Critical illness cover (merged)

b17lboro · 2 December 2004 at 2:40AM

Hi I was looking for some info about critical illness cover - I missed Martin's programme on tv back in June - has he put any info on this site about it?

It has been suggested by my financial advisor that I get 100K of critical cover plus a regular income of 1K per month

as a non smoker aged 36 does £56 a month sound a good deal? (Scottish Provident)

Mr Confused!

b17lboro · 2 December 2004 at 11:55PM

Thanks DD

can you advise where to start looking for best buys etc

I need to get my head round it all and at the moment I am a bit confused!! - but I need to sort some cover out and I dont want to get ripped off

dunstonh · 3 December 2004 at 12:40AM

Different companies will come out as best priced depending on the age etc of the person being quoted. So there is no one company that you can see will be best.

There are a handful of companies that come out more often than others though. However, there are some differences in the levels of cover between the providers so you need to be wary that cheapest doesnt mean best. Some only cover some of the core conditions, others go beyond the main core conditions.

Other things to be wary of are contracts that are guaranteed premiums or reviewable premiums. Reviewable plans are cheaper but allow the insurance companies to change the premiums and level of cover in the future. Guaranteed plans cannot.

Buying it online will be a little cheaper than buying it from an IFA. However, when buying online it is upto you to research and decide what you want.

Do not buy it from a tied advisor as they are usually over priced. I wouldnt buy from a protection only advisor either although if you go down this route (or an IFA for the matter) then ask to see the price comparison report which lists the providers and what their premiums are. You can then see if another company is cheaper and challenge the reason for not using that company. The reason may very well be valid. ie, Bright Grey sometimes appear top but they have a paper only application process and very slow underwriting. Number 2 company may have online processing and give immediate underwriting and only cost 3p a month more. Or it could be the number of conditions covered (as already mentioned).

I have sent you a PM with further information

toomanyadvisers · 6 February 2005 at 5:44PM

Various financial advisers have been pushing me critical illness cover, but I cannot seem to find a table of comparables for this product - only for income protection. Can you help?

jonathan_hope · 17 February 2005 at 4:02PM

Does anyboby know where I can find a good policy. Ie: With the best coverage of illnesses?

Thanks

Jonathan

dunstonh · 17 February 2005 at 4:41PM

Most of them have good coverage as long as you go for the guaranteed premium and full options rather than just core conditions only (or a budget version).

Skandia is considered to have one of the best coverage around

jonathan_hope · 18 February 2005 at 12:58PM

Thank-you

Will let you know results

Baglady_2 · 5 March 2005 at 5:31PM

Please can anyone recommend affordable but comprehensive critical illness plan?

savvy · 14 March 2005 at 12:35AM

Hi, bumping up in hope of an answer

savvy

dunstonh · 14 March 2005 at 1:25AM

Critical illness cover comes with varying levels of cover. With that, you have varying levels of premium.

The budget option is sometimes referred to as core conditions only. Others are more comprehensive. One of the most comprehensive is Skandia, for example, but then they are one of the most expensive. Then you have to consider guaranteed cover/premiums or reviewable cover/premiums. Reviewable is cheaper but it does mean that 5 years down the road, the insurance company can remove things from cover or increase your premiums.

Then, you have the companies that are cheaper for men, cheaper for women or target a certain age group. You also have some that look at occupation.

So, with that background, it would be hard to pick a company that fits what you want based on the little you have given.

You could use an online portal to get a critical illness quote. However, unlike life cover, the range of companies is not as comprehensive and you would have to research the cover for yourself. You would expect to see reviewable and guaranteed premiums in the list and core only and comprehensive there as well.

If you want cheapest and are happy to research on your own and are fully aware that quotes will be from a limited range of insurers, then the usual quote companies that get mentioned here will apply.

Alternatively, you could go to an IFA or whole of market protection advisor who could work from a greater number of insurers and give advice on the level of cover. However, the premiums would be a little more expensive. They would still be a lot cheaper than buying from a bank or the old insurance man.

Big_Cheese_2 · 20 March 2005 at 7:55PM

My IFA sold me critical illness cover at £55 a month two years ago. I want to save some money, so wondered if I really needed it? I'm 50, in a permanent job, with pension, and would be paid my full salary for 6 months if I fell ill. Oh, and I haven't had a sickie since 1991...

Critical illness cover (merged)

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