inadvertently put your claim at risk. The first thing that will happen if you need to make a claim is that your insurance company will go through your medical records. If it is found that you have not disclosed information regarding past illnesses, diagnostic tests or operations then your claim may be at risk. The illness that you are making the claim for doesn’t have be connected with the illness or test that you have omitted from your information, nor does it have to be what you would class as serious.

Companies vary in their claim rejection rates, with one leading insurer rejecting as many as 30% of claims simply because of non-disclosure of information on the original application form. With payment protection policies there are likely to be a number limitations which need to be carefully considered before signing up.

Critical illness insurance costs will vary according to your individual circumstances. Previous medical history will obviously come into the calculation as well as your age and amount insured.

Contact an on-line broker for a range of quotes – you’ll get all the help you need and they’ll offer you a range of options at the best possible price.

About the Author
Check out Michael Challiners great articles about insurance and financial matters. Cheap Insurance articles - Loans articles - Mortgage articles

Critical Illness Insurance. Concerns For Cautious Customers

2008-12-21T05:10:00.001-08:00

by Michael Challiner

The Financial Services Authority has recently carried out a review of the way in which information and advice is given to retail customers purchasing financial products. One of the products which they considered was the sale of Critical Illness Cover.

Critical Illness Cover is often taken out by people taking out a mortgage, usually as part of a term assurance policy. It may also be purchased as a stand-alone product. The policy will pay out a lump sum if the borrower becomes seriously ill with one of a list of specified illnesses, commonly cancer, heart conditions, stroke etc.; this will help with loss of earnings due to the illness and general life-style changes which may be the result of the illness.

Firms selling critical illness cover are required to comply with certain standards and although these are being met reasonably well, the survey showed that there could be some improvement in the way in which they could help the customer to gain a better understanding of the product.

The FSA have visited firms and employed mystery shoppers to look specifically at how compliancy is working out with regards to sales processes when selling critical illness cover.

Supervision visits were paid to 42 firms. Whilst in the main these were financial and mortgage advisers, they also included banks, building societies and insurers. The market research company, Research International, carried out 80 mystery shops to 51 firms in total, to report on what actually occurs.

Director of Retail Firms, Sarah Wilson, has said that whilst many of the findings were positive, a few problems had been identified. Initiatives have been launched in order to deal with them. The fair treatment of customers is of prime importance, especially with regard to making policy application forms and documents more easily understood. So far these changes seem to be helpful.

Critical illness cover is, however, complex and some of the problems cropped up in the context of the financial promotion of the schemes and general insurance documentation. Customers sometimes have difficulty in comprehending exactly what they are being sold. Therefore it is difficult for them to assess whether this is the correct cover for them, or whether a payment of income protection product would be more suitable.

The needs of the customer have to be taken into account and there should be a careful assessment of the type of protection which they need. However, where there were two or more types of policy, the cost was sometimes the only aspect taken into account when recommending the most suitable one. Other factors may have been left out of the equation, such as conditions covered or whether there were other products more suited to a particular client’s requirements.

Miss-selling is a risk, but most firms had taken reasonable measures to manage this. There were found to be good training programmes and risk based monitoring.

As is the case with prime mortgage payment products, customers have time to consider their options before they make the decision to purchase the cover.

The results of the survey offer some reassurance that the needs of the customer are being protected and any changes to be implemented can only offer change for the better.

About the Author
Critical Illness Safeguard are a specialist critical illness website.

You Think You Don't Need Critical Illness Insurance?

2008-10-05T07:36:00.000-07:00

by Rakesh Gaikwad

If you ever contract a critical illness or condition such as cancer, heart attack or stroke and survive for thirty days or more, you will need critical illness insurance. With just a few exceptions, all that is required is that you survive for thirty days after the date of the diagnosis and a tax-free lump sum of money will be paid to you.
Critical illness affects many people all around the world. Critical illness insurance plays an important role in the lives of people today. Reports indicate that the amount of people applying for Critical illness insurance continues to increase, as does the rate of critical illness.

Close to 1.5 million people in the United States will contract some form of cancer this year. One out of two Canadians under the age of 65 will have a heart attack. An estimated 850,000 people in the United Kingdom will suffer from some form of Dementia within the next two years.

The upside is that there are 9.8 million cancer survivors in the United States. 95% of victims of heart attacks survive an initial attack. Leaps and bounds are being made in Alzheimer's disease research. Therefore, surviving for thirty days or longer after a diagnosis is definitely a strong possibility.

However, even though more and more people are surviving a critical illness for months after their diagnosis, they may not be able to function to their full capacity for the entirety of their survival. The money that comes from Critical illness insurance would help in times when you cannot perform daily tasks and require care from a nurse, or if you cannot go back to your job. You may be confined to a wheelchair and require ramps to be built at your home. You may need a hospital bed, oxygen tanks, a heart monitor or some other type of medical equipment. If you seek treatment that requires you to leave the country, critical illness insurance can assist with these expenses as well.

Some renowned critical illness insurance companies are Trustmark, Stonebridge and Assurity Life. Remember that not one company will be the best choice for every individual. Some companies offer coverage to particular clients like children, businesses, elderly, family or self-employed individuals. Discount rates are available from most companies for military personnel, multiple policyholders or clients with exceptional health.

Do not make the mistake of just picking the first critical illness insurance company that comes along with a rate that you can afford. Take the extra time to shop around, it will prove to be worth your while. Do adequate research to in the beginning to save money for years to come instead of paying for an overpriced critical illness insurance policy.

Critical illness insurance is not best in all cases. Several individuals would do better to purchase a simple life insurance policy. However, it does not matter if you seek life insurance or critical illness insurance; you should never pay more than you have to for coverage you want. Save money by closely comparing the quotes from several different insurance coverage providers.

About the Author
Only Finance is one of the most recommended privately owned companies and a range of other insurance products like Critical illness insurance that enables you to live your life worry free.

Tips For Choosing The Best Critical Illness Insurance

2008-09-04T07:13:00.000-07:00

by Chris Johns

With up to 20% of men and 17% of women experiencing a critical illness before they reach 65 years of age, critical illness insurance is more important than it might seem at first glance. Many people believe that critical illness insurance is an unnecessary expense, but in fact, statistics like these show that it's more likely that the average person will suffer a critical illness before the age of 65 than they are to die.

Comparing and Understanding Critical Illness Policies

With more than 60 insurance providers offering two hundred different policies, choosing the one that's right for you can be difficult. More than anything else, getting good critical illness insurance requires very close inspection of your policy. All insurers issue what are called Key Features Documents, which allow you to compare policies fairly easily. Examine these documents closely to determine which provide the best definitions of illnesses covered and value for the money.

Perhaps the most important aspect of this is making sure you're aware of exactly what your policy does and does not cover. This type of error is the number one reason that critical illness claims get rejected, so understanding the insurance policy options you have is vital when it comes to choosing the one that will suit your needs the best.

Another related factor that's important to consider is simply the range of illnesses that the policy covers. Choosing the cheapest plan may look good on paper, but the least expensive plan is likely to offer limited cover that simply doesn't protect you against the illnesses you're most likely to face. However, choosing one that's too broad, one that covers exotic diseases you're unlikely to encounter is pointless for most people, and selecting a policy of this kind will simply mean you're paying premiums that are unnecessarily high.

Guaranteed and Reviewable Premiums

Buying a policy with a guaranteed rather than a reviewable premium can help keep your insurance costs down. A guaranteed policy means your insurance company promises that they'll never increase the size of your premium. A reviewable policy is just that-the insurance company can periodically review your policy, and increase your premiums. If your policy is a short term one, choosing a reviewable policy can save you some money. However, while the reviewable policy is cheaper in the short term, the premium cost will be increased over that of an equivalent guaranteed policy within seven to ten years and within another ten years, could be more than twice that of the guaranteed policy.

Other Factors to Consider

Choosing a good policy also means looking out for extra advantages such as automatic coverage for your children. Not all policies offer this, but with child-related critical illness the sixth most common claim, this is a very useful way of protecting your children as well as yourself.

Finally, consider taking out life insurance and critical illness cover together, rather than simply getting one or the other. Purchasing the two together is always more cost-effective than buying separate policies, and it's also much better value to buy these types of insurance when you're young and healthy, and are eligible for less expensive premium rates.

About the Author
For more information on Critical Illness Insurance policies and to compare quotes from leading UK insurers at discounted premium rates visit http://www.life-saver.co.uk.

Critical Illness Cover, Health And The Battle Of The Sexes

2008-08-14T03:03:00.000-07:00

by Victoria Selman

Inequality between the sexes is rife, and not just confined to the workplace. This inequality has also spilled into their approach to critical illness insurance. In many cases the difference in male and female attitudes to critical illness cover is directly linked to the current and projected state of their health.

Although statistics would imply that men should take better care of their health, many men do not go to a doctor if they are unwell. For many this is because they are concerned about taking time off work for doctors’ appointments because they are worried about the effect that this will have on their jobs. Similarly, they also are less likely than women to take time off work to recover from illnesses.

Women on the other hand generally look after themselves better. They are more likely to take a day off work if they are sick and are more interested in eating healthily and exercising.

Ironically, men are more likely than women to develop a critical illness before retirement age than women. 1 in 5 men aged between 20 and 40 die before reaching their 65th birthday whilst 1 in 4 men become critically ill before retirement age.

Conversely, 1 in 5 women become critically ill before the age of 65. Moreover, men are more likely than women to suffer from a heart attack before retirement age.

The take up of critical illness cover also differs between the sexes. Recent research into critical illness insurance purchasing habits demonstrates that men are more likely to buy policies than women. They also tend to claim more against critical illness insurance policies than women.

As a result, a number of healthcare companies have started to offer screening as an additional policy option. This is because they are realising that men should be encouraged to take better care of themselves by employing preventative measures. This approach can reap substantial rewards. Detecting an illness early on can vastly improve recovery rates whilst the process itself can help identify unhealthy lifestyle habits which can be remedied.

Men and women respond differently to health issues and the importance of critical illness cover. Men tend to take a more laid back approach to their health but do prepare for the possibility of becoming seriously ill by taking out critical illness insurance. Women on the other hand, take the issue of health and wellbeing more seriously but are less likely to take out critical illness cover.

About the Author
(http://www.critical-illness-cover-uk.co.uk) Critical Illness Cover UK is an impartial information and advice site which offers visitors the opportunity to have a free consultation with a Critical Illness Insurance expert

Critical illness pays out if you get seriously ill

2008-07-28T05:36:00.001-07:00

by Francisco Segura

It is a sad fact that even if we live a healthy lifestyle, as we get older we are more prone to sickness; fortunately, the benefits of critical illness insurance are being experienced by many people who have seen this make a big difference just when they needed it. Providing financial peace of mind for your family by taking out protection for a mere few dollars each week, does not seem as important to most of us as having that luxury cup of coffee every day during lunch. Unfortunately, despite longer lives, we are not generally healthier and insurance providers now routinely offer cover in their policies as there is a reasonably high probability of contracting a serious condition.

These studies make for somber reading when you consider around one in five men will contract one of these conditions before they reach retirement age. This figure reduces, but only slightly, for women with around 15 percent having a severe health condition before retirement. Lack of knowledge or belief in the chances of contracting an illness like this might be the main reason why so few adults take out critical illness insurance protection, according to insurance companies. Those that take out critical illness cover normally do so to help pay their mortgage repayments if they are no longer able, but this type of plan can now be added directly to mortgage repayments.

Increasingly, the internet is being used to buy insurances online and this is now extending to illnesses that are long term or critical. Unfortunately, being a relatively new facility, there are new problems that occur as more companies start offering services over the Internet for the first time. This is because many insurance providers who offer this type of coverage wish to have the applicant take a medical examination by an independent physician to ensure there is nothing untoward right from the start. A common complaint of insurance companies is that they are often insensitive to the plight of their customers and this is not the attitude you want if you are contacting them about your critical illness insurance policy.

Smokers are unfortunately treated as higher risk applicants; this includes anyone who has smoked within the previous year, and as a consequence they are placed in a high risk category. Smoking is a potential threat to your life therefore, premiums will increase although having said this, the insurance company will also consider your age, type of work you do, general health, and pastimes before it issues the cover. One of the biggest benefits of critical illness insurance is it will also cover the health and living expenses should a person be diagnosed with a terminal illness. Anyone that cares about their family and what could happen to them in the event of a serious medical condition arising should take out this type of insurance if for no other reason than peace of mind.

About the Author
Francisco Segura operates and manages http://wheelchairschoice.com/wheelchair-tires.html Wheelchair Tires

Why It Pays To Check The Small Print Before Buying Critical Illness Cover

2008-07-14T06:38:00.000-07:00

by Chris Johns

When it comes to critical illness insurance, reading the small print in your policy is absolutely crucial. Depending on the company, up to 25% of critical illness claims are rejected and most of these situations come down to the policy holder not understanding the finer points of their policy.

The increasing amounts of negative publicity surrounding cases in which people with critical illnesses are unable to get their insurance company to pay out dissuade many people from getting insurance they might potentially benefit from. However, when you consider that 20% of men and 17% of women will suffer from a critical illness before they reach 65, insurance begins to sound like an attractive option.

Heavily publicised cases of insurance companies refusing to pay for critical illness claims have led to a significant amount of consumer mistrust in this type of insurance. However, it's important to note that in most cases, one of three issues is in play; the policy holder did not disclose important medical information when they applied for the insurance, they did not follow company protocol when getting medical advice, or they simply thought they were covered for a certain illness when they weren't. By becoming intimately familiar with the terms and conditions of your policy, you can reduce the likelihood of any of these issues arising if you need to make a claim.

Full Disclosure is Required

Non-disclosure is the most common reason that insurance companies reject critical illness claims. This can mean failing to disclose information, or providing inaccurate information either deliberately or unknowingly. This may even include information that is not relevant to a critical illness you suffer from in the future, as well as information relating to your family's medical history.

Read the small print and understand what your policy covers before you even commit to a critical illness policy, it's vital that you understand exactly what you are and are not covered for. Regardless of any extenuating circumstances, an insurance company simply will not pay out if you suffer from a critical illness that your policy does not cover. Most standard policies provide cover for a number of conditions, including kidney failure, heart attack, stroke, major organ transplant and coronary bypass surgery. However, if you want cover for additional critical illnesses you'll need to shop around and find a policy that has what you're looking for, and be particularly careful in reading the terms and conditions to make sure it has the cover you need.

Note that critical illnesses as defined by insurance companies are very precise. If your illness does not match your insurance company's definition, they can still reject your claim even if you have met all other criteria of the policy.

Follow Protocol When Seeking Medical Advice

Following your insurance company's protocol when seeking medical advice will reduce the likelihood of them rejecting your claim. For example, if your doctor tells you that you have high cholesterol and gives you advice on dietary and lifestyle changes you must make an effort to reduce it, you must follow your doctor's instructions or risk invalidating any future claim you make. Your company's protocol is crucial information that you should find out before committing to a policy, you need to know how to proceed when seeking medical advice right from the beginning.

About the Author
To discover the cheapest providers of UK critical illness insurance visit http://www.life-saver.co.uk to compare instant quotes from multiple big name insurers at discounted rates.

Choosing Critical Illness Cover Online

2008-07-05T05:47:00.000-07:00

by David Thomson

With the advancements in the technology or today more and more people who suffer from a critical illness are now living longer. Critical illness cover can be taken out to protect against the possibility of you falling ill and a policy usually contains a long list of illnesses that are classed as being critical. The cover would pay out not only if you were seriously ill because of one of the illnesses, providing you have waited a certain length of time from contracting the illness, but would also pay if you become disabled as a result.

A policy would usually take into account around 30 illnesses which could include cancer, heart attack, suffering a stroke and kidney failure or transplant. Of course you have to check out the terms and conditions of the policy before taking it on as they do differ. There are also many exclusions which have to be checked and these can apply to the various illnesses. For example while in the majority of cases critical illness cover would payout if you were diagnosed with cancer, not all forms of cancer would be covered. Skin cancers are usually exempt from the cover as is prostrate cancer unless it is advanced. There are also exclusions for such as a heart attack and different policies will have different exclusions in them. Therefore you should never skip over the small print however tempting it might be.

When you are looking into choosing critical illness online you are able to take out a policy for any number of years. As long as you pay the premiums each month then the policy can continue running. There is always a period in which you cannot claim when taking on the cover and this would normally be around three months. While the advancement in technology means that you can live longer when being diagnosed with a critical illness it also means that insurance companies are putting up the cost of the insurance and as more advancements are made, premiums will continue to rise.

There are many factors that you have to take into account when choosing critical illness and when you look around you will find that there are many different policies offered by insurance companies. Never just take the first policy you find without looking into what is covered and is not, while you might get the cover cheap it would probably not cover many illnesses.

One thing to look for when deciding which critical illness cover to go for is whether or not the premiums will be fixed. If they are not fixed then you can expect the insurance company to raise them perhaps every other year. This could mean that what once was affordable cover now becomes a burden. A large number of policies will also provide cover for any children you have as standard. Sometimes the company will include children in the policy as standard while other providers could ask for a small premium. If you allow a broker to search around on your behalf for premiums then you can compare these easily for the best cover. All insurance found this way should come with what are called the key facts and these will tell you important information about what the policy entails.

About the Author
David Thomson is Chief Executive of BestDealInsurance an independent specialist broker dedicated to providing their clients with the best deal on their life insurance, critical illness cover and home and motor insurance.

Factors Affecting Critical Illness Insurance

2008-07-03T04:49:00.000-07:00

by Glen Parkin

Have you ever thought about how sensible your health is? Many people do not get the time to think about it whereas others do. Surveys tell that someone is more apt to falling critically ill than to die before the age of 65. That is why critical illness insurance has been brought forward to put light to this issue. Critical illness insurance is a type of insurance which protects you in the event that you fall severely ill. Critical illness insurances classify the following illnesses as critical illness: cancer, heart disease, strokes and multiple sclerosis. So let us get an appropriate know-how of what critical illness insurance really is.

Critical illness insurance is an effective cover policy which awards you a tax free lump sum when you fall critically ill. There are various factors affecting critical illness insurance. The moment you are suffering from a critical illness, the financial problems at home could be avoided. The cash could be used to even pay your mortgage instalments or educational fees. The money could also be used to cover medical charges for your own treatment or even pay for a vehicle you’ve just bought. With critical illness insurance at least you have the peace of mind that your family is looked after.

Similar to life insurance or income protection insurance, a premium has to be paid for critical illness insurance. The low cost of critical illness insurance makes it relatively popular. You can also decide if the critical illness insurance policy can be included with your life insurance policy. You can also prefer to take a critical illness policy tailored in your own way. That is, you can choose how long the policy will last and how much cover you need. Let’s say if you have 10 years remaining to complete your mortgage payment, then you could choose a critical illness cover for this amount of time. With such advantage anyone who is not yet a critical illness insurance policy holder should consider to have one. Remember that critical illness insurance’s low cost vary from company to company.

Because many people claim for illnesses that are not classified, a solution has been designed for them. Many critical illness insurance companies cover only for 35 main illnesses. But gradually, policies are being unveiled that cover up to 140 cases. The premium payments will normally be higher. So will be the benefits. Critical illness insurance has showed that it cared for people by revealing this new policy. It would not be fair if you contributed so much and at the crucial moment you find out that you are not eligible for a claim.

In the recent years, there has been considerable improvement in the medical sector. Diseases are being able to be detected much before they strike. Claim demands have considerably decreased and survival rates increased. Thus critical illness insurance companies can be concerned.

Why not put some money apart for a critical illness insurance policy. This could be a long time investment, fruitful enough to ensure the protection of you and your family.

About the Author
For more information feel free to visit http://www.unbeatablelifeandcriticalinsurance.co.uk

It’s Not Just Individuals Who Should Be Considering Critical Illness Insurance

2008-06-30T03:54:00.001-07:00

by Elizabeth Harfleet

Have you ever wondered what you would do if you or a loved one became critically ill? With 20% of all adults in the UK becoming seriously ill before reaching retirement age, now is the time to start planning for such an eventuality.

Critical Illness Cover enables people to protect themselves financially in the event that they or a dependent becomes seriously ill. It does this by paying out a tax free lump sum if a policy holder becomes seriously ill whilst they have cover.

This can provide much needed financial security in the event of serious illness. For instance, if a breadwinner has critically ill and cannot work he or she can use their policy payout to support themselves and their family.

Furthermore, critical illness insurance helps you to pay for expensive medical care which might otherwise cost more than you could afford.

Critical illness insurance does not just benefit individuals. It can benefit businesses too by offering financial aid if a key employee becomes incapacitated. Key employees include company directors; anyone responsible for the smooth running of the business.

However, despite the benefits of critical illness cover, only 10% of small businesses have policies in place for their key employees.

As a result many companies could be opening themselves up to financial risk. This is because if a key employee is prevented from working because of illness and is not covered by critical illness insurance the business is likely to suffer.

Critical illness insurance is something that statistics dictate that we all think about. Whilst the benefits offered by having a critical illness insurance policy in place can be significant in the event of serious illness. But critical illness insurance is not just beneficial to individuals- it also benefits businesses. Companies who do not have critical illness cover for their key employees should consider whether saving money on premiums will actually save them money in the long run.

About the Author
(http://www.critical-illness-insurance-uk.org.uk/)Critical Illness Insurance UK is an impartial information and advice site which offers visitors the opportunity to have a free consultation with a Critical Illness Insurance expert

Planning for Critical Illness: An Intelligent Move

2008-06-27T03:39:00.000-07:00

by Francisco Segura

Most of us enjoy our health, often this is taken for granted but we cannot guarantee this will be the situation for the rest of our lives; fortunately, the benefits of critical illness insurance are being experienced by many people who have seen this make a big difference just when they needed it. Providing financial peace of mind for your family by taking out protection for a mere few dollars each week, does not seem as important to most of us as having that luxury cup of coffee every day during lunch. Insurance providers, acting on the statistical information they receive from research institutes now offer this type of protection to every one of their customers.

These studies make for somber reading when you consider around one in five men will contract one of these conditions before they reach retirement age. This figure reduces, but only slightly, for women with around 15 percent having a severe health condition before retirement. Lack of knowledge or belief in the chances of contracting an illness like this might be the main reason why so few adults take out critical illness insurance protection, according to insurance companies. Those that take out critical illness cover normally do so to help pay their mortgage repayments if they are no longer able, but this type of plan can now be added directly to mortgage repayments.

Since the advent of the Internet as a marketing and sales tool, insurance companies have promoted their products online and in recent years there has been an increase in online insurance applications. For obvious reasons there will be certain things that require physical evidence so these plans are not always smooth sailing to organize. The main reason for this is the requirement by insurance providers to have the applicant take a medical examination before they issue cover. Claimants also need to know that if they do make contact to their critical illness insurance provider that they will be listened to with a sympathetic ear.

Smokers are unfortunately treated as higher risk applicants; this includes anyone who has smoked within the previous year, and as a consequence they are placed in a high risk category. Insurance companies place smoking at the top of their list but other areas of your life can affect how much you pay for your premium like your age, physical health, activities you may participate in and the type of work you do. The benefits of critical illness insurance should not be underestimated as you may require surgery for a serious, life threatening condition; cannot work owing to it or are diagnosed with a terminal illness. For people that have families, there shouldn't even be a discussion about whether this type of plan should be arranged, should there?

About the Author
Francisco Segura manages http://wheelchairschoice.com/wheelchair-rental.html Wheelchair Rental

Discover The Various Aspects Of Critical Illness Cover

2008-04-24T08:40:00.000-07:00

Critical illness insurance is not just a measure of precaution for the future. It can also be considered as a means to save you money. The idea of having a critical illness insurance is fine. But it can be rather tricky when choosing a critical illness policy. You could even end up having different quotes and contracts in hand that it becomes a headache to unlock your best deal. There are a lot of companies which offer many different versions of critical illness insurance.

Most people choose a critical illness insurance because they are worried about the well being of their family. Such cases reveal that many of these people are the sole revenue maker at home. Therefore if the income happens to be lost by one way or the other but in rule with the critical illness policy, a lump sum can ease financial crisis. There are no rules of how to use the lump sum. The way you use the money is completely up to you. You could use it to pay your mortgage or otherwise cover any debts. That way, if you are in a critical state, you are freed from many expenses. In other words, a critical illness insurance can be your support.

In case you are diagnosed with a range of disease, you will receive benefits from your critical illness insurance. The range of diseases covered is at least 30, but now tends to increase as policies differ from one company to the other. Critical illness insurance covers seven major diseases. All conditions are not covered. The most common exclusions are: drug abuse, HIV/AIDS, etc. New rules have been set by the Association of British insurers that have more strictness towards the payment of lump sum. For example there must be full evidence of heart attack, which is chest pain, before the critical illness insurance pays out.

To take a critical illness cover, you will be required to fill a form. Your insurer will ask you if members of your family have followed treatment of any kind. If you have a positive answer, the procedure may become lengthy. The critical illness insurance may insist that you undergo a medical test before they finalise the policy. In this course, the critical illness insurance may decide to give you limited cover or make you pay higher premiums.

Premium payments towards a critical illness insurance have tended to rise. This is due to the progress made in the medical industry. Using this factor, critical illness insurance companies have started to revise their rules hence redefining what falls out to be critical illness or not. Nearly all critical illness insurances allow you to take cover if you fall between the ages of 18 to 70 years old. You can normally take a cover as long as you want. You can easily judge it on how much mortgage you have to pay, for example. Remember that almost any critical illness insurance will require you to wait for a period of three months before paying out.

Therefore, as seen, choosing the best critical illness insurance is not always an easy task. You may be attracted by cheap policies. Cheap policies often provide a limited cover. There are also policies that cover a lot of diseases. But is that a form of camouflage that just calls you and suddenly engulfs you with high rates of premiums? So be careful when you buy a critical illness insurance.

About the Author
For more information feel free to visit http://www.unbeatablelifeandcriticalinsurance.co.uk

Critical Illness Cover- Some Facts

2008-03-28T09:29:00.001-07:00

by Glen Parkin

Critical illness cover is a very popular type of insurance. Surveys show that many people suffer from a critical illness before they reach the age of 65. If you do not have a critical illness cover, you should consider getting one. Critical illness cover can help you step out of possible problems in the future.

Having a critical illness insurance is a good protection for the future. Your family can start to feel the security from now on, should you happen to fall critically ill in the future. Critical illness insurance usually pays a lump sum if you are diagnosed with a specific illness accepted by your critical illness insurance company. To be on the safe side, when you obtain a critical illness policy, you should reveal your entire medical history to your insurers.

Your critical illness insurers should know your medical past completely. Once you make a claim, you could be sure that they will make some research about your medical history before they award you the lump sum. That is why most critical illness insurance companies take about three months before making the payout. The money is completely tax free and there is no restriction on how you could use it. On the other hand critical illness insurance can also refuse you a payout.

Critical illness insurance normally refuses you a payout if you suffer from an illness found in its exclusion list. Most common forms of exclusions are: HIV/AIDS, drug abuse, self inflicted injury among others. Most critical illness insurance companies include these exclusions on their policy. Therefore you should read the policy attentively before you sign. If you suffer from such an illness then you could be entitled not to receive a critical illness cover.

Fortunately the association of British insurers has come with a brilliant idea. They have elevated the critical illness they cover from 35 to 140. By doing this, people may have gained more confidence on critical illness insurance. Clearly critical illness insurance companies have taken note of the many rejected claims and adjusted their critical illness policies. You should know that for this type of critical illness cover, the premiums are higher.

Moreover, before you take a critical illness cover, the insurers will ask you important questions. They can ask you if members of your family suffer from a specific illness. If your answer is positive they could refuse you critical illness cover or even make you undergo medical tests. It is only after having a close look at the results that they would decide to give you cover or not. They could even raise the premium payment amount. Thus if you accept to take critical illness cover from that insurance company you should ensure that all conditions are mentioned on paper.

Furthermore, critical illness insurance normally makes the payout 28 days after a claim, provided you are still alive. If before the lump sum is awarded, you die, most critical illness insurance companies give the money to the inheritor, for example your wife or children. Money will not replace someone but can surely alleviate financial breakdowns that may occur after your going.

Choosing a critical illness cover might sometimes be difficult. Take your time. If you shop well you could find a critical illness cover that suits your needs.

About the Author:
For more information feel free to visit http://www.unbeatablelifeandcriticalinsurance.co.uk

Do I Need Critical Illness Insurance?

2008-02-16T05:01:00.000-08:00

by David Thomson

Critical illness insurance is taken out to cover you either for life or for a set period of time against certain critical illnesses, diseases and medical conditions. It differs from life insurance in that life insurance pays out should you die. Critical illness insurance pays if you become physically or mentally impaired through illness or disease.

A policy to cover you for critical illness will pay out a tax free lump sum if you should fall victim to one of the illnesses defined within the policy. All that is needed to make a claim is the diagnosis by your Doctor of one of the illnesses or conditions defined in the policy; there is usually no requirement for you to prove loss of earnings or for you to need any special medical treatment.

Points to consider when thinking of taking out this form of insurance is that the sum and terms are decided at the outset when you take out your policy.

In order for the policy to pay out then you must survive for at least 28 days after the condition or illness has been diagnosed.

Once the set time of the policy has passed and you haven’t been diagnosed as having a serious illness or condition then there is no payout and the policy simply ceases.

Before deciding on whether or not to take out critical illness insurance you should take several factors into consideration. The most important thing to decide is how much money you would need if you were to become critically ill and then decide how long you would need the cover for.

You will also have to take into account the various illnesses that are covered as these can vary from company to company. Another thing to take into account is that different companies have different exclusions within the policies so it is important that you read all the small print.

About the Author:
David Thomson is Chief Executive of BestDealInsurance an independent specialist broker dedicated to providing their clients with the best deal on their life insurance, critical illness cover and home and motor insurance.

Statistics That Can Help You More Understand The Rate Of Incidence Of Certain Critical Illness Conditions

2008-02-02T05:21:00.000-08:00

by Mike Armstrong

Critical illness insurance may have been designed long ago as a means to cope with the lack of health care systems in some countries. Since then, the development of critical illness cover has been considerable. More and more people may be seeking for critical illness cover as the product may have become widely known across the UK and worldwide. Insurance companies may nowadays provide cover for up to 30 critical illness conditions while others may restrict themselves to only seven. Competition over the insurance market may have pushed insurers towards the addition of many critical illnesses in certain policies. However the occurrence of critical illness still prevails.

Here are some facts and statistics about some critical illnesses during the past few years.

Cancer As per to the Breast Cancer Campaign 2002, it can be said that 1 of every 9 women may contract a critical illness such as breast cancer. Furthermore, in the year 1997, around 38,000 women may have been diagnosed with this life threatening critical illness. Further analysis of the current situation may suggest that this rate could increase every passing year. Fortunately, improving medical techniques and treatments may have made it possible for around 60 percent of women to stay alive 5 years after an intervention for this critical illness.

The Office of National Statistics stated that in the year 2000, about 150,000 people may have passed away due to cancer. More precisely speaking, every 3 and a half minutes one person may die. This may then make of cancer one of the most lethal critical illness in the UK. Also, in the year 2000, the death of around 20,600 men and 13,000 women may have been caused by lung cancer than any other form of cancer.

Deafness According to RNID 2002, a total amount of around 8 million people may be deaf or hard of hearing. This result may show a critical illness in ascent. Out of these, approximately 673,000 people may be severely or profoundly deaf relying on lip-reading and requiring a text phone or video phone to communicate.

Kidney failure As per the UK Renal Registry 1998, at the end of the year 1998, around 31,000 people may have been more likely to suffer from a critical illness such as end-stage renal failure. As a result, about half of the patients could have been treated by transplant surgery while the remaining may have been treated with dialysis.

Multiple Sclerosis According to Multiple Sclerosis Society, 2002, this critical illness may have made around 85,000 patients in the UK. Furthermore, figures may show that each year about 2,500 new cases of multiple sclerosis are diagnosed. Additionally, it may be a saddening fact to find out that multiple sclerosis may be the most common neurological disorder among young adults. This critical illness may prevail among people usually aged between 20 to 40.

The rates at which these critical illnesses occur may be of much concern. You could imagine the possible financial catastrophe people could undergo should critical illness cover not exist. Thanks to critical illness cover payout, some income may be injected so that the personâ€™s family may continue their usual trend of life.

About the Author
Critical illness insurance protects yourself or your family. For more information about critical illness insurance please visit www.unbeatablelifeandcriticalinsurance.co.uk.

The Growing Popularity And Importance Of Critical Illness Cover

2008-01-12T03:52:00.000-08:00

by Victoria Selman

Critical illness cover is one of the most popular and fastest growing insurance products available in the UK. This is shown by the fact that there was a 31% increase in the number of critical illness insurance policies sold between 2001 and 2003.

This article discusses what critical illness cover is and how it could help you.

What is Critical Illness Cover

Critical illness insurance pays out a tax free lump sum to policy holders if they are diagnosed with a serious illness which is covered by their critical illness plan. Examples of serious illnesses covered by critical illness insurance policies include; strokes, heart attacks and cancer.

Policyholders can use this money in any way that they wish such as for medical care or to cover living costs that they cannot otherwise meet owing to loss of income.

Who Should Consider Critical Illness Cover

Most people do not like to contemplate the fact that they might become seriously ill and assume that it will not happen to them. However, statistics demonstrate how widespread serious illness is and that we should face the fact that we might suffer from it at some point.

For example, 100,000 people in the UK have strokes each year and almost 8,000 of them are under 55 years old. Of these, a third die within twelve months and another third, over spend the rest of their lives disabled.

Furthermore, in the UK, 300,000 people have heart attacks each year and 80% of sufferers aged between 45 and 65 survive. Whilst over 30,000 women are diagnosed with breast cancer annually many of whom survive for a number of years but continue to need medical treatment.

Benefits of Critical Illness Cover

Given that so many people who are diagnosed with serious illnesses go on to survive but need ongoing medical treatment and often cannot continue working, critical illness insurance can provide a very welcome financial safety net.

About the Author:
Critical Illness Insurance Information site: http://www.critical-illness-insurance-uk.org.uk

Have You Thought About Critical Illness Life Insurance?

2008-01-08T03:51:00.000-08:00

Submitted By: David Thomson

While no one likes to think about death or illness and, it does happen and if you were diagnosed with a critical illness it would put severe stress not only on yourself but also your loved ones.

With the advancements of technology today more and more people who are diagnosed with a critical illness do recover and go on to lead a normal life. However, it is during the recovery time that you could need help and peace of mind that you wouldn’t have to struggle financially. A lump sum payout could help to pay medical expenses or day to day living expenses whilst you recovered and this would come in the form critical illness insurance.

Critical life insurance will pay out a lump sum of money if you should be diagnosed with one of the specific critical illnesses outlined in a policy. The sum of money and the term that the policy is taken out is determined at the time of purchasing the policy and if you should suffer from one of the critical illnesses defined on the policy then that sum of money would be paid out providing that you survived for 28 days after you were diagnosed with the illness.

The actual conditions defined as critical illness will vary from policy to policy but they usually all include such as cancer, heart attack, stroke, kidney failure, major organ transplant and multiple sclerosis. There are many others but these are usually the core illnesses so always check with a particular policy under the terms and conditions.

If after the term ends on the policy and you haven’t been diagnosed with a critical illness then the policy simply expires there is no cash payout. A critical illness life insurance policy can bring great peace of mind to you and your loved ones and get you through a stressful period of time but you have to be careful when choosing your policy. The easiest way to get the best deal on a critical life insurance policy is to go to a specialist provider and let them secure the cheapest deal for you.

About the Author:
David Thomson is Chief Executive of BestDealInsurance an independent specialist broker dedicated to providing their clients with the best deal on their life insurance, critical illness cover and home and motor insurance.

Understanding Critical Illness Cover

2008-01-02T08:04:00.000-08:00

by David Thomson

One of the many forms of insurance that you can take out to give you financial peace of mind in the event that something should happen to you is critical life insurance. This type of cover will pay out a lump sum should you be diagnosed with one of the illnesses outlined within the policy.

Critical illness insurance will pay out if you are diagnosed as having a pre-determined critical illness, there are a range of around serious illnesses which are now included in a policy such as this, but of course this will vary from company to company and the policy which is on offer, so you should always ensure you understand what your particular policy covers.

However the majority of policies do cover certain conditions which are classed as core or foundation conditions and these include cancer, heart attack, kidney failure, a major organ transplant, coronary heart by pass, multiple sclerosis and a stroke. However not all illnesses are covered and in fact recently, new rulings have been set out by the Association of British Insurers regarding which conditions can be claimed on.

Due to this it is imperative that you understand conditions which are excluded from critical insurance policies. For example, conditions such as non-evasive skin cancer and prostrate cancer which isn't considered to be advanced is excluded from within a policy. Of course these are just a few examples and there are many more.

Even conditions such as heart attack has to be clearly outlined, for example there has to be evidence that there are pains in the area of the chest, along with changes to an E.C.G scan for example. If the heart problem is thought to be caused by angina then in some cases this is also excluded from the policy.

Critical illness insurance benefits everyone, those who are married and have dependant children as well as those who are single. Critical illness cover can be used to pay off the mortgage or for private medical treatment which can be more beneficial than having life cover which will only pay out if you die.

Critical insurance cover can be taken out from between the ages of 17 and 70 and can be taken out for a pre-determined amount of time, such as to go alongside the term of your mortgage. From taking out the cover there will normally be a period of time in which you cannot make a claim, for the majority of policies this is usually a period of 3 months.

Choosing the right type of critical insurance can be a problem as currently there are over 200 different versions of critical insurance cover, so understanding the type of cover you need is essential. Understanding the level of cover is also essential as some policies seem to cover just about anything, when in fact there are a lot of hidden exclusions, while a high price is charged for the product.

About the Author:
David Thomson is Chief Executive of BestDealInsurance an independent specialist broker dedicated to providing their clients with the best deal on their life insurance, critical illness cover and home and motor insurance.

Can A Stroke Be A Reason To Have A Critical Illness cover?

2007-12-31T10:18:00.000-08:00

by Mike Armstrong

Critical illness insurance may provide you with cover if you are diagnosed with a critical illness met by your insurance's policy definitions. There may be around seven core cases that can be found on most critical illness policies. These are: Cancer, heart attack, stroke, kidney failure, multiple sclerosis, coronary artery bypass and major organ transplant. Should you suffer from any one of these illnesses during your insurance term, a tax free lump sum may be awarded to you. Critical illness insurance may have helped one and many to step out of financial problems due to loss of income of the suffering person.
Cancer can be said to be the largest cause for critical illness claims followed by heart attack. We'll now have a look at stroke, believed to be the third largest source of critical illness claims in the UK.

Stroke According to the Stroke Association 1999, around 100,000 people may contract stroke each year in the UK. Due to medical strides, about 70 percent are more likely to survive this critical illness for one year. Stroke is a dangerous critical illness as it may render the suffering person disabled. Surveys demonstrate that stroke can be largest responsible cause for disability making 300,000 victims at any one time in the UK.

Moreover, as per the Stroke Association 2002, approximately 10 percent of stroke suffering victims may be of the retirement age. Also, around 33.3 percent of people suffering from this critical illness may end up being disabled. Disability can change someone's life. Had it not been for critical illness insurance, changing needs according to a different lifestyle may not have been considered. For example, buying a car for disabled persons, accommodating the house for a wheelchair and even starting up new training for a different work. Additionally, around 33 percent of people may also die due to this critical illness after 1 year of diagnosis and attempt of treatment while others may still make a good recovery.

According to the Office for National Statistics 2005, in the year 2004, about 0.8 percent of men of all ages may have suffered a critical illness such as stroke. Additionally 0.1 percent of men aged 16-44 contracted the same disease, 0.8 percent aged between 45-64, 1.1 percent aged between 65-74 and 5.4 percent aged 75 or more all suffered from a critical illness like stroke. As for women, the results may be slightly different. In the year 2004, 0.6 percent of women of all ages suffered from stroke. Further figures showed that this critical illness also affected 0.7 percent of women of all ages, 0.2 percent aged between 16-44, 1.5 percent aged between 65-74 and 1.9 percent aged 75 or more.

Stroke can be considered as the third leading cause of critical illness claims in the UK. The percentage of a critical illness like stroke strike men much more than women as seen earlier in the article. The reason can be that men may be more vulnerable and exposed than women. Also, men may not have too much free time to have check ups regularly so that the critical illness could be detected earlier. Therefore, one possible solution may be to have a critical illness cover that can safeguard you in case you are affected by such a disease in the future.

About the Author
For more information about life insurance and critical illness insurance please visit www.unbeatablelifeandcriticalinsurance.co.uk.

Consumers confused when it comes to buying critical illness insurance

2007-12-30T23:59:00.001-08:00

by David Thomson

Critical illness insurance is taken out to insure against the possibility of an individual being diagnosed with a critical illness sometime in the future. With advancements in medicine more people who are diagnosed with a critical illness are recovering from the illness but their finances could be stretched to the limit and life could be harder than it has to be.
The cover will pay out if you are diagnosed with any of the critical illnesses which are outlined in the policy, the actual illnesses will vary on the policy but common ones include being diagnosed with cancer, suffering a stroke, a heart attack or having to have an organ transplant. However consumers are sometimes getting confused when it comes to taking out critical illness insurance, and end up buying cover that does not give them adequate protection.

Some providers of the cover are selling a policy for huge premiums that gives very little protection and can have many exclusions in it that offers very poor value to the consumer. It is the small print in the policy which is causing the majority of problems with a policy; very little information is often given regarding them which mean that the consumer is buying cover that they do not understand.

While critical illness insurance when taken out with the small print in mind will payout a tax free lump sum on diagnosis of a critical illness, it was recently reported that around 25% of all claims made against a policy are rejected due to the exclusions. At a time when the individual needs financially security and peace of mind that they will be able to continue repaying their mortgage and essential outgoings many are being left with the added stress of finding they cannot claim.

It seems that many providers of the cover will do anything possible to squirm their way out of paying out on a claim, excuses such as drinking more alcohol than stated on the form and not reporting minor problems before being diagnosed have all been made. It is essential when taking out the cover that you know exactly what you are buying before you purchase and take care when filling in the forms associated with the cover so that you disclosed everything necessary relating to your health.

Just as with payment protection cover which is being investigated by the Financial Services Authority, critical illness cover has seen a rise in the amount of claims against firms selling inadequate critical illness insurance. Many of these claims were based on the fact that the provider failed to make the consumer aware of the exclusions and small print in a policy at the time of being sold the cover.

Critical illness cover can help you at as key time in your life you have read the key facts and small print of the policy and the best way to get the essential advice needed is to go with a specialist broker. The cover can be pushed alongside the loan or mortgage but this is the riskiest and most expensive way of buying the cover. A specialist broker can get you a good quality critical illness insurance policy while at the same time gathering the key facts so that you can determine if a policy would be suitable for your circumstances.

About the Author
David Thomson is Chief Executive of BestDealInsurance an independent specialist broker dedicated to providing their clients with the best deal on their life insurance, critical illness cover and home and motor insurance.

Don’t Underestimate The Importance Of Critical Illness Insurance

2007-12-17T05:27:00.000-08:00

by Victoria Selman

When a group of people were questioned in a recent survey about how important they thought it was to have critical illness insurance, a significant proportion said they thought it was unnecessary.

When pushed further they explained that they thought it was unlikely that they would become seriously ill and therefore they did not want to waste money on premiums. Unfortunately this attitude is not supported by the facts.

In the UK around one in five people become critically ill before reaching retirement age. This means that for many, serious illness will prevent them from working and earning the money needed to support themselves.

On top of this, people who become incapacitated by serious illness and are unable to work may also not be able to afford the medical care that they need.

Critical illness insurance provides a financial buffer for people who become seriously ill and unable to work. It does this by giving policy holders a tax free lump sum that they can spend at their discretion.

In other words, policy holders can spend their critical illness insurance money on medical care, everyday living expenses or even paying off their mortgage. There is not restriction on how they can spend their money.

This not only provides policy holders with the financial support that they need. Critical illness insurance also gives them peace of mind that they will still be able to take care of their dependents if they become too ill to work.

As the majority of critical illness insurance products cover common illnesses and given the statistical probability that you will critically ill at some point, it is a good thing to have. Of course when it comes to choosing a critical illness insurance policy it is important to shop around.

It is also important to get good, independent advice about what type of policy would suit you best. Furthermore, when applying for critical illness insurance, do ensure that you provide all the necessary information. Failing to do so might actually mean that you would not be properly covered.

Critical illness insurance is not something that most people want to think about because they do not want to consider the possibility of becoming seriously ill. However it could happen and setting up an insurance policy means you would be prepared for that worst case scenario.

About the Author:
(http://www.critical-illness-insurance-uk.org.uk/)Critical Illness Insurance UK offers free and independent information about critical illness insurance and the chance to speak to an expert free of charge.

Do I Need Critical Insurance Cover?

2007-12-12T05:23:00.000-08:00

by David Thomson

Critical illness insurance can be a Godsend for anyone who would suffer financially if they were to be diagnosed with a critical illness such as cancer, a heart attack or stroke. If something such as this should happen, then the bills would soon mount up, bills including your mortgage, your medical bills if any, taking care of your family and the future - these all come into play.

Critical illness cover gives you a tax-free lump sum payment that can be used as you wish. Some people pay off their mortgage, others use it to pay for private medical treatment or put it in the bank to allow them to carry on paying their every day bills along with making any changes that might have to be made to their home to accommodate their illness.

The illnesses covered by this policy varies from company to company as well as how much you pay for your policy. There are many types of policy available and the level of cover will determine how much you pay for the insurance and also what is included in the cover. However the policy can be tailored to some extent, with some companies offering benefits for what you can afford to pay.

It is imperative that you fully understand critical insurance policies, as with any type of insurance there are many exclusions within them. Policies will only pay out for the conditions which are listed within them and these usually include heart attack, stroke, any major transplant of an organ, cancer, coronary heart by pass and multiple sclerosis.

However even with these being outlined within the policy it still doesn't mean that it is cut and dry, for example with some insurers you have to have proof that your heart problems are not such as angina, as this is excluded from some policies. So always make sure that you read the small print and what is and is not covered by the policy.

Usually there will be a waiting period before you can make a claim on a policy and a critical insurance policy can usually be taken out between the ages of 17 and 70.

About the Author:
David Thomson is Chief Executive of BestDealInsurance an independent specialist broker dedicated to providing their clients with the best deal on their life insurance, critical illness cover and home and motor insurance.

Getting Your Children Covered By Critical Illness Insurance

2007-12-08T17:42:00.000-08:00

by Victoria Selman

Children and Critical Illness Insurance

An increasing number of critical illness insurance companies now cover children from the age of three, as standard. However, Critical Illness Insurance companies generally do not cover any illness or disability that a child was born with or had at the time the policy was taken out. If you have children, then you may want to consider taking out a critical illness insurance plan with this benefit.

If you are interested in covering your children under your critical illness insurance, we suggest that you speak to the provider you are thinking of using about how much you can insure them for. This is because all critical illness insurance policy terms vary by provider.

Prior to taking out a critical illness insurance policy it is very important that you read the Key Features Leaflet. This is a document that you receive from critical illness insurance companies outlining the policy you are considering and exactly what it covers and excludes.

The information contained in the Key Features Leaflet will help you compare different critical illness insurance policies.

The Benefits of Including Your Children in Your Critical Illness Insurance Policy

If you include your child in your critical illness insurance policy and he or she develops an serious illness covered by the plan, then you will receive a tax free lump sum payment.

You are entitled to keep this payment from your critical illness insurance even if your child recovers.

The money you receive from your critical illness insurance can be spent however you choose. For example, you may wish to spend it on the provision of medical care and treatment for your child.

What to be Aware of When Including Children in Your Critical Illness Insurance

In most cases critical illness insurance does not automatically include Bacterial Meningitis.

Therefore if you want your child to be covered for Bacterial Meningitis you should extend your critical illness insurance to cover it.

About the Author:
http://www.critical-illness-insurance-uk.org.uk

What Is Standalone Critical Illness Insurance?

2007-11-28T08:19:00.001-08:00

by David Thomson

While the majority of people who take out a critical illness policy choose a policy that also includes life insurance, there is also an option many don’t consider - a standalone critical insurance policy. So what’s the difference you might ask?

Well a policy that includes life insurance means that on the death of the person holding the policy or should that person suffer from a critical illness or become permanently disabled, then a lump sum benefit will be paid.

If you purchase a standalone critical illness policy it will only pay out the amount of benefit should you be unfortunate enough to be diagnosed with a serious critical illness or you should be become permanently disabled.

However, in many cases, purchasing a combined policy of life insurance and critical illness does work out cheaper than purchasing the standalone policy.

The reason behind this is that the majority of people take out the combined policy and overlook the standalone; this means that competition is fiercer for the combined, which helps to keep premiums lower due to competition.

The standalone could however benefit you if you don’t have to worry about dependants - if there is no one depending on you then you might not need to take out life insurance. On the other hand if you have already got coverage for life insurance and you are benefiting from a great deal, then you could consider taking out standalone critical illness insurance after shopping around for a good deal.

When purchasing a standalone policy it is in your best interest to shop around and compare as many companies as possible for the cheapest price and deal or use a specialist broker who can help. All policies have exclusions, so it is imperative that you understand the terms of your policy and what you are and are not covered for.

The small print should be looked at with a fine tooth comb as this is where the exclusions will be hidden. While a policy might seem like a cheap deal, it could end up being nothing more than a worthless piece of paper should your claim be turned down due to an exclusion you didn’t realise was there.

About the Author:
David Thomson is Chief Executive of BestDealInsurance.co.uk, a specialist insurance website dedicated to putting customers first. They ensure their customers get the best deal when buying life insurance, critical illness and income protection cover

The Benefits Of Critical Illness Cover

2007-11-23T03:45:00.000-08:00

by Victoria Selman

Of course, no-one likes to think that they or someone that they love might become seriously ill. However, according to statistics about a fifth of all adults in the UK will become critically ill before they reach retirement age. Critical Illness Cover allows people to protect themselves if the worst should happen by providing a financial safety net for them.

What is Critical Illness Cover?

Critical illness cover is an insurance product that pays out a tax free lump sum to policy holders who become seriously ill whilst they have cover in place.

The Benefits of Critical Illness Cover

Critical illness cover protects against a wide range of common illnesses that often result in victims becoming incapacitated. People who fall ill from these diseases frequently need expensive and on-going medical care.

By taking out critical illness cover, you can ensure that you will be able to pay for the medical treatment that you will need if you become seriously ill.

Furthermore, if you become seriously ill, chances are that you will not be able to work. By providing a lump sum benefit, critical illness insurance covers this potential loss of income so that you can still pay your general living expenses.

This means that not only will you be able to provide for yourself in the event that you become critically ill, but you will also be able to ensure that your dependents are cared for.

Critical illness insurance can also be taken out to cover your children. This means that you will be able to ensure your children get all the treatment and care they need if they become seriously ill. It also means that if you or your spouse has to take time off work to care for a seriously ill child, you will still be able to meet your living expenses.

The real benefit of critical illness cover therefore is that it provides a financial safety net at a time when you might really need one.

About the Author:
(http://www.critical-illness-cover-uk.co.uk)Critical Illness Cover UK is an impartial information and advice site which offers visitors the opportunity to have a free consultation with a Critical Illness Insurance expert

Critical Illness Insurance And Life Insurance Cover For Better And For Worse

2007-11-20T05:17:00.000-08:00

by Rachel Lane

There are three main types of insurance cover you can buy to protect yourself and your family: life insurance, private medical insurance and critical illness insurance. If you want your financial health to be completely bionic then you could choose all three types of insurance, but if your family finances are more restricted, it might be better to insure yourself with critical illness insurance and life insurance. Critical illness insurance should not be confused with private medical insurance or even income protection insurance and it’s important that you do a full evaluation of your needs before you pursue the different insurance options.

The purpose of critical illness cover (CIC) is to fill a gap that is left by traditional life insurance policies, which will only provide a pay-out on the death of the policy holder. CIC provides a tax free lump sum following the diagnosis of one of a number of life-threatening illnesses or certain types of surgery. The sorts of situations usually covered include the diagnosis of cancer, a stroke, a heart attack, the loss of a limb and many other serious disabilities.

Critical illness insurance policies are typically sold to cover mortgage repayments and are often sold alongside a life insurance package to ensure the borrower can repay the loan in all circumstances. It is worth noting that if a combined life insurance and critical illness cover package is taken out, then it would not be unusual for an insurer to pay out for only one of the events. Therefore if the policy holder suffers a critical illness and then dies at a later date, there will only be one pay-out – for the initial illness. It is essential whenever you take out a policy that you make sure it covers all of your needs and those of your family. Don’t estimate how much cover you may actually need. You will additionally need to consider the period for which you want critical illness cover, such as a set number of years to cover the mortgage or no fixed period at all, so you can maintain the policy as long as you need it.

The critical illness insurance market has come under increasing pressure in recent years, as the number of claims has soared, survival rates increased and medical science has made it far easier to detect serious conditions much earlier. These factors have prompted some serious questions about the viability of critical illness cover, particularly guaranteed products.

For the majority of people, the most important benefit of critical illness insurance is to protect their mortgage and most mortgage protection policies allow you to include life insurance and critical illness cover. If you already have life insurance in place, you can buy an additional, separate critical illness insurance policy.

Resources:
http://www.abi.org.uk/ The Association of British Insurers
http://www.moneynet.co.uk/insurance/index.shtml Consumer Insurance Comparison Research
http://www.moneynet.co.uk/home-car-travel-insurance-guide/index.shtml Insurance Guide

Disclaimer:
I am not a financial expert. Read my article, but do your own research. No lawsuits here please.

About the Author:
Rachel writes for the personal finance blog Cashzilla – personalfinanosaurus – licensed to roar. Rachel spends her not-so-free time researching and writing personal finance articles, but she gets through it with Smarties and Fruit Pastilles. To read more about Rachel and Cashzilla visit http://www.cashzilla.co.uk

Critical Illness Insurance The Non-Disclosure Problem

2007-11-15T16:10:00.001-08:00

by Michael Challiner

If you're in the unfortunate position of having to make a claim on your critical illness insurance policy, the last thing you want is insensitive hassle or apparent non co-operation from your insurer. But according to numerous newspaper articles, that's precisely what's happening. The core problem is that before they'll pay out, the insurer will always want to make exhaustive enquiries about your past health record. Whilst you'll have provided them with lots of similar information when you initially applied for the cover, the insurers will now insist that all the information is rechecked. And if at the time you said you weren't a smoker, they'll now want this verified by your doctor.

The reasons are obvious. They're faced with a big claim, typically way over £100,00, and they want to be certain that you told them the entire truth about your health when you first applied. This means that now you've claimed, they'll crawl over your medical records in great detail checking that you disclosed everything on your application. Every small and apparently insignificant detail will be subject to intense scrutiny. The problem is that their reams of correspondence can be quite upsetting for you.

The insurers defend their procedures saying that they need to be certain that when they accepted the business, you disclosed the full truth about the factors affecting your health. They want to be sure that you didn't cheat by omitting some information in order to dupe the company into issuing a policy when they otherwise might not, or to help you qualify for a lower premium. Either way, non-disclosure as they call it, is cheating and a valid reason for them refusing your claim. It doesn't even matter if the information you omitted ultimately had nothing to do with the illness that occasioned the claim. The insurers position is that every piece of information you provide was used to work out your premium and any omission affects the calculation.

The insurers are particularly distrustful if the claim arrives within the policy's first five years. Any claim arising during this period is classed as an “early claim” and the insurers are particularly watchful for policyholders who took out the critical illness insurance already suspecting that that they were already ill.

The problem is that all this intense scrutiny attracts a very bad press. If you're very sick and distressed, the last thing you want is lots' of questions and high-handed hassle from your insurer.

There's undoubtedly a conflict here. If they are to neutralise the bad press, the insurance companies need to work much harder at softening the enquiry process and they must liase much more closely with their claimants. Insurers must present a much softer centre at what is a most distressing time for their claimants.

All this adverse PR has had two effects on the critical illness insurance market. Applicants have apparently been favouring insurers who publish the lowest rejection rates and others have withdrawn from making any application.

In practice, avoiding insurers who publish high refusal rates has little benefit. That's because the published figures can be misleading. The latest figures show that Scottish Equitable Protect has refused to pay out on 28% of critical illness claims followed closely by Friends Provident at 25%. If you compare these figures with Scottish Provident at 13.7%, many potential policyholders can be forgiven for favouring Scottish Provident. But that's not necessarily the best decision.

The problem with interpreting these figures is that the figures themselves can be distorted by how long the insurer has been active in the critical illness market. As rejection rates are highest with policies that have only run for a few years, then companies that are new to the critical illness market will automatically have the highest rejection rates. This leaves companies such as Guardian Financial Services looking good with a rejection rate of just 10%. The truth is that the Guardian has been in the market for over 15 years and has a mature book of business.

And it's a pity that all this negative publicity has undermined confidence in critical illness insurance. In our view, this insurance plays an important part in protecting family finances but people are being deterred from buying it, leaving their family unit exposed if they become seriously ill. After all, if the main income provider is taken seriously ill, the family's income can plummet. That means that the tax-free lump sum paid out by these policies can become central to the family's financial survival.

Our advice is if you think you need critical illness cover press on. But be aware that these policies vary a lot in the cover they offer - so straight price comparisons aren't really meaningful. Basic plans will cover one or more of the most serious conditions but comprehensive plans cover many more – for example:

Alzheimer's disease
Aorta graft surgery
Aplastic anaemia
Bacterial Meningitis
Benign brain tumour
Blindness
Cancer
Cardiomyopathy
Chronic lung disease
Coma
Coronary artery by-pass surgery
Creutzfeldt-Jakob disease
Deafness
Dementia
Heart attack
Heart valve replacement or repair
HIV or AIDs from an assault, blood transfusion, occupational duties or accident
Keyhole heart surgery
Kidney failure
Loss of independent existence
Loss of limbs
Loss of speech
Major organ transplant
Motor Neurone disease
Multiple Sclerosis
Paralysis/Paraplegia
Parkinson's disease
Progressive Supranulcear Palsy
Stroke
Third degree burns
Total and Permanent Disability
Cover for children

This complexity means that you really need independent advice. There are plenty of web sites that can help you. Just search for “critical illness insurance” and make sure you can talk to an adviser before you buy.

About the Author:
Brokers Online offer online access to Critical Illness, Life Insurance and health insurance online

Group Critical Illness Insurance - The Cheaper Alternative To Keyman Insurance

2007-11-09T05:08:00.001-08:00

by Michael Challiner

If you manage a small business you'll dread the possibility of a member of your team being be taken seriously ill or dieing. Apart from the personal upset, your business would be hit hard. Sales or production could take a dive, key skills could be lost and the general pace of the business could fall. All this costs the business money.

Insurance is available to offset those financial risks, risks that can be especially serious for smaller businesses. After all in smaller businesses other employees can't be moved across to fill the gap - there's simply no one spare. So the problem remains until the person either returns to work or is replaced.

If the person is off sick with a serious illness such as a stroke or a heart attack you simply don't know when, or if, they'll return to work. It could be a month, six months even a year or more. Management is then caught in a cleft stick. Do you take on a temporary employee, contract out or recruit a permanent employee? Or are you forced to tread water and wait for matters resolve themselves? That's risky. And how much will all this cost the business in terms of extra overheads, lost sales and profit?

Keyman Insurance has traditionally absorbed these very real financial risks but nine out of ten small businesses still don't carry that insurance. It's either because they haven't addressed the problem or they've found Keyman Insurance to be too costly.

A Simon Briault, a spokesperson for the Federation of Small Businesses said, “In an ideal world, small firms would be insured against everything, but reality demands the businesses prioritise threats and occasionally take risks”.

But there is a cheaper alternative. It's called Group Critical Illness Insurance. And it's about half the price of normal Keyman Insurance!

With Group Critical Illness Insurance, the management decides which employees to insure and how much to insure them for. The business then pays the premiums and receives any lump sum payout. A claim can be made as soon as any of the insured employees are diagnosed with any critical illness which is scheduled within the insurance policy. As you would expect heart attacks, strokes and cancer are the biggest three biggest reasons for a claim but the full list of insured critical illnesses is much longer. For example, kidney failure, meningitis, paralysis and even blindness.

The important point to realise is that to make a claim, the insured employee must survive at least 28 days after their critical illness is diagnosed. (Some insurance companies have now reduced this to 14 days so please check before you buy.) Therefore, if the employee were to die before the end of the survival period, any claim would be invalid. In that context, it's not as comprehensive as full Keyman Insurance – but at around half the price of there has to be some compromise!

Simon Burgess, the MD of British Insurance says: “Group Critical Illness Insurance is a real alternative to full Keyman Insurance - and at around half the cost, it's great value for money. If managers find Keyman Insurance too expensive there's little excuse for not covering the biggest part of the risk with Group Critical Illness Insurance. Don't pay the price for apathy”.

About the Author:
Express life insurance specialise in providing life insurance quotes along with providing a huge resource of life insurance information

It’s Not Just Individuals Who Should Be Considering Critical Illness Insurance

2007-11-05T09:13:00.001-08:00

by Elizabeth Harfleet

Have you ever wondered what you would do if you or a loved one became critically ill? With 20% of all adults in the UK becoming seriously ill before reaching retirement age, now is the time to start planning for such an eventuality.

Critical Illness Cover enables people to protect themselves financially in the event that they or a dependent becomes seriously ill. It does this by paying out a tax free lump sum if a policy holder becomes seriously ill whilst they have cover.

This can provide much needed financial security in the event of serious illness. For instance, if a breadwinner has critically ill and cannot work he or she can use their policy payout to support themselves and their family.

Furthermore, critical illness insurance helps you to pay for expensive medical care which might otherwise cost more than you could afford.

Critical illness insurance does not just benefit individuals. It can benefit businesses too by offering financial aid if a key employee becomes incapacitated. Key employees include company directors; anyone responsible for the smooth running of the business.

However, despite the benefits of critical illness cover, only 10% of small businesses have policies in place for their key employees.

As a result many companies could be opening themselves up to financial risk. This is because if a key employee is prevented from working because of illness and is not covered by critical illness insurance the business is likely to suffer.

Critical illness insurance is something that statistics dictate that we all think about. Whilst the benefits offered by having a critical illness insurance policy in place can be significant in the event of serious illness. But critical illness insurance is not just beneficial to individuals- it also benefits businesses. Companies who do not have critical illness cover for their key employees should consider whether saving money on premiums will actually save them money in the long run.

About the Author:
(http://www.critical-illness-insurance-uk.org.uk/)Critical Illness Insurance UK is an impartial information and advice site which offers visitors the opportunity to have a free consultation with a Critical Illness Insurance expert

Tell The Truth With Life And Critical Illness Insurance

2007-10-31T05:25:00.000-07:00

by Michael Calliner

Insurers treat the non-disclosure of information on an application form very seriously indeed, and it is the most common cause for the rejection of a life or critical illness insurance claim. This true story explains that the situation isn’t always black and white, and demonstrates the severity of the penalty. We have changed some details to protect the anonymity of the policyholder.

Ms W had to have an operation to eradicate cancerous lymph nodes from her groin, and immediately fell ill after surgery with an infection she picked up in hospital. Critically ill, she had already made a claim on her critical illness insurance, however she received some unexpected bad news. Her claim was rejected and she was not going to receive the £200,000 she was insured for. How did this happen? Read on so we can explain.

June 2001 – Ms W went to see her doctor about an area of flaky skin on her back, she assumed it was something like eczema. Her GP wanted a specialist to have a look, and made a referral to a dermatologist. Before the appointment arrived, the patch of flaky skin cleared up, so Ms W cancelled the appointment, thinking no more about it. She did not imagine that it was anything serious, and the GP had not given her the impression that there was anything to worry about.

August 2001 – a sales representative from Ms W’s life insurer, Standard Life, called for a routine sales visit. Ms W’s circumstances had changed and she now had a young family depending on her. The sales rep suggested taking out a critical illness insurance policy, and she readily agreed. Ms W took out £200,000 worth of critical illness insurance.

The sales representative talked Ms W through the application form, filling in the answers on her behalf. When they came to the section about any incidences of referral from a GP, Ms W was unsure what the question meant, and asked the sales representative for clarification. According to Ms W, the sales rep told her that she only needed to mention a referral if it related to a serious matter. Ms W didn’t think it was worth mentioning the GP referral for the flaky skin, since she thought it was probably just eczema. She didn’t mention it so it didn’t go on the form. Ms W signed the form after completion and she applied for the Standard Life policy believing that she had provided all the required information.

Ms W soon received notification that she was insured for £200,000 in case she developed a critical illness.

Two years later – Ms W learnt that she had skin cancer, and major surgery quickly followed to try and remove the cancer. Ms W naturally made a claim on her critical illness policy, for which she fully expected to receive a £200,000 payout.

Soon after, Ms W received the rejection letter from Standard Life – the claim was rejected on the grounds of “reckless non-disclosure”. As far as the insurer was concerned, Ms W had withheld information on the application form, and this had invalidated her claim.

As you no doubt have realised, Ms W should have mentioned the GP referral to a dermatologist – and her failure to mention it resulted in a severe penalty. How could she have made such a mistake?

Two major errors were made:

1. When Ms W was asked to give details of any referrals she asked the sales rep what kind of referrals they meant. She was advised that she only needed to mention referrals relating to serious conditions. This advice was incorrect. The question asked for details of “all occasions her GP had referred her for tests or treatments”. ALL OCCASIONS means ALL – whether they were thought to be serious or not. The insurance company needs to know absolutely everything they ask for on the application form, and Ms W unfortunately did not provide that, thanks to the sales rep’s advice.

2. The GP did not give Ms W any indication that the flaky skin could be something serious, a fact that the GP stood by later. Ms W did not realise that the skin condition could be anything other than eczema, and so when told that she only needed to give details of referrals relating to serious conditions, she truly believed that her dermatologist referral was not worth putting on the form. She made this decision based on advice given by the sales rep, and it was a genuine mistake on her part.

Taking the above story into account, we think that Standard Life should realise that Ms W made an honest mistake, and did not deliberately withhold any information. The sales rep did not give the right advice, and Ms W followed that bad advice in good faith. It wasn’t her fault, and Standard Life should relax the penalty in this particular case.

Make sure it doesn’t happen to you

Filling out a life or critical illness insurance application form has to be taken very seriously indeed. You must read every single question and answer each one providing all the necessary information and detail. Withholding information is not an option, don’t be tempted by the thought of cheaper premiums because on making a claim, you will be found out and the claim will be invalid. Don’t take that risk!

Hopefully, Standard Life will see that Ms W did not deliberately mislead them, and they will give her the payout she deserves.

People that do deliberately mislead the insurers do deserve what they will eventually get – nothing.

NB: Standard Life rejects 5%, Friends Provident rejects 15% and Legal & General rejects 16% of all critical illness claims because of policyholders withholding information (whether deliberately or not). The insurance industry realise that they need to do something to address the situation, and are currently developing new ways to get information from applicants, and to publicise the severe penalties for not providing full and accurate information.

About the Author:
Michael writes financial articles for Life Insurance Quotes Online who offer life insurance and Mortgages

Tell The Insurers Everything When You Apply For Life And Critical Illness Insurance

2007-10-29T07:12:00.000-07:00

by Michael Challiner

The failure to disclose information, especially medical information, is the most common reason why an insurer will reject a claim on a life or critical illness policy. To help underline some issues, we want to tell you a true story - but we've concealed the policyholders' name and a few other aspects to preserve anonymity.

Mrs A was fighting a secondary infection following surgery to remove cancerous lymph nodes in her groin when she received further bad news. Her critical illness insurer was refusing to pay out the £200,000 she was expecting. To understand why and the issues involved it's useful to understand how the events unfolded.

• In June 2001, Mrs A visited her GP after discovering a patch of flaky skin on her back. Mrs A thought it was eczema. During a brief consultation, her GP thought that it should be looked and recommended a referral to a dermatologist. But soon afterwards the flaky skin healed and Mrs A cancelled the appointment with the dermatologist. Apparently her GP did not express any major concern and some years later admitted that Mrs AP was in all likelihood unaware of the urgency of the referral.

• Nine weeks later a sales representative from Standard Life made a routine visit to Mrs A at her home. As Mrs A was now alone with a young family, the representative reviewed Mrs A's life insurance cover and suggested that she should also have a £200,000 Critical Illness policy. Mrs A thought that sounded a very good idea and willingly agreed there and then.

The sales representative produced the form and went through it, question by question, writing down Mrs A's answers for her. When it came to the question asking Mrs A to disclose all occasions her GP had recommended referrals for tests or treatments, Mrs A asked the sales representative what Standard was asking for. Mrs A alleges that the representative replied that Standard only needed details of appointments that related to serious conditions. Mrs A did not believe that her referral for what she thought had been eczema, fell into that category - so she did not mention it. She then signed the form honestly believing that she had disclosed everything Standard Life had required.

Standard subsequently accepted her application and issued the £200,000 Critical Illness Insurance policy.

• Two years later Mrs A was found to have skin cancer. Major surgery rapidly followed to remove the cancer. As her critical illness policy included cover for her cancer, Mrs A then made what she thought was a valid claim.

• Standard Life subsequently rejected her claim on the basis of “reckless non-disclosure” – the insurers' jargon for Mrs A's failure to disclose her cancelled appointment with the dermatologist.

The Issues

The events that followed showed that Mrs A's application should have included her referral to the dermatologist. So why didn't she disclose the information?

It seems that two aspects conspired to create the situation: Standard Life's sales representative told Mrs A that the question on the application form asking for “all occasions her GP had referred her for tests or treatments” as only relating to serious conditions. That interpretation was fundamentally wrong. The question asked for ALL OCCASIONS. These questions are worded carefully and ALL means ALL - it is not asking the applicant to make a personal judgement as to whether the grounds for the referral were serious or not. The representative was clearly wrong.

Secondly, the GP did not apparently convey to Mrs A the potential seriousness of her flaky skin and her referral to the dermatologist. If, when the insurance application was being completed, Mrs A was unaware that her condition was potentially serious and the representative said the referral question only related to serious conditions, Mrs A can hardly be held responsible for not disclosing that information.

In our view, and on the basis of the information provided to us, Mrs A is not to blame. Standard Life's representative made the vital error. He gave incorrect guidance on what the question at the heart of the dispute, was asking for. In our view Standard Life should pay out.

The lessons to be learnt

Always very carefully read each question on an insurance application form - and answer the question FULLY and ACCURATELY. Do not be tempted to be economical with the truth. If you do omit something they ask for, the insurance company can rightfully claim that you mislead them by omission. Never be tempted to omit some information in order to qualify for a cheaper premium. You might get a cheaper premium, but that's a false economy if a subsequent claim is rejected.

We hope Mrs A will get her payout as she was mislead by circumstances beyond her control. We believe she acted honestly. She deserves her payout and our best wishes.

However, those applicants who deliberately withhold information from their insurer or who provide misleading information, do not.

Postscript: Reports show that Standard Life refuse 5% of all Critical Illness claims due to non-disclosure. Some other insurers have much higher figures - Legal & General reject 16% and Friends Provident reject 15%. The insurance industry is trying to improve this situation by the ways they seek information from applicants and by the way the penalties for no-disclosure are explained.

About the Author:
Life Insurance Articles Critical Illness Articles

Critical Illness Insurance – The Press Are Giving Insurers A Hard Time

2007-10-27T06:14:00.000-07:00

by Michael Challiner

Recent stories in the press have again lambasted the insurers over critical illness insurance. The core problem is that a critical illness claim is not as straightforward as, for example, a claim under life insurance. With life insurance it's going to be hard for the insurance company to argue that you're not dead!

By their very nature, critical illness claims are much more complicated. The insurer will need to satisfy itself that the claim is validated in three key areas before it meets the claim: -

Has the illness been correctly diagnosed?

Is the confirmed illness included in the schedule of insured critical illnesses covered by the policy?

Did the policyholder fully disclose their medical history and current state of health on their original application form?

On the first point, it's obviously in the policyholder's interest to verify the medical diagnosis - so there's rarely ever any conflict between the insurance company and the policyholder on that issue. It's the next two areas which the insurer needs to validate, where conflicts seem arise.

With constant development in the medical knowledge, from time to time there can be some situations where validation falls into a grey area – a policyholder will argue that their specific illness is insured whereas the insurer will argue that it isn't. Insurance companies are aware of this problem and they often change the wording in their policies in an attempt to clarify the scope of the cover and eliminate areas for dispute. Nevertheless, disputes do happen all too frequently and sparks fly when a policyholder thinks his illness is covered but the insurer disagrees.

A case in point comes before the Courts shortly. Mr Hawkins from Staffordshire is suing Scottish Provident for £400,000 under the terms of his critical illness policy. Basically, his medical advisers believe his illness is insured whereas the insurers' medical advisers disagree. If the Court find in favour of Mr Hawkins the press will have a field day - and the critical illness insurers will suffer further bad press they can sorely afford.

Another summons, filed recently in the High Court and again involving Scottish Provident, highlights the problem when an insurer considers that a claimant mislead them on his or her original application form. Our understanding is that if an applicant omits relevant information or provides misleading information on their application from, this amounts to obtaining insurance on false pretences. This summons has been issued on behalf of Thomas Welch from London who is suing Scottish Provident for £206,800. The issue goes back to 2000 when, a few years after first starting his critical illness policy, Mr Welch received confirmation that he was suffering from testicular cancer. The insurer refused the claim because of “non-disclosure alleging that Mr Welch had not been honest about his smoking habit. He does admit that he did smoke earlier in his life but is resolute in saying that he had long since given up when he applied for critical illness insurance. As such, Mr Welch believes that he did complete the application honestly.

We assume that the case will centre upon whether Mr Welch accurately answered the smoking questions on his application. Most insurers define “a smoker” as someone who has smoked, or has otherwise used, nicotine products within the previous 5 years. (Some insurance companies adopt a 1year cut off.) If Mr Welch had indeed smoked during the specified years, he would have been obliged to disclose such information on the application and the insurer would have priced his insurance accordingly. In this context, it is relevant to note that smokers are charged as much as 65% more for critical illness over than non-smokers. We anticipate that Mr Welch's lawyers will argue either that he did not smoke during the period in question or he omitted the smoking information by pure oversight and in any event, his past smoking is not irrelevant to his testicular cancer. Interesting issues and we'll let you know the outcome.

Mr Hawkins case is fundamentally different. It illustrates the problems that can arise if policy documents imprecisely describe an illness or if the technical diagnosis of an illness provides the scope for medical professionals to disagree. Either way the issues are entirely outside the policyholders control at a distressing time for them and their families and we must appreciate their anguish. The long-term solution must lie in improving the medical definitions within the policy. It is probable that this will result in more medical jargon that the average man in the street will find difficult to understand - but perhaps that is preferable to what Mr Hawkins is going through.

Mr Welch's court case must stand as a clear reminder to everybody that applications for insurance must always be totally accurate and completed in good faith. We recognise that in some cases this may still leave room for dispute (and Mr Welch's case may be an example), but if an applicant fails to complete the forms accurately, they are taking the great risk and any claim they make could be rejected.

Rightly or wrongly, the newspapers have a history of giving the insurance companies a hard time, casting them as heartless big business. This serves to reinforce the public's feeling that insurance companies are devious and not to be trusted - especially it seems, in respect of critical illness insurance. This view is reinforced by the fact that around 20-25% of critical illness claims are rejected (although this rejection rate does vary between insurers). This issue is something that insurers must come to grips with – it's bad for clients and undermines confidence in insurance - and that must be bad for the development of the insurance industry.

In fact to put no finer point on it, it's a tragedy. As many as 1 in 6 women and 1 in 5 men will be diagnosed with a critical illness before their normal retirement age*. As such, critical illness insurance is vastly important for the protection of family finances. The problems we have highlighted are obviously contributing to a situation where almost everybody needs critical illness insurance, but fewer and fewer of us are taking it up.

About the Author:
Michael writes for Express Life Insurance who offer life insurance quotes and critical illness insurance. Click here for more life insurance topics

Big Changes On The Horizon For Critical Illness Insurance

2007-10-25T03:41:00.000-07:00

by Michael Challiner

In recent years sales of critical illness insurance have flagged. The primary cause is the huge 70% increase in premiums experienced during recent years. For many, critical illness insurance has simply priced itself out of the market.

It's not that critical illness insurance is a bad idea. After all it pays out a lump sum if the policyholder is diagnosed with one of the many critical illnesses listed on the policy and the policyholder survives at least 28 days from diagnosis. (Note: some policies have a 14 day survival period.) Most policies have a huge list of insured illnesses although about 60% of claims are for cancer – not surprising, as 1 in every 3 people will develop cancer sometime in their lifetime. In fact when you look at the concept of Critical illness insurance you can easily make a case that everyone living on earned income should have a policy. It's designed to give you a pot of capital to live on if serious illness prevents you from working normally.

Premiums have increased dramatically because medical advances have meant that many illnesses that proved fatal in the past are becoming quicker to detect and easier to treat. Hence insurance companies have found themselves paying out earlier on claims and on illnesses which are not necessarily debilitating - which was the original purpose of critical illness insurance.

To give you a better idea of the sort of illnesses we're talking about, here's a typical list:

Alzheimer's Disease
Aorta Graft surgery
Bacterial Meningitis
Blindness
Brain Tumour
Cancer
CJD
Coma
Coronary Artery by-pass surgery
Coronary Artery Angioplasty
Deafness
Heart attack
Heart Valve replacement/repair
HIV/AIDS resulting from blood transfusion
Inability to perform your duties of occupation
Kidney failure
Leukaemia
Loss of limbs
Loss of speech
Major organ transplant
Motor Neuron diseases
Multiple Sclerosis
Occupational HIV/AIDS
Paralysis
Paraplegia
Parkinson's disease
Stroke
Third Degree burns
Any illness that results in Total and Permanent disability

Insurance companies have at last realised that they're not going to get anywhere marketing policies that people can't or won't afford, and where the companies can't afford to lower prices. So it now looks as if insurers such as Scottish Widows are considering a break through – splitting the cover so that the prospective policyholder can specify which illnesses he or she wants to insure against. It's a form of “menu pricing” – cover for each illness would have a price and you simply select which illnesses you want to insure against.

Whether such insurance proves popular will very much depend on the cost. For example, if cancer accounts for around 60% of current claims, you'd expect the premium for covering cancer alone to be about 40% cheaper than a full strength critical illness policy. We'll have to wait and see.

If you're interested to find out how much a standard critical illness policy would cost you, you'll find it cheapest on the Internet. The best sites to look out for are the independent discounting brokers who deal with all the big insurance providers. These brokers can search the whole market for you, come up with the cheapest insurer, and discount their price. Try to use a broker who'll also give you personal advice on the phone as some policies do vary in the scope of their cover.

About the Author:
Michael writes for Scrouge Life Insurance who offer life insurance quotes and critical illness insurance. Click here for more life insurance topics

The Growing Popularity And Importance Of Critical Illness Cover

2007-10-23T04:37:00.000-07:00

by Victoria Selman

Critical illness cover is one of the most popular and fastest growing insurance products available in the UK. This is shown by the fact that there was a 31% increase in the number of critical illness insurance policies sold between 2001 and 2003.

This article discusses what critical illness cover is and how it could help you.

What is Critical Illness Cover

Critical illness insurance pays out a tax free lump sum to policy holders if they are diagnosed with a serious illness which is covered by their critical illness plan. Examples of serious illnesses covered by critical illness insurance policies include; strokes, heart attacks and cancer.

Policyholders can use this money in any way that they wish such as for medical care or to cover living costs that they cannot otherwise meet owing to loss of income.

Who Should Consider Critical Illness Cover

Most people do not like to contemplate the fact that they might become seriously ill and assume that it will not happen to them. However, statistics demonstrate how widespread serious illness is and that we should face the fact that we might suffer from it at some point.

For example, 100,000 people in the UK have strokes each year and almost 8,000 of them are under 55 years old. Of these, a third die within twelve months and another third, over spend the rest of their lives disabled.

Furthermore, in the UK, 300,000 people have heart attacks each year and 80% of sufferers aged between 45 and 65 survive. Whilst over 30,000 women are diagnosed with breast cancer annually many of whom survive for a number of years but continue to need medical treatment.

Benefits of Critical Illness Cover

Given that so many people who are diagnosed with serious illnesses go on to survive but need ongoing medical treatment and often cannot continue working, critical illness insurance can provide a very welcome financial safety net.

About the Author:
Critical Illness Insurance Information site: http://www.critical-illness-insurance-uk.org.uk

Critical Illness Insurance – Critical Or Ridicule?

2007-10-21T05:55:00.000-07:00

by Rachel Lane

Critical illness cover (CIC) is a type of insurance which provides a significant one-off payment if you are diagnosed with a specified life-threatening condition – specified being the important term, because if your illness isn’t in the terms and conditions – you won’t get the payment. Over the recent years, critical illness cover has gained in popularity due to lower costs and apparent simplicity.

Critical illness insurance can be sold as part of a mortgage package or additionally as a stand-alone policy. Critical illness cover can also be commonly associated with life insurance, with certain CIC policies paying out either on the diagnosis of a particular illness or on death, but not both, whilst other CIC policies pay out in both events.

When you first purchase the critical illness insurance policy, there might be an option for buy-back insurance, this would permit you to buy additional critical illness cover or life insurance, typically at a minimal cost, after you have made a claim on your existing CIC policy. Such an option is often worth considering , as the survival rates from a critical illness are usually very good and it can be extremely difficult to obtain new cover following a critical illness. Buy-back critical illness cover usually protects against the three major critical illnesses: heart attack, stroke and cancer from which you are most likely to recover, but also risk an attack later in life.

Bear in mind that when you take out life critical illness insurance, there is a standard waiting period between diagnosis and possible payout, from six months to a year for certain conditions, such as total permanent disability. However, if the diagnosis is very transparent, it is possible that the insurer would consider waiving the waiting period. The maximum payout varies from policy to policy, thought it’s not unusual to see capped payouts of £500,000 or £1 million, though cover for higher amounts might be available on request. When the policy is sold as part of a mortgage package, the lump sum is designed to pay off the loan on the home, but with other policies, there may be no restrictions on how you use the money. Suggested uses may encompass covering living expenses whilst you are off work, though the money could additionally pay for private medical treatment, carer services, home improvements, career retraining, help for your dependents and even a holiday or break away.

Nearly all critical illness insurance policies cover seven main conditions: cancer, heart attack, stroke, kidney failure, coronary artery bypass, multiple sclerosis and major organ transplant. Policy exclusions in critical illness insurance may include Alzheimer’s or Parkinson’s disease if diagnosed after the age of 60. Don’t be seduced by long lists of ailments – as other policies may include these but under a broader heading. It is important to note prior to taking out a policy, that there may be certain exclusions in the insurance contract which may prevent payout due to life choices and circumstances. According to the Association of British Insurers, the most common exclusions include:

* Aviation
* Criminal acts
* Drug abuse
* Failure to follow medical advice
* Hazardous sports and pastimes
* HIV/AIDS
* Living abroad
* Self-inflicted injury
* War and civil commotion

The consumer organisation estimates that two thirds of the population suffer from a critical illness at some point in their lives. However, whilst the principle of critical illness insurance might be relevant, it is always worth ensuring your policy meets your exact needs, so if the worst happens, you’re not caught out by the small print. It’s important to shop around for quotes and different policies. Comparison sites such as moneynet and moneysupermarket will allow you to do this.

About the Author:
Rachel lives with her high horse in the Scottish mountains, near Edinburgh. Rachel writes for the personal finance blog Cashzilla: http://www.cashzilla.co.uk

What Can Critical Illness Cover Be Used For?

2007-10-19T14:53:00.000-07:00

by Mike Armstrong

Critical illness insurance may sometimes be confused with private medical insurance. Private medical insurance may pay for the treatment procedures in the event of a critical illness. Critical illness cover is also separate from income protection. Income protection insurance pays out usually in case of lost of work due to accident or illness. The payment may last until 1 year. Let's have a look at what can critical illness be used for.

Critical illness insurance can help you in the future if you are now going to start a new family. By doing so, you may be ensuring the protection of your wife as well as your future children. Also, if you buy the critical illness policy at an early stage of your life, you may get to pay low premium values. Sometimes, premiums may depend upon your age and your health condition. If ever you succeed in crossing the whole policy term in good health, you could be awarded a survival benefit that may therefore help you enjoy a better retirement.

Moreover, critical illness insurance may help you protect your mortgage if you have one. Otherwise, it may even help you protect your income. Many people may buy critical illness insurance depending on how much mortgage remains to be paid. Regarding the mortgage, some people might even decide how much cover they might want from critical illness insurance. Thus, when a payout is made, the mortgage can be settled hassle free. Furthermore, for example if you suffer from a critical illness such as heart attack, you might be unable to attend work. Consequently, your income may be lost. Critical illness insurance might then ensure a payment. This payment may act as a replacement of your loss income. Thus, your wife and children may be able to continue leading the daily lifestyle.

In addition to, buying a critical illness cover combined with mortgage might become a disadvantage in the future. The lump sum that will be awarded should you fall critically ill may decrease as your mortgage repayment also decreases. It can therefore be a good practice to have separate critical illness and mortgage protection policies. If you already use the mortgage payout, you could rest assured that the critical illness policy may still be in force. Hence, any dependants that you have may still be further protected should you be unfortunate enough to fall prey to a critical illness afterwards.

Nearly all critical illness policies cover seven major critical illness conditions. These can be considered as cancer, stroke, heart attack, multiple sclerosis, renal failure, coronary artery bypass and major organ transplant. Some policies or insurance companies may also pay out if you suffer from total and permanent disability resulting from illness or accident. The Association of British Insurers had also set new rules as from May 2003 that insurers must abide with. The conditions under which critical illness claims have to be made had been redefined. For example, non invasive skin cancers and less advanced conditions of prostate cancer may not be covered. For heart attacks, the ABI demands evidence of chest pain or possible changes in the ECG for critical illness claims to be successful.

While the advantage remains significant with critical illness insurance, strictness towards accepting a claim tends to increase. However, the important fact remains that you should be very careful to read all conditions on your critical illness policy before finalising an agreement with your insurers.

About the Author
For more information about life insurance and critical illness insurance please visit www.unbeatablelifeandcriticalinsurance.co.uk.

Critical Illness Insurance Developments And Statistics

2007-10-16T05:57:00.001-07:00

by Mike Armstrong

Standard Life one of the most famous insurance companies in the UK had revealed its reports for the year 2005. Around 82 percent of critical illness claims may have been successfully paid since the year 2005 by Standard Life. These claims may have a reached a total of around GBP 20 million. Compared to the year 2004, only around 80 percent of critical illness claims could have been paid.

The rise in critical illness claims may mean that cases of non disclosure or non meeting policy definitions may be eventually decreasing. However, in the year 2005, 18 percent of critical illness claims could have been rejected. Out of these, 10 percent could have been due to not meeting policy definitions. The remaining 2 percent may have been due to non disclosure. Also, around two thirds of critical illness claims may have been made on policies that have been ongoing for an average of four and a half years. Trevor Matthews from Standard Life affirmed that the shift from the 2004 has been small but positive concerning the amount of critical illness paid out. He also said that Standard Life do not turn down claims without specific reasons.

Furthermore let's see at some global statistics concerning critical illness. Nearly 1 out of every 4 people may suffer from a heart attack. Around 8 out of every 100 people may contract stroke while 1 out of every 3 people may be diagnosed by a critical illness such as cancer. As we see these figures, the chances of contracting cancer may be higher than stroke. But heart attack may also be the second case responsible for most critical illness claims in the UK. Moreover, according to Framingham Heart Study, around 77 percent of males aged between 35-54 may survive a critical illness such as heart attack. On the other hand, 56 percent of men of the same age group may survive for 10 years while 47 percent may also survive for 13 years. The survival rate for a critical illness like heart attack may have increased considerably. In the year 1950 the survival rate may have been 11 percent as compared to nowadays which may be around 71 percent.

Additionally, around 50 percent of cancer sufferers may be expected to be still alive 5 years after intervention or diagnosis. Further results show that around 10 percent of stroke patients may recover from this critical illness completely. Unfortunately, stroke may cause someone to be disabled. As a matter of fact around 53 percent of its victims may require dependency. As the medical industry improve, more lives may be saved as critical illness conditions may be detected much earlier. Therefore, the life expectancy for men nowadays may be approximately 78 years whereas for women the value may be about 83 years.

At first when critical illness insurance was launched, the policy covered around five critical illness conditions. This gradually changed to seven and finally to twenty nowadays. In the year 2003 nine diseases may have been covered namely heart attack, stroke, MS, kidney failure, CABG, stroke, paralysis, Parkinson's disease and cancer. In the year 2003, critical illness insurance may have already made a success in the UK with over 1 million policies sales. Back in the year 1992 less than 200,000 policies may have been sold. The amount eventually increased until in 1999 there had been a real boost. Around 783, 166 critical illness policies may have been sold representing an increase of about 12.8 percent (694,263) over the year 1998.

Critical illness insurance may be expected to grow slightly till the year 2008 as more and more people may be seeking for protection. Whether it is to protect the family or oneself, critical illness insurance can be the right choice.

About the Author
For more information about life insurance and critical illness insurance please visit www.unbeatablelifeandcriticalinsurance.co.uk.

Some Conditions That Apply To Critical Illness Insurance

2007-10-14T05:09:00.001-07:00

by Mike Armstrong

Critical illness insurance may sometimes surprise us with some cases, in this case, antiselection. For example, people already suffering from a critical illness may have applied for a critical illness policy without making their insurers aware of the disease. But precautions can be taken against such cases. In fact the policy documents may contain a section named as the waiting period. The waiting period may vary according to the critical illness conditions and can be between two to six months. Critical illness insurance may cover the person only after the waiting period had passed.

Moreover, if the critical illness insurance provides an additional benefit, there may be a survival period alongside the waiting period. Should a critical illness take place, the patient may have to wait for the end of the survival period before a payment is made. The survival period may only last two weeks. One month can be the maximum waiting time.

Furthermore, the highest age of entry at which a person can buy critical illness cover may be 55, the age of maturity being 65. This may vary from one market to another and can also depend upon the decision of a company. Companies may tend to insure less people having reached the age of maturity. The statistics about their critical illness claims may not be as reliable and also claim rates may not remain fixed from year to year.

Knowing the rate at which a critical illness occurs may be a difficult task. Some countries may not have reliable and accurate statistical data sources which can be used to determine the severity of a critical illness, for example among men. Figures may help to study which critical illness conditions affect men mostly, for example heart attack. Other results may also demonstrate people of different age groups that suffer a specific critical illness. Therefore, assuming the rate of antiselection may also be inaccurate. So, the risks to have antiselection amongst all the critical illness policies may still prevail. Additionally, some problems may have to be solved regarding critical illness cover. Rapid improvement in the medical and diagnostic science may also influence the rate at which a critical illness occurs.

A critical illness such as cancer for example may be detected much earlier especially with improved cancer research tactics. This may therefore lead to a higher incidence rate of cancer. Another example could be the cover of coronary artery surgery. Effective medical techniques and instruments have made it possible for the critical illness to be diagnosed more often than before. As a matter of fact, figures that are being registered about the rates of incidence may become outdated. Hence critical illness may have a big risk of change and may continue to do so down the years. Looking at the rating risks, companies tend to restrict premium guarantees to five years. Single premium might also be offered for only a short lapse of time.

For a company to provide critical illness cover, it may put forward factors such as policy conditions, pricing, age limits, etc. Nowadays, many insurance companies may be bringing new design to their products to compete effectively in the insurance market. Low premiums and high benefits is what sometimes you may come across but everything and every condition may tend to vary from one company to another in the insurance market.

About the Author
For more information about life insurance and critical illness insurance please visit www.unbeatablelifeandcriticalinsurance.co.uk.

Critical Personal Protection Issues - Quality of Insurance Cover

2007-10-12T07:12:00.000-07:00

First of all – the quality of your protection policies.
Protection - the policy conditions minefieldLet's use an example. Dr Cureall, a family man with a large mortgage, has decided it is high time he sorted out his protection requirements.

He wants to know what types of protection there are, and approaches us to ask for advice.

We explain there are 3 types of cover:

•Life protection, paying out a lump sum or income over a certain period of time if you die

•Critical Illness protection, a lump sum paid if you have a specified illness or are totally incapacitated

•Permanent Health Insurance, an income paid to your normal retirement age (or while you are ill) if you cannot work for health reasons

Dr Cureall decides he would like to cover all eventualities (next newsletter explains why this is a good idea). The cover linked to the mortgage will be a reducing benefit (he has a repayment mortgage), whilst the family income benefit will be indexed to take into account of inflation. The aim here is to pay off the mortgage and leave enough for his wife and children to continue their lives without any financial worries.

So let's look at each type of protection:

Life CoverThis is the easiest type of cover to understand. It pays out a lump sum on death and normally the policy to buy is the cheapest one the Cureall`s can find. They may want guaranteed premiums, which means that the insurance company will not increase their future premiums if they are paying out a lot of claims and need to increase their premium to compansate for this. The alternative is reviewable premiums.

Secondly, and crucially, the policies must be written under trust for the beneficiaries. This means any monies will not form part of Mrs Cureall`s estate, and therefore not compound any inheritance tax issue, but still ensuring the Cureall`s will receive their money (potentially saving thousands of pounds of Inheritance Tax).

In our experience, the majority of life assurance policies are not written under trust.

Critical IllnessThis type of protection has become more popular in the last few years, particularly with a view to paying off debt. It is often taken out in conjunction with income protection (PHI).

Since this form of protection is dependant on the number of conditions covered and their wording, there can be a huge difference between companies.

Let's look at a couple of examples:

Heart attacks account for a large percentage of claims. Many companies will insist on there being 'typical chest pain' present for them to pay out amongst other criteria. However, a small proportion of companies do not stipulate this and may be more attractive.

Total Permanent Disability is seen as a 'cover all' if the condition does not fit a specific illness listed in the policy conditions. So if Dr Cureall cannot work then we could assume he'd be covered. Maybe, but not always. Many companies specify in their occupation definitions that the claimant must return to work if they are 'suited' to another job or even worse can perform 'any' type of job. Not very reassuring if you find you have this type of plan as a doctor or dentist. Where possible, you should make sure the plan has an 'own' occupation definition (which may not normally cost you any more money).

Permanent Health InsuranceThis is a crucial part of protection. Whilst thousands of pounds have been paid in claims over the years, you really do need to be aware of the pitfalls:

• Own occupation not specified

• The classification of occupation increases premiums to far higher levels

• Exclusions such as mental illness

• No "waiver of premium" meaning you still pay your premium on receipt of benefit

• Premiums are not guaranteed, meaning they are vulnerable to increases

• A poor choice of deferment periods (when the income starts to pay out)

• No option of indexed protection to protect from the effects of inflation

It is interesting to note that out of the top 14 companies that would be price competitive for the type of cover discussed, we would typically only use 2 because of the quality issues!The Financial Tips Bottom LineIt's likely you have bought one or more protection policies.

We're often surprised at how many doctors and dentists have policies with small print NOT working in their favour. We urge you to check your policy documents and make sure you're not paying for something that may not pay out anyway. Over the life of a policy we're usually talking about thousands of pounds, so don't put it off!

ABOUT THE AUTHOR
Ray Prince is an Independent Financial Planner with Rutherford Wilkinson plc, and helps UK Resident Doctors and Dentists get the best deals on mortgages, protection and investments, as well as helping them achieve their financial objectives. Click here for Financial Advice for UK Doctors and Dentists and to get your free retirement guide, How To Avoid The 7 Most Common Retirement Planning Mistakes. Rutherford Wilkinson plc is authorised and regulated by the Financial Services Authority.

The Use Of Critical Illness Insurance

2007-10-08T05:28:00.001-07:00

by Mike Armstrong

Critical illness insurance made its first apparition in South Africa in 1983 and was known as dread disease insurance. Before 1983, policies having the name cancer policy may have been sold in the USA providing cover for certain types of cancer. These cancer policies may be considered as the foundation of critical illness insurance. Gradually, critical illness insurance went worldwide and nowadays plays an important role in markets such as UK, Canada, East Asia, Israel, etc.

Critical illness insurance may award a tax free lump sum if the insured person is diagnosed with one of the critical illness conditions defined by the policy. Almost all critical illness policies offer cover for cancer, stroke, heart attack, kidney failure and coronary artery bypass surgery. While some insurance companies may cover only seven or eight critical illness conditions, others may offer cover for up to 35 diseases. Critical illness insurance may help someone cope with the financial imbalance especially after diagnosis of a life threatening illness. The financial support may as a matter of fact help to manage a changed lifestyle.

Critical illness insurance was called dread disease insurance long ago in South Africa. The term being too strong and unsuitable for many markets as well as marketing purposes, made many companies refrain from applying its usage. However, critical illness insurance may be preferably referred as crisis cover, trauma cover or living insurance. The rules which stipulate that critical illness cover must cover only severe conditions may no longer apply. It may also be used as a means for financial security against numerous critical illness conditions. Insurers therefore tend to provide a wider choice of critical illnesses covered under their critical illness plans. By doing so, they hope to target a wider audience and also to compete effectively in the insurance market.

Moreover, critical illness insurance may be useful to people who have social insurance that does not pay big to cater for a serious illness. A critical illness can imply high costs for treatment purposes. As a matter of fact, critical illness cover may be mostly wanted in countries where the state social security systems are inadequate. Even if a good health security system exists many people may still want critical illness insurance. The reason may be because everyone wants to get the best medical care and treatments. Thus, critical illness insurance payout will allow them to do that either in a renowned clinic or overseas.

Furthermore, the additional benefits in the form of critical illness insurance may not necessarily mean paying for medical charges. The aftermath of a critical illness may sometimes be considerable. The house or living environment may have to be altered to accommodate the life a disabled person. A car can also become an important factor as a mean for facilitating mobility needs. Also, after enduring a critical illness, in most of the cases a person becomes unable to attend work. Critical illness insurance payout can once more stabilise financial pressure by settling debts or mortgage.

Critical illness insurance policy may be presented in a professional manner to the client providing him with every information that he needs. By doing so, a much friendly approach may be created while confidence over the product may arise. This may therefore lead to many critical illness cover sales.

About the Author
For more information about life insurance and critical illness insurance please visit www.unbeatablelifeandcriticalinsurance.co.uk

Life and Critical Illness Insurance - Good health?

2007-10-04T04:41:00.000-07:00

by Michael Challiner

According to an EU study, whilst we in Britain can expect to live longer than ever, it doesn’t follow that our general health has improved. Read on for some worrying facts.

In common with the rest of Europe, life expectancy in Britain is increasing. A man can now expect to live to 76.2 years and a woman to 80.7 years. This is wonderful news, but unfortunately we also learn that Britain is not keeping pace with most of Europe in another health aspect.

Healthy life years, as well as life expectancy have been the subject of a recent EU study and the results were based on questionnaires which were completed by some 60,000 householders. The focus of the study was on death, sickness rates and overall health.

We learn that although the average British male can expect to live to 76.2 years of age, he can only expect 61.5 of these years to be free from a disabling condition. This puts us in the unfortunate position of being the fifth unhealthiest group in the EU.

Research into these findings, still at an early stage, has not yet found the reasons for the wide variations across the EU. It seems that as far as cardiovascular disease is concerned, there is an increasing risk the further north you go and Help the Aged feel that a lack of respect for the cold in Britain constitutes a risk to health.

Italy holds the top position in the healthy living stakes, with an expectation of 70.9 healthy years and a life expectancy of 76.8 years. The healthy Italian diet, including lots of fish, vegetables and unsaturated fats, may be a key factor in their country’s excellent health record. A spokesman for Help the Aged comments that diet, smoking, the weather, smoking and health service could help to explain the differences

Interestingly, in a published table showing both healthy years and life expectancy, as far as healthy life goes, Italy tops the table, followed by Spain, Germany, Poland, Netherlands, UK, France, Hungary, Portugal and Finland. It will be interesting to see what the final conclusions turn out to be.

At the bottom of the scale - if you come from Finland, life expectancy for a woman is 81.8 years, but you can only expect 56.5 of these to be without a disabling condition.

Bearing all these facts in mind, it’s obvious that, for Mr and Mrs Average, it would be as well to give some serious thought to the provision of both critical illness cover and life insurance. It’s a serious thought that the expectation of a disabling health condition precedes retirement age by between three and half and eight and a half years. Many men now expect to be able to work until they are 70.

Critical illness insurance will pay out a specific sum if you’re unfortunate enough to be diagnosed with one of a list of specified conditions, such as cancer, stroke or heart trouble. Read the policy carefully to check which conditions are covered. The effect of critical illness on your lifestyle can be immense. You may have to adapt your car or your home and even change your employment to suit your new circumstances. Critical illness cover will give you peace of mind should illness strike.

As far as your family are concerned, it would be a good time to take out, or review, your life insurance plans. Would their lifestyle be affected should the worst happen?

Both of these insurances can be taken care of easily. The internet is the place to go for immediate attention and a range of competitive quotations. Contact an on-line broker, who’ll offer you all the help you need.

Then sit back and prove the tables wrong.

ABOUT THE AUTHOR
Get great articles on life assurance from life insurance professionals http://www.life-insurance-professionals.co.uk.

Watchdog wary over Critical Illness Insurance

2007-10-02T07:09:00.000-07:00

by Michael Challiner

You may have taken out a critical illness policy, but do you know it only insures you for certain conditions? Many people don’t.

You have taken out a critical illness insurance policy so that if you ever are in the unfortunate situation of developing a life threatening condition, you will be compensated.
But what if you wind up with a critical illness that is not guarded against on the insurance policy? What many people do not realise, and what can be of real concern, is that you may find that after you have purchased critical illness insurance you are only covered for up to 35 listed medical conditions. And this is the deal with most insurance policies. So if you develop a life threatening illness not named in your policy you could be faced with the disastrous situation where you get no pay out from your insurance company at all.

On the other hand, it could be that you have an easily treatable sickness and because it is ranked with what the insurance industry calls a “lower grading”, you end up getting a full payout. The Financial Services Authority and the Association of British Insurers are wary about whether insurance companies actually make these differences clear.

Jonathan French, a spokesman at the Association of British Insurers, says it is important that customers have an insurance policy fully explained to them before it gets purchased. “The situation we would not want to see occurring is for them to be buying a product thinking that it does something it doesn’t do.”

And for this reason, the ABI recently updated its codes of best practice for critical illness insurance. French says until recently, 35 conditions was the maximum number any company covered for critical illness insurance. “What we set out are essentially the minimum standards companies have to apply to their policy. The guidance we have published improves the way the critical illnesses are defined. It makes it clear to consumers what levels of illness are covered and what aren’t.”

The cost of critical insurance varies. For someone in their late 30s for a 35-year term with a payout of £500,000, premiums cost anything up to £600. Scottish Equitable charges premiums of £290 and Scottish Provident charges £409 premiums for policies based on these conditions. Both these policies are reviewable. A guaranteed policy with Scottish Provident is £560.

So these figures give you an idea that the amount of money you pay out for this type of insurance can be expensive. You can imagine how infuriating it could be to find that you have paid out on the policy only to learn that when you do become critically ill your insurer will not pay you out. There is now, however, a new critical illness product on the market. Prudential is marketing a new ‘Flexible Protection Plan’, which covers up to 140 medical conditions.

In the ‘Flexible Protection Plan’ there are partial payouts depending on the severity of the condition. If the condition worsens, there is more paid out to the maximum sum which has been insured. Most other policies do not offer partial payouts.

Take loss of eye-sight for an example. It would normally be the case with a critical illness policy that you would only receive a pay out if you became completely blind. But the Prudential policy will pay out 25% if you loose sight in just one eye.

But here is the catch. The cost of the policy is almost twice that of conventional illness cover and spectators worry that there will be some confusion about how the severity of an illness would be defined.

ABOUT THE AUTHOR
Life insurance specialists great articles based on cheap life insurance all online.

Critical Illness Cover - Insuring The Children

2007-09-30T07:01:00.000-07:00

When you buy a critical illness policy it's usually because you want to protect you or the family should the worst happen and you are diagnosed with a life threatening disease. But have you ever thought what the impact may be if one of your children was severely ill? Would it make a difference if you had extra funds to deal with the news? Well, if you have critical illness cover the good news is that you may be covered already.

It's not a subject any of us like to dwell upon, but cancer is a fact of modern life.

The good news is that advances in treatment and medication mean that cancer is not the automatic death sentence it once was.

Sometimes an even harder subject to comtemplate is children contracting cancer.

The number of children who survive cancer has doubled over the last 30 years, according to the Cancer Research Campaign. In fact, 7 in 10 now survive the disease compared to 3 in 10 in the 1960s.

Unfortunately, the incidence of childhood cancer has not changed very much over the last 40 years. In 2000 there were around 1,400 new cases diagnosed in Great Britain, with 1/3 of these being leukaemia (source: National Statistics Online).

When buying critical illness cover your priority may not be covering your children, however when you think about the impact that a sick child could have on a parent's personal and professional life, it makes sense to ensure it's included in the policy that you purchase.

The good news is that children's critical illness cover is an additional benefit of almost every policy on the market, and comes at no extra cost.

The claim amount is normally a percentage of the sum assured up to a certain limit (e.g. £15,000) and applies between the ages of 30 days and 18 years. Claims are assessed against a cut-down version of the adult conditions. Also, a claim under children's critical illness will not affect the parent's cover or cause the policy to come to an end.

Whilst heart attack and cancer are the two major causes of adult claims, they are only ranked 5th and 6th for children's claims (depending on the provider).

What could the money be used towards in the event of a claim under the children's cover?

Well, it could be used for:
- medical treatment
- nursing care
- allow parents time off work
- special trip/holiday

In summary, the fact that children's cover is automatically included in critical illness policies is a fantastic add on. In the unfortunate event of a claim, parents and prospective parents will always appreciate the value of this benefit.

The Financial Tips Bottom Line

If you have critical illness cover, take the time to analyse your existing policy to ensure children's cover is included. You should find this in the policy details. If you're unable to find it simply call the provider and they should be able to provide you with the details.

ABOUT THE AUTHOR
Ray Prince is an Independent Financial Planner with Rutherford Wilkinson plc, and helps UK Resident Doctors and Dentists get the best deals on mortgages, protection and investments, as well as helping them achieve their financial objectives. Click here for Financial Advice for UK Doctors and Dentists and to get your free retirement guide, How To Avoid The 7 Most Common Retirement Planning Mistakes. Rutherford Wilkinson plc is authorised and regulated by the Financial Services Authorit

Critical criticism

2007-09-27T04:57:00.001-07:00

Critical illness insurance claims are only successful in about 80% of cases. Critical illness insurance is designed to pay out a lump sum if you are unfortunate enough to be diagnosed with one of a list of medical conditions specified in the policy documents.

There is a wide variation in the length of the lists, some covering as few as eight illnesses and one a staggering 140, but this is a slightly different version, which pays various sums, according to the severity of the condition. Heart disease and cancer head the list on all the policies. Very few policies will cover illness caused by stress or mental problems. Back problems are rarely covered either.

Whilst some people consider critical illness cover essential and enjoy the peace of mind being insured offers them, it is interesting to note that a great many claims are turned down. It is believed that this figure is 20%. The most common reason for this being non-disclosure of a previous illness. Insurance companies are quite entitled to do this and the first thing that will happen, in the event of a claim, is that the insurance company will ask for your full health records. They will go through these very thoroughly and if they find any proof of failure to tell them about a previous illness or condition, whether or not you consider it to be relevant to the current condition, they can legally refuse to pay out on the claim. The law states, quite clearly, that if a customer has failed to disclose information sought by the insurer, the provider is entitled to scrap the cover.

What this means, in effect, is that if you fail to tell the insurers, at the time of making the application for critical illness cover, of even minor ailments, then the whole policy will not be worth the paper it’s written on.

This appears to be an impossible situation. Minor illnesses, long forgotten, may come back to haunt you. For the Mums’ out there – can you remember the “oddities” of your pregnancy? Your blood pressure may have been raised; you may have suffered the usual morning sickness, backache and what is known as “gestational diabetes”. This is quite common. Most cases don’t even need treatment and clear up, never to return. Years later you may decide to take out some critical illness cover. Do you even remember the pregnancy problems, let alone imagine they could make a difference to an unrelated illness? Yet this failure to disclose could be the reason for an insurer refusing to pay out on a later, unrelated, critical illness.

How many times do you come out of the Doctor’s surgery clutching some pills, unsure of the actual name the doctor gave to the condition for which you’re now being treated? It will be there, on your records, but years later and with the condition long cleared up, who can honestly say that they remember, and record, every minor illness.

In the event of a dispute regarding non-disclosure, if the Financial Ombudsman Service gets involved, they will try to establish whether the consumer told deliberate lies or whether they had omitted details because, for example, the questions on the proposal form were poorly worded.

One way in which the situation could be improved would be by insurers carrying out more detailed investigations prior to issuing cover or if they were to agree not to scour medical records if a claim is made after an agreed and reasonable period.

If you’re considering taking out critical illness insurance, it is obviously very important to read the policy very carefully and make sure you tell the truth, the whole truth and nothing but the truth. Only make the final decision to go ahead when you’re sure you’re totally confident regarding your choice of insurer.

An on-line broker will be able to offer you a choice of policies and lots of advice. There are some special internet discounts, too.

ABOUT THE AUTHOR
Critical illness,critical illness insurance cover Let the safeguard protect your families future with a critical illness or life insurance policy.

Critical Illness Insurance Buying Online

2007-09-25T04:28:00.000-07:00

by Michael Challiner

You can buy pretty much everything over the Internet these days and this most certainly applies to insurance. But the process of buying something over the telephone or Internet means that you do not have the benefit of having a person in front of you to explain something in depth if you do not understand.
Another thing is that as a growing number of people begin to start buying products online, there are new problems that occur – teething problems shall we say that keep cropping up as more companies start offering services over the Internet for the first time.

With complex insurance policies like Critical Illness Insurance, a type of insurance where sometimes people do not fully understand exactly what they are buying, it is an area that could become a problem.

The Association of British Insurers thinks so anyway, which is why the organisation is improving the standards of the insurance application process via the telephone or the Internet for different types of health and protection policies, including those for critical illnesses.

A spokesman for the ABI, says: “Because the mechanics are slightly different when you are applying for a policy on the internet, you need to look at that process slightly separately and that is what we are doing at the moment. It is a piece of work that is on-going and it will improve the application process for telephone and Internet applications.” The ABI’s spokesperson explain that it is not exactly that there have been problems with people buying medical policies like Critical Illness Insurance over the internet before, but the new standards will simply just recognise that buying a financial product over the internet means that financial companies have to change the way they collection personal information.“

It is more a recognition that we need to translate the new good practise that we have put in place on paper to the online and telephone application process. The methods of collecting the information are subtley different,” the ABI said.

The move to improve standards for buying health insurance policies for things like critical illness on line comes after the ABI this year launched various measures to make the steps to buying health policies simpler for both consumers and financial advisers. The organisation also updated guidance specifically for Critical Illness Insurance, offering guidelines on how to bring more clarity to application forms. The entire overhaul of personal medical insurance guidelines meant improvements to the leaflets offering advice on Critical Illness Insurance, the removal of ‘memory test’ questions like ‘have you been to a doctor in the last five years?’and clear warnings on application forms about the consequences if you do not reveal pre-existing medical conditions. The changes came after speaking with cancer charities and other organisations. It was hoped that the guidance would reduce the likelihood that a claim would be declined for non-disclosure of a pre-existing medical condition.

The ABI’s spokesperson said, “Having put in place what we believe to be higher standards of clarity on the application form, we clearly want to apply those higher standards to all forms of underwriting application.”

The work being carried out by the Association for online applications is still work in progress. And it is still unclear when the new standards will be released. But regardless of the time frame, it is certain that they will definitely be released soon.

ABOUT THE AUTHOR
Life Insurance Professor provides free and amazing articles based on term assurance to all UK residents.

Critical Illness - Can't Do Without One

2007-09-23T04:37:00.001-07:00

by Darlene Kaitlin

They say that the biggest wealth you can amass is a good health. Can't argue with the statement, since positive health brings with it better chances of prosperity and fulfilment. But, have you ever taken a moment out of your busy schedule to wonder if you have been taking good care of your health, or at least availing sound treatment in case of health problems? Well, if you haven't done anything about tackling unforeseen critical illness situations yet, then you might consider buying yourself a medical insurance.

Other than ensuring that you enjoy a healthy living, your insurance takes care of some very important issues too. During a situation when you are pinned down rather mercilessly by a critical illness as well as the medical expenses that accompany it, your medical insurance steps in to take care of all the expenses that the treatment incurs. So, it's quite evident that getting yourself one of such policies is quite a good idea as it is a clever precaution.

There is, however a small catch when it comes to filtering out the right medical insurance policy for you. The market is obviously abuzz with a number of companies offering their service, although it is the structure of the policy that should interest you more. Make a detailed online survey if possible, as the effort entails the process of keeping something like the bad effects of a critical illness at bay.

Read the fine line of the insurance policy that promises to rid you of your critical illness woes. Make sure you have studied the script to check what ailments and diseases the policy covers. Compare between the policies set out in front of you and wisely choose the one that benefits you the most.

About the Author
The author is associated with UK's leading healthcare and medical insurance broker, Essential Health Ltd, which provides medical benefits, to its clients in UK and around the world, for Cancer, Medical insurance, Healthcare, Travel insurance, Dental insurance, Financial protection, Life, Term Assurance, Accident Insurance.

Why Take a Critical Illness Insurance Policy Cover?

2007-09-21T07:48:00.000-07:00

by Darlene Kaitlin

Before we answer the question as to why we need a critical illness insurance policy cover, let's first find out what exactly is critical illness insurance. It is a policy that helps the insured in affording the medical treatment for a life threatening disease.

Medical advancements have achieved great milestones, and today we can proudly say that we have conquered many dreaded diseases by finding out their treatments. But, on the other hand, the cost of getting treated has also increased astronomically. People at times do not survive diseases just because they are unable to bear the cost of the treatment. The critical illness policy comes to the aid of the person when he requires it the most.

Unlike other medical insurance and other policies that pay a person after an unpleasant incident has occurred, the critical illness policy provides financial support to the insured. The best part is that the insured is paid a lump sum on being diagnosed with a serious ailment, so that he is in a position to afford the expensive medical treatment and can successfully recover with the post medical medication and care. The huge medical bills become seemingly easy to tackle, and the insured does not have to dig deep into his savings and other financial resources.

The critical illness policy is very flexible in terms of the payments. The payments are unrestricted, and the insured can put the money to any use. He may use the lump sum amount either fully or partially towards his treatment and subsequent rehabilitation.

The only catch in this policy is that the person covered under the critical illness policy has to survive a 30 day period, called the 'survival period' in order to claim the insurance money. In case the insured does not survive the 30 day period, his beneficiaries will still be entitled to his life insurance policy.

About the Author
The author is associated with UK's leading healthcare and medical insurance broker, Essential Health Ltd, which provides medical benefits, to its clients in UK and around the world, for Cancer, Medical insurance, Critical illness, Travel insurance, Dental insurance, Financial protection, Life, Term Assurance, Accident Insurance.

Critical Illness Cover With Legal & General

2007-09-19T05:15:00.001-07:00

by Mike Armstrong

Critical illness insurance was brought into the UK during the mid 1980's. Since then, there have been considerable changes in the insurance market. More and more companies offering critical illness cover started to make their presence felt in the insurance market. Hence, competition was created and as a result, critical illness cover prices started to fall. However, policy price may depend on the amount of cover you may want or the type of critical illness policy you had chosen. So, let's have a look at one of UK's most popular insurance companies, Legal and General.

According to Legal & General, they had paid around GBP 92,100,000 in critical illness claims. More precisely, since the year 1996, GBP 394,000,000 may have been paid as claims. They said that they also believe that their range of products may be one among the best in the market. Furthermore, Legal & General has now started to cover 35 critical illness conditions, around 12 more than that set by the Association of British Insurers. By looking at this, people may be attracted towards buying a critical illness cover with Legal & General. Generally, people may have the tendency to look for a company which can offer cost effective benefits.

Furthermore, like any other insurance company, Legal & General may payout a tax free lump sum upon diagnosis of one of the 35 critical illnesses during the term of the policy. This one off payment may ease you out of certain financial difficulties by repaying your mortgage for example. Other advantages may follow, that is paying for private medical care, a convalescence holiday, making adaptations to a home or even maintaining individual or family lifestyles.

Legal & General may classify its critical illness plan in two different categories: Mortgage protection and Family protection. Mortgage Protection related critical illness plans had been much popular than critical illness standalone policies. Here are some mortgage protection policies combined with critical illness insurance. Mortgage term assurance + critical illness cover, Mortgage Decreasing Term Assurance + Critical Illness Cover, Mortgage Critical Illness Cover and Mortgage Decreasing Critical Illness Cover. As for the family protection plan, here are some examples of certain policies. Level Term Assurance + Critical Illness Cover, Critical illness cover, Family and Personal Income Plan (FPIP) Term assurance + critical illness cover (monthly benefits) and Family and Personal Income Plan Critical Illness Cover

Additionally, with some policies, critical illness cover for future or existing children might be automatically included. This money could be used to provide healthcare assistance to the ill child whilst healthy children could be given necessary childcare support if needed.

As seen above, Legal & General may be offering you numerous advantages when you buy a critical illness cover or any other type of insurance policy. But there are thousands of insurance companies in the UK from which you can choose from. They might be more cost effective. However, to get the best critical illness cover may depend on how you see the product. Low priced tagged critical illness policies might be attractive but you might end up getting a policy that may not be able to respond to your needs in the future.

About the Author
For more information about life insurance and critical illness insurance please visit www.unbeatablelifeandcriticalinsurance.co.uk.

Developments Of Critical Illness Cover Sales In The USA And Canada

2007-09-17T03:27:00.001-07:00

by Mike Armstrong

The US market, on a whole had been slow to adapt with critical illness insurance. While in the UK critical illness cover is one among the most famous insurance policies, in the US it may be a completely different thing. On the other hand, most critical illness cover sales in the UK might have come from accelerated policies. In the US, most critical illness cover sales may turn out to be standalone critical illness policies. There may be two reasons to explain this fact. Firstly, the way the product is marketed may not be the same in both US and UK. Secondly, there may be a larger health market in the USA. Hence, a greater amount of time may be involved for critical illness policy to be known by many people.

Moreover, according to research carried out by Lotter Actuarial Partners Inc. worksite marketing may show more potential on a short time basis actually. There may be several opportunities concerning critical illness insurance as both rider and standalone. More precisely, the rider benefits may be aimed at the 'blue collar market' whilst the standalone critical illness policy may be pointed to the 'white collar market' where there may be already life cover. For critical illness cover to make a good success in the US market, a big company might need to develop a new design for this product. There had been certain indications that critical illness sales may accelerate. While the timescale is still unknown, the product is predicted to succeed in the US market.

Furthermore, critical illness insurance can be considered as a recent insurance policy in Canada as it was firstly introduced in the year 1993. According to Munich Re, 2000, the adoption of critical illness cover in the Canadian market had been a relatively slow one. The insurance industry had expected a more rapid growth of critical illness insurance. Gradually, more and more companies had started to step into the market, with approximately 20 to count nowadays. This number is expected to increase during the coming years. On the other side, banks may be also starting to make their presence felt in the insurance market as they had started to offer critical illness cover on mortgages and loans.

As per Munich Re, 2000, more than 40 percent of critical illness policies in force could have been purchased in the year 1999. In the year 2000, there may have been around 15,000 critical illness policies in force. In the year 1998 there may have been around 8,500 policies which may have amounted in premiums summing up to Canadian dollar 8 million to 9 million. As a matter of fact, the sales related to critical illness insurance made in the year 1998 could have been twice as that made between 1993 to 1997. The trend is expected to continue as more and more companies are getting into the insurance market with the aim of providing critical illness cover. Thus, its importance may be growing rapidly in the Canadian market. Probably the most supportive reasons why people may have chosen critical illness cover can be due to its ageing population and expensive healthcare costs.

Critical illness insurance had been adopted quicker in Canada than in the US. Though critical illness insurance may be considered new in Canada, its sales may have been greater than in the US. This may however depend on how the product had been marketed.

About the Author
For more information about life insurance and critical illness insurance please visit www.unbeatablelifeandcriticalinsurance.co.uk.

Critical Illness Insurance. How critical can you get?

2007-09-16T09:35:00.000-07:00

by Michael Challiner

A new critical illness policy from the Prudential covers illnesses that others don’t even consider. In theory it sounds good, but check the extent of the cover and ask yourself if it’s right for you.

There’s a new critical illness policy on the market which attempts to go some way with regard to sorting out the perplexity regarding exactly what is, and is not, covered when it comes to claiming on the policy. Traditional critical illness policies tend to cover up to 35 listed medical conditions. Policyholders could become seriously ill with a condition that doesn’t fall into the scope of the policy and find that their illness is not covered, whilst others may be diagnosed with a listed illness with a lower “grading” which is relatively easily treated, for which they get a full payout. Because of this inequality, the Financial Services Authority is uneasy with regard to insurers failing to fully understand that cover is restricted to certain specific illnesses.
This new product is marketed by the Prudential, under the name of the Flexible Protection Plan, and is unusual in that it claims to cover an amazing 140 medical conditions. However, cover is based on the severity of the condition which could possibly cause some uncertainty regarding the grading of these illnesses. This is how the plan works: Listed in the policy are practically all serious illnesses and the payout when one these is diagnosed will be graded according to the severity of the condition. The Prudential says that by tying payments to the degree of seriousness of the illness means that more payments can be offered to people with debilitating illnesses, who may otherwise get nothing at all. An example of this is that should you lose the sight of one eye; the Prudential policy will pay 25% of the sum assured. Normally, critical illness policies would only pay out when total blindness occurs. In all, 140 severe conditions are covered.

A spokesman for one of the specialist financial advisers welcomed the range of the policy, but voiced some concern regarding the implementation of these severity-based payments, saying that it would be open to argument as to what level of severity some illnesses would be graded as. It was felt that it would not be advisable to enter into this type of policy unless you had a very clear understanding of exactly how it would work. We quote “It will be up to the consumer to decide whether a guarantee of getting a smaller payment is better than possibly getting nothing.

”The cost of this new policy is approximately twice as much as conventional critical illness cover.

If your main concern regarding insurance cover should you become critically ill would be the financial outcome, it might be better to consider life insurance. Particularly, if you have a family to support, you may need something that is going to guarantee their lifestyle in the worst case scenario and with the addition of some income protection cover, which would meet outgoings in the event of you becoming unable to work due to illness. This type of cover, unlike the critical illness policy, protects you against common conditions, which result in you being unable to carry out your work.

The best course of action would be to contact a broker and check out the alternatives. The internet’s a good place to start and there are some good internet discount’s available, along with plenty of advice. A good broker will be able to compare the products available and come up with the right insurance product for you.

ABOUT THE AUTHOR
Life Assurance Agent provides great articles based around life assurance.

Critical Illness: Medical Insurance Holds The Key

2007-09-14T07:53:00.000-07:00

by Darlene Kaitlin

One of the major problems of modern day life is the continuously rising prices of commodities. Today, a stage has come when one can rarely think of buying any product without carefully going through the prices. Needless to say that people today are forced to strictly live within their budget. Any sudden expense can throw the entire household out of gear. Situation becomes really tight if such an expense that cannot be overlooked suddenly raises its head. And if the expense is such that it cannot be overlooked, then the situation really becomes desperate. Illness is one such reason that can be clubbed in this category. the more critical the illness, the more precarious the situation.

What makes the whole situation really heart rendering is the fact that one can find himself in such a scenario that one might not have enough money to get oneself treated. It is here that medical insurance steps in and helps people in this most trying of all times by taking care of all the expenses that one might incur on the treatment, with the concerned individual not required to pay a single penny. Needless to say that this type of help is nothing less than godsend, the worth of which increases manifold if one is grappling with a critical illness, for the expenses invariably are more in such cases.

It is the help that the insurance companies render at the time of critical illness that makes them so popular amongst masses. However, to gain maximum from medical insurance, one must lay great emphasis on the contract and check whether the policy comes to life as soon as it is signed and what all the illnesses are that one is protected from. Also, one must never give any wrong information to insurance companies, for it might lead to unnecessary hassles.

If these precautions are taken, then there can be no denying the fact that medical insurance will prove to be of immense use at the time of such emergencies like critical illness

About the Author
The author is associated with UK's leading healthcare and medical insurance broker, Essential Health Ltd, which provides medical benefits, to its clients in UK and around the world, for Cancer, Medical insurance, Critical illness insurance, Travel insurance, Dental insurance, Financial protection, Life, Term Assurance, Accident Insurance, Healthcare.

Critical Illness Insurance Do you really need it? Or is it a waste of time? (II)

2007-09-13T00:24:00.001-07:00

The truth is that behind every story of rejection there’s a harrowing story of illness, distress and sorrow - and potential copy for the journalist. But that in itself, is not evidence that the insurance company is guilty of devious behaviour.

Yes insurance companies do make mistakes, but more often than not the claim was invalid from the outset. There are two main causes. Firstly, the policyholder is claiming for an illness that is not one of the critical illnesses scheduled in the policy documentation. Regrettable, but it’s a fact that if the illness is not listed it isn’t insured and the policy won’t pay out.

The moral is to closely compare the illnesses covered by competing insurance companies and buy the one with the most extensive coverage of illnesses. If you don’t, sods law will prevail …….

The second major reason for refusal is a failure to disclose all relevant matters on the original application form. For example, if the applicant fails to disclose in response to the insurance company’s questions that his father a died of a heart attack aged 50 or that he is having medical tests for headaches, then the insurance company will wrongly assess the risks it is being invited to insure. Had the insurance company known this extra information they might have increased the premium, or asked the applicant to go for a medical examination, or waited for the outcome of tests, or even refused to provide cover. By failing to disclose, the applicant has effectively obtained cover on false pretences or at least on inaccurate information.

Thereby lies the second moral. Always provide the truth and the full truth on your application form. Anything remotely relevant to your medical condition must be disclosed.

All this points to the need for professional insurance advice. Critical Illness policies do vary and it can take an experienced eye to evaluate the best policy for your circumstances and pocket. This doesn’t mean that you have to miss out on the discounted premiums available online - but do thoroughly talk it through with one of their telephone based advisers and do make sure you read the schedule of claimable illnesses when it arrives in the post.

Then sit back knowing you’ve taken another important step to protect your family’s finances. Lets all hope that you’re one of the majority who are happy never to claim.

It’s now time to concentrate on enjoying life.

ABOUT THE AUTHOR

Michael Challiner has 15 years experience in financial services marketing at senior level. Michael now works as the editor of Express Life Insurance

Critical Illness Insurance Do you really need it? Or is it a waste of time? (I)

2007-09-12T13:51:00.000-07:00

by Michael Challiner

There is a 1 in 5 chance that a man will suffer a long-term critical illness before his normal retirement age. So why isn’t critical illness insurance more popular? This article investigates the reasons and reinforces the importance of this form of insurance.

GREAT NEWS! There’s now a one in five chance of you winning the lottery before you retire.

Getting excited? Think it’s just a matter of time before you win? Think again, it’s not going to happen - but it got you thinking!

Now think of the same odds but this time about bad news. There is a 1 in 5 chance for men and a 1 in 6 chance for women that a long-term critical illness will prevent them from working. Sorry - this time it’s true.

Insurance cannot change those odds but it can alleviate the potential financial wreckage caused by being unable to work through long-term illness and still having a family and home to support.

Convention declares that every good family man should have life insurance. It’s easily understood, it’s accepted and your next door neighbour has it too. But what about it’s close cousin critical illness insurance? You’ll have to walk several streets to find someone who has it. Given the odds, why? After all it pays out a tax-free lump sum immediately an insured critical illness is diagnosed.

The usual reason given is its expense. Yes it is more expensive than life insurance but after all it’s providing cover for a greater risk. You’re much more likely to experience a critical illness than die before your normal retirement age. Indeed, the average age for a claim is 47. So clearly there is much more to the public’s resistance.

Not understanding the risks or “head in the sand syndrome” are certainly major factors. After all alzheimer's disease, bacterial meningitis, brain tumours and leukaemia plus the long list of other illnesses typically covered by critical illness insurance, are not matters we care to think of nor know much about.

Could there be another reason? Well there have been repeated newspaper articles about people who claim on their critical illness policy only to have it turned down on an apparent technicality – the inference being that the insurance company cannot be trusted. Indeed, Standard Life freely admits that it turns down around 20 % of critical illness claims.

ABOUT THE AUTHOR

Michael Challiner has 15 years experience in financial services marketing at senior level. Michael now works as the editor of Express Life Insurance

to be continued

Critical Illness Cover - A Wider Scope

2007-09-10T05:00:00.001-07:00

by Michael Challiner

Critical illness insurance offers cover for certain specified conditions such as cancer, heart problems, kidney failure, loss of limbs, etc., The cover is quite simple and straightforward, in that if you are diagnosed with one of the severe illnesses listed in your policy a payment is made. On average 35 conditions would be considered as falling into this category with most companies. There is just one company, Virgin, who vary the cover by offering severity-based payments when cancer is diagnosed. Obviously with an illness such as cancer, there are various degrees of severity and with increasing success rates in the treatment of this disease; this seems a fair way of dealing with the situation.

The Financial Services Authority are not certain that people realize the limitations on the number of severe medical conditions covered by their policies and that they could be in for a nasty awakening if they assume that every serious illness will be covered.

With this in mind, the Prudential have brought out a policy which lists 140 severe conditions, which will be covered by their plan. Rather than the "black and white" decision made on diagnosis, this promises a grading of the payout according to the severity of the condition. A spokesman for the Prudential says the policy, named the Prudential's Flexible Protection Plan, will mean that more payments will be made to insurers with debilitating illnesses, whose illnesses would otherwise be outside the scope of the insurance and who would then get nothing at all.

An improvement then on "black and white", but could this leave a "grey" area instead? Apart from knowing that they are, in fact, likely to be paid out, the decision could be left open to argument regarding the grading of the level of severity of the condition: therefore consumers could be worried and confused about the final amount agreed. What insurers would grade as relatively minor may appear very different to someone newly diagnosed with a condition. It could be a case of accepting the fact that a smaller payment is better than nothing at all, but it could also be that the payment doesn't match expectations. It would be advisable to make sure that you thoroughly understand the full implications and terms of the policy before considering taking cover.

Conventional critical illness cover, for a typical 30 year old family man, who doesn't smoke would be around £24 per month, whereas it could more than double with this new plan.

It may be that critical illness cover is not the product for you. For financial security for your family, in the event of your death, life insurance would be the most important planning tool. To cover outgoings if you are incapable to working, income protection insurance could be useful. This offers cover for common ailments too, and not just the critical ones.

For advice and help on the type of insurances available, the easiest course of action is to find an internet broker, who'll be able to answer your questions and come up with a range of quotes with a minimum of trouble to you and ensure that you arrange the insurance cover which is right for you and your family.

About the Author
Life insurance office great articles based on life insurance all online.

Critical Illness Insurance

2007-09-10T04:02:00.001-07:00

by Daniela Pedersen

Critical Illness Insurance is a health related condition such as heart attack, stroke, or invasive cancer where you have a good chance of surviving.

If you are diagnosed with a critical illness, you could be faced with: Loss of income. Medical expenses. Home Alterations. Personal Living Expenses.

Critical Illness insurance is designed to provide coverage upon first occurrence and diagnosis of a covered critical illness. This insurance can help you focus on recovery with peace of mind instead of worrying about how to make ends meet or draining savings set aside for later years. It provides a living benefit.

100% of the Benefit Amount is payable for: Heart Attack Stroke Invasive Cancer Major Organ Transplant End-Stage Renal Failure Advanced Alzheimer's Disease Blindness Deafness Paralysis Major Burns Accidental Loss of Speech

25% of the Benefit Amount is payable for: Cancer In Situ Coronary Bypass Surgery 10% of the Benefit Amount is payable for: Angioplasty

Benefits: Coverage for a Lifetime. Return of Premium Upon Death Feature. No waiting Period on Most Covered Conditions. Multiple Payment Benefit Feature.

Your Critical illness insurance coverage can be worth more than just the face amount of your policy - up to 3 times the initial benefit amount!

About the Author
Article Author is highly specialized insurance agent for different kind of insurances described to: www.selectquotes.net

With Critical Illness Life Insurance Your Family Will Not Suffer

2007-09-10T03:58:00.000-07:00

by David G. Petten

Being diagnosed with a life-threatening illness scares the bejesus out of the layperson, but you need to in order to prepare for the unexpected by purchasing critical illness life insurance. Without the protection of critical illness life insurance in place, you and the rest of your family may suffer major financial devastation should you become critically ill, losing the ability to work

Critical illness life insurance pays you a lump sum if you are diagnosed with a severe medical problem in contrast with disability insurance which covers lost monthly income and anticipates the possibility of your eventual return in some capacity to the work force, Rules and stipulations vary, but as a rule of thumb as long as you survive the illness for a pre-determined designated time period, of usually between 14 to 30 days, the policy will pay out a one-time full benefit amount.

There are three forms of critical illness life insurance: a mortgage life insurance policy with a critical illness rider; a combined policy of mortgage and critical illness life insurance; and a stand alone critical illness life insurance policy. Requesting information and critical illness quotes for various insurance providers will provide you with the opportunity to compare insurance rates and choose the policy type and coverage which best suits your individual needs.

Critical illness life insurance is for everyone and is not just limited to home owners or employed individuals. If your spouse falls sick and you have to take time away from work, critical illness coverage would eliminate the added burden of looming bills and pesky creditors.

The expense of health insurance could become astronomical, especially if coverage is denied or cancelled. Critical illness insurance is routinely confused with health insurance, people have become bankrupt trying to pay medical bills that were not covered by their health insurance provider. The majority of health insurance policies feature limited benefits, ceilings and caps on the yearly payouts and/or maximum life amount. Purchasing critical illness life protection will guarantee your ability to meet all of life's "surprise" financial obligations.

So, how much coverage will you need? Well, that all depends on the situation. But when approximating how much critical illness life insurance is necessary:

* How much are your monthly expenses? * How much is your total monthly mortgage? * What other insurance policies do you have?

Also take a look at how the terminally ill by each adult member of the household would affect the overall financial future of the family. Take into consideration the changes that would occur, lost wages, medical bills, out of pocket expenses (gas, parking, co-payments, prescriptions, supplies, long-term care expenses, etc.) and increased child's/adult daycare.

Protect yourself and your family by purchasing critical illness life insurance for every adult household family member. The possibility of becoming terminally ill is very real and so is the potential devastation to your family without adequate critical illness insurance protection.

About the Author
Critical Illness Life Insurance Assure all for your assurance services - Canada.