Good provider for CI

louisec

HELP!

I'm looking for a good (?) provider of CI - I want life or earlier critical illness to cover the repayment part of my mortagage - plus a little extra . I want guranteeed premium, trust option for my children, Ii just dont know who to go with. Are there providers out there with a good reputation and others that are not so good??? Also, it is possible to extend the term /adjust the sum if i want to contiune the insurance after the morgage has finished or should I get another policy if and when money allows it?

Thanks
Louise

dunstonh

Are there providers out there with a good reputation and others that are not so good???

Not so much reputation but differences in what they cover. The core conditions are usually very similar but the extra conditions they cover will vary with the different insurers.

Also, it is possible to extend the term /adjust the sum if i want to contiune the insurance after the morgage has finished or should I get another policy if and when money allows it?

Only if you get renewable can you renew it. However, you should really stick with the need and get a policy to suit each need. i.e. one for mortgage protection and one for family protection.

louisec

Thanks Dunstonh
I found a table on provider coverage for CI, so this is helpful.

Regarding your comment on having a policy for each need. I was looking to get insurance for around 70K, though the part of my mortgage that I need to cover is only 42K - I wanted the extra to provide an extra cash lump sum. Also, I was going to get cover for 20 yrs even though my mortgage is only for 17 years as I figured that my dependents will be financially independent hopefully by then, so again there would be a lump sum even if the mortgage was paid up alredy - though writing this down now, it seems a bit messy.

What would you suggest?

dunstonh

You should have one policy for 42k and 17 years and another for family protection to go on until youngest child is 25. Most plans allow multiple segments so it doesnt need to get too messy.

donnaadam

What is CI ? .....:money::beer:

louisec

Thanks - what do you mean by multiple segments?

CI- critical illness

dunstonh

Modern insurance policies can be made up of multiple segments within one plan.
i.e.:
segment 1: Decreasing term assurance with CI for £47k over 17 years.
segment 2: Level term assurance for £100k for 20 years
segment 3: MPPI
segment 4: PHI
segment 5: home insurance (some do include home insurance as an option)
etc etc

You then have one policy number and payment to cover the lot. It can be cheaper to segment sometimes. Bright Grey, for example, have one policy fee regardless of the number of segments you have. So, if you have one segment it may not be that cheap but if you have 2 or 3 it can be a cheaper option than getting 2 or 3 standalone plans.

louisec

Thanks very much!!!