6 Mistakes you don't want to make when buying Critical Illness Cover
Article published on 6th April 2010
- Never assume that one companies policy is the same as the next! They can vary dramatically in the critical illnesses which are covered as well as the specific benefits of each cover.
- Never withhold information from the critical illness insurance company. Withholding medical information could result in any claim you need to make being reduced or not paid at all. If you are unsure about a piece of information, tell the insurance company and let them check the full details with your doctor.
- Don't assume that buying Critical Illness Cover without Life Insurance will work out cheaper. In a lot of cases, taking Life Cover with your CI cover could actually lower the overall premium!
- Don't always assume that a joint policy will be more cost effective than two single policies. A joint policy will only pay out once and in most cases it may only cost a few extra pounds to cover you both independently for the same amount.
- Don't end up with Decreasing Cover (Mortgage Critical Illness Insurance) if you are looking to protect an interest only mortgage! Decreasing cover is only suitable for capital and repayment mortgages and taking the insurance with an interest only mortgage could mean that your mortgage won't be paid off in the event of an illness.
- Don't forget to ask about extra benefits of a particular policy. These can include a children's illness benefit, hospital benefit, breast cancer cover and fracture cover. You may find these justify a slightly higher premium!
Looking for more information?
- Next Article: Life Insurance for Depression, Stress and Anxiety
- Previous Article: How to find Over 55 Life Insurance
- List of Articles: Click Here to Return to Insurance Articles
Search Archive of Articles