Critical illness cover (merged)

IanDC_2

Hi, just seen your post, see my post re Critical Illness cover, be very careful when completing the application forms, ask if your medical records will be requested by insurer at application stage, if not and you fail to inclued any treatment details you could loose out, you will have paid premiums at what ever cost and will have never been covered, if the form is completed by others i.e IFA make sure they include all your comments no matter how trivial, and ask for a copy of your submitted form, good luck,

savvy

Hi IanDC

I've merged your thread here to keep as much similar info together, thereby aiding future users in their search.
Thanks
savvy

Joe_Bloggs

@IanDC and all.
I have read your post, and others, with interest. Critical illness is an insurance marketing innovation. There are good deals and bad deals for the consumer but the outlook for the suppliers and agents is profitable.
I don't think that MS qualifies as a critical disease given the long term/chronic nature and the many years it often takes to get a diagnosis.
The non-reviewable type of this insurance seems desirable as Dunstonh mentions.

Sometimes you can be cured of a critical illness within a month due to prompt medical intervention and hence there is no payout . Sometimes you may need to have proof that a condition did not exist prior to a critical illness claim.

If you have spare cash then go for the best CI you can but read the small print. Perhaps an alternative form of CI cover is to have regular medical checkups and stop conditions from becomming critical. If not then take good care of yourself.
J_B.

TJMD

My partner and I are both 23, good health and non-smokers. We are looking for a critical illness policy as an add on to our life assurance policy. Ideally, we would be looking for guaranteed premiums, but are having much difficulty in finding them! Most are reviewable on each 5th anniversary of holding the policy. Is this normal? Also, is it only the critical illness element which is reviewable as opposed to the life assurance element?

Many thanks!

dunstonh

reviewable plans are worth avoiding. It allows them to alter the terms of the policy and the premiums on each review. If it is reviewable, it applies to everything on the policy, life, CI, waiver etc.

I wouldnt say most are reviewable. Most companies offer a reviewable and guaranteed option. The exceptions to this are the tied agents or direct offerings.

I just did a quick check (Sunday mornings not best time to check as many providers are offline). About 50 providers/plans responded and about half were guaranteed.

TJMD

Can you tell me where you did your search? Because most I find are reviewable. This was for a 30 year term. Don't know if that makes a difference.

Thanks

dunstonh

I used assureweb and exchange to get quote comparisons. Most websites appear to use webline which does have a very good interface for consumers but lacks the range of providers and products that assureweb or exchange offer. Assureweb & Exchange are used by IFAs and some mortgage/protection advisors. They are not available to consumers directly.

You are right to look at guaranteed premiums. It may cost a few pounds more but with critical illness terms being reduced and premiums increasing, reviewable premiums are short sighted.

TJMD

Could you do me a favour and look to see what guaranteed premiums would be for a joint life first death assurance policy with critical illness built in for £115,500 sum assured, 30 year term? Life assured age = 23 for both of us.

I can only find BUPA and Liverpool Victoria which are throwing back guaranteed premiums.

Thanks

dunstonh

Having altered the quick quote i did earlier to suit your figures and term, it does appear that most providers now have altered their product to have a maximum 25 year term under guaranteed rules. Only 4 providers came back with guaranteed premiums on 30 with combined plans. You have listed the two cheapest.

Your options are to lower to 25 years if you want the rest to quote or put up with the ones you have got for 30 years.

TJMD

Thanks for that. You've been a great help. Do you know why life offices don't seem to offer more than a 25 year term? We are considering reducing the term at the moment as we opted for 30 years so we would have lower payments for our mortgage, but then we were intending on overpaying once we had the house fully up and running.