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Critical Illness Insurance Guide

How are bills charged?

Premiums depend on:

• Age – the older you are, the more you pay

• Gender – women pay more at a younger age because they are more prone to cancer. This differential decreases later in life

• The amount you insure for

• Occupation also counts – a white-collar worker pays less than a manual worker.

• The number of conditions you protect against

Other things to think about

• Many policies protect against “total permanent disability” and therefore being unable to work. Generally, it makes sense to buy a policy that has an “own occupation” definition of work, as opposed to “any occupation”

• Some policies can be bought as “standalone” products. Others can be combined with life cover. The two together are often cheaper

Be aware, though, that if you do that, your payout then means that you won’t get a second payout at death. And you may find it virtually impossible to get any separate life cover going forward

• You can get deals which cover married couples on a “first person to get ill, gets the payout” basis. These policies are cheaper than two separate ones. And it does not usually affect the ability of the non-critically ill partner to get cover in future

Some final tips

1. Some companies will follow the exclusions in their small print to the last letter. It is important to go to someone with a good claims history. Generally, these firms are known to most good financial advisers.

2. Critical illness pays good commissions to those who sell it. Talk to your adviser about commission-sharing, or rebating. If he or she is not interested, others will be.

3. Some policies have renewable premiums, which means you might end up paying a lot more after a number of years. Generally you don’t want that.

4. If you die shortly after the lump sum is paid out, any amount left is added to your estate and your heirs may be liable to inheritance tax. Talk to a lawyer about how to reduce that danger.


More pages

Page 1: Introduction
Page 2: How are bills charged?

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