Critical illness cover (merged)

fibreman_2

Hi,

Can anyone recommend some cover for critical illness. Basically I want cover
to pay out if Ihave any terminal illness e.g cancer,.tumor.
I am 35 yrs old male non-smoker. I want to know what I should be looking for and of course the best value product.

Any help would be appreciated.

savvy

Hi fibreman

I've moved your post to this thread, hopefully you will find what you need here.

savvy

sam1970

im looking for a life and critical illness insurance for me and my wife to cover around £250,000. I understand that there is no problem in finding life policy as cheapest is the better (no dispute about death) but the problem is critical illness...the cover varies widely....any recommendations please for the best comprehensive cover...thanx

savvy

Hi sam1970

I've moved your post to this thread, hopefully you will find what you need here.

savvy

dunstonh

Generally, Skandia is considered to have the widest range of illnesses covered. However, they usually appear 00-12 in the list for premium cost. Basically, you do get what you pay for.

The cheapest policies tend to be core conditions only and not comprehensive and have reviewable premiums/level of cover and not guaranteed.

PaulH_3

Hi,
Thanks for all the great advice in here.

Few questions:
I’ve just been quoted for critical health and life insurance, looks fine to me but thought i should find out a bit more first.
Cover:
31 year old male non-smoker, self employed techi
Provider: Scottish Provident
25 year plan
£35 a month – including £1 accident and sickness and disability
Premium Rate £92k – Guaranteed
The plan tracks the RPI so may increase to a max of 10%.

Sound reasonable?
Basically curious if there’s anything i need to be weary of, the bit that has me wondering is this “Critical illness includes total permanent disability own occupation definition” not sure what that means.
Not seen or missed people mentioning policies which track(terminology??) RPI. I thought this was good thing but now wondering?

lisyloo

“Critical illness includes total permanent disability own occupation definition”

This means if you can't do YOUR job.
This is a good thing because it means you only have to be disabled from your specific line of work and not from ANY work.
i.e. They won't force you to go and work on the chekout at Sainsburys.

mentioning policies which track(terminology??) RPI. I thought this was good thing but now wondering?

I think it's a good thing.
It's means any on-going payment will be increased in line with the Retail Price index so broadly it will keep pace with inflation.
Clearly if you were simply paid the same each year it would buy you less in real terms because of inflation.

payless

Ask if the adviser is using "all the insurers "
Scot Prov can come up competitive , but some brokers only use a small number of insurers , and SP have attractive commision terms ( ie some advisers get no clawback if cancelled after 2 yrs rather than usual 4 yrs) so make sure yopu are not missing out on a better premium from an IFA or a protection broker who uses the " whole of market"

Note whilst the benefits may increase by RPI , the premiums may increase faster

I don't know your circumstances, have you also considered your position to income protection ( again an area often over looked / relagated below CI)

dunstonh

I personally find that Scot Prov rarely come out top on the list. Normally up at the top end but never top. Also, they are a bit crafy with quotes on portals. They assume class 1 occupations but most will find themselves in class 2 and face a premium increase after its underwritten. (assuming you didnt use an advisor who should have checked that first).

IanDC_2

I’m new to this so if there is something wrong or typo errors please forgive me, my story involves Critical Illness cover, or lack of. I’ve had my policy avoided by Standard Life on grounds of Material non-disclosure, what I failed to include on the application form was that I had test’s for a complaint prior to applying for the cover, (which they say had I included they would have requested my medical records and offered different terms) (how could I ever prove this was the case) the test’s found no serious illness and I never received any treatment, subsequently I was diagnosed with MS after having the policy for around 2 years, when SL received my claim, SL confirmed they had not requested my medical records at the time of application, despite a clause on the application forms which require the applicant to give permission for them to obtain a copy from any doctor. By not requesting medical records at the time of application SL protect their position in the event of a claim, I later found out that SL and most insurers actually have company policy’s of not requesting medical records at the time of application for the majority of applications, What does this mean, well it means they can underwrite your policy at claim stage and on many occasions avoid paying out, what’s more they have a very large number of insurance contracts in the 10` of thousands, which have very little chance of ever costing them a penny in a pay out. Having read the above you might feel I’m just bleating because my claim has failed at the moment, not at all. I want all who read this and have this type of policy, i.e. Critical Illness to immediately contact their insurer and ask if the insurer have a copy of your medical records, if not why not when they have demanded your permission to do so (because they might just have the policy that SL have of not requesting one) if they have not got a copy, ask them to obtain one and include a copy of your medical records with the insurance contract, you might have forgotten to mention some thing or you feel it is not material which the insurer will later (when you claim) use to avoid paying out, if when they obtain a copy of your records they identify some thing that requires investigation or alters your contract well don’t be disappointed because you can correct it before it’s too late, either way if the application is not corrected you were never on cover and you are paying monthly premiums for a policy which in the event of a claim would not pay out, remember insurance is ALL ABOUT THE UTMOST GOOD FAITH, IF YOU FORGET SOMETHING OR FEEL IT IS NOT SIGNIFICANT YOU WILL LOOSE OUT, PLEASE CHECK YOUR POLICY SO THAT THE PREMIUMS YOU PAY ARE FOR COVER, CLAIM AND IT’S TOO LATE, Good health,