Critical Illness Cover

ftsos

I am shopping around for critical illness insurance. However, I am finding it extremely expensive. Do you guys know which companies are good value for critical illness insurance?

I already have life insurance which I took out about 20 years ago. I have £250,000 of cover for life insurance and I pay about £18 a month.

I am now 44 year old. I was looking to get "only" critical illness cover, but almost all of the critical illness covers have life insurance built in.

Any recommendations?

SonOf

However, I am finding it extremely expensive. Do you guys know which companies are good value for critical illness insurance?

Critical illness cover is not the same across the providers. There is a minimum benchmark that plans need to offer but most go above that and to very different levels. So, you should never compare by price alone.

I am now 44 year old. I was looking to get "only" critical illness cover, but almost all of the critical illness covers have life insurance built in.

All providers offer a standalone CIC policy. If you are only seeing Life with CIC appearing then its either an input problem or the place you are getting quotes from is not letting you do it.

That said, its usually common sense to include life with CIC due to the tiny price difference.

I already have life insurance which I took out about 20 years ago.

If you are in good health, it may be worth looking at that again as prices are lower today than they were 20 years ago. You are older, which impacts on the premiums, but it still may be worth looking at it. Especially if combining with CIC.

Any recommendations?

That is a regulated activity and I would be in breach of board rules and FCA guidelines if I was to answer that. As would any of the others that are in a position to answer that question correctly.

ftsos

Thanks for your reply.

I didn't realise that just posting links of good companies to consider would be breaking FCA laws.

I think I am in good health. However, I got diagnosed with Crohn's about 2 years ago, and I Vape, which is considered the same as cigarettes by most companies, although I haven't touched a normal cigarettes in more than 3 years. I go to the gym 3-5 times a week, so my health is okay I suppose.

I know price shouldn't be the only factor, but I am getting quotes of between £50-£100 a month. Thats a lot of money for £50-£100K worth of cover in my opinion.

SonOf

I didn't realise that just posting links of good companies to consider would be breaking FCA laws.

FCA rules are not laws. However, those of us that are authorised and regulated by the FCA would be in breach of those rules by suggesting companies as it would be considered advice.

Those that are not regulated by the FCA can answer how they like. However, its unlikely any average consumer would actually know which are the best CIC companies when balancing coverage and premium. So, that leaves you with people that know what they are talking unable to answer you and people that dont know what they are talking about from giving you guesses. Neither any help as it happens.

I know price shouldn't be the only factor, but I am getting quotes of between £50-£100 a month. Thats a lot of money for £50-£100K worth of cover in my opinion.

You are 44. So, above the age when claims on CIC policies start to skyrocket. Unfortunately, the time to buy this was 10-20 years ago if you wanted lower premiums.

Weighty1

ftsos wrote: »

I think I am in good health. However, I got diagnosed with Crohn's about 2 years ago, and I Vape, which is considered the same as cigarettes by most companies, although I haven't touched a normal cigarettes in more than 3 years. I go to the gym 3-5 times a week, so my health is okay I suppose.

Crohn's can have a serious impact on the premiums. Depending on the medication you take, if it's an immuno-suppressant medication then this would cause an increase in the premium, the Crohn's itself will cause an increase in the premium and as you say *most* companies will treat you as a smoker if you vape.

You should use a broker who can speak to the underwriters about your Crohn's to determine which company is going to be best for you.

sal_III

ftsos wrote: »

Thanks for your reply.

I didn't realise that just posting links of good companies to consider would be breaking FCA laws.

I think I am in good health. However, I got diagnosed with Crohn's about 2 years ago, and I Vape, which is considered the same as cigarettes by most companies, although I haven't touched a normal cigarettes in more than 3 years. I go to the gym 3-5 times a week, so my health is okay I suppose.

I know price shouldn't be the only factor, but I am getting quotes of between £50-£100 a month. Thats a lot of money for £50-£100K worth of cover in my opinion.

The quotes are about right for CIC, the risk is significantly higher than life insurance.

fullofcold

It would be worth speaking to a Protection Specialist as they will be able to advise you specific to your needs.