Critical Illness Insurance - A Guide to Insurance Providers

Article published on 16th May 2014

There are a number of different insurance providers who offer Critical Illness Insurance and they all have their pros and cons. Some will cover some conditions, others will cover a mixture of different conditions. When you start looking at all of the options available it can become very confusing trying to decide which Critical Illness Cover is the best for you.

One way of looking at the cover is to simply look at the amount of conditions that are covered by the different plans. The table below shows the difference between six of the key providers of Critical Illness cover:

Company Full Payments Partial Payments ABI+ Conditions Childrens Cover
Aegon 44 9 18 Automatic
Ageas 40 8 18 Automatic
Aviva 45 11 18 Automatic
Bright Grey 40 7 22 Automatic
Friends Life 41 11 17 Automatic
Legal & General 39 2 15 Automatic
Liverpool Victoria 44 20 19 Automatic
PruProtect* 64 72 N/A Additional fee
Zurich 42 6 Automatic

*Update: This product is now Vitality Life and not PruProtect and it is important to note that this policy is for Primary Serious Illness Cover.

Full payments detail the amount of serious conditions that are covered by that insurers policy for a critical illness claim. Similarly, partial payments are the amount of less severe conditions that can be claimed for on the policy. The column of ABI+ conditions refers to the amount of illnesses that is covered by an insurers policy, that exceed the standard of best practice for critical illness cover as defined by the Association of British Insurers.

It is easy to look at these figures and think that some look better than others, for some that may be the case and whilst the amount of conditions covered is a good indicator it does not give a completely clear picture. It is important to note that not all insurers cover the same conditions. You may find that one insurer provides protection against a critical illness you are concerned about whereas another will not. Additionally some of the partial payments that are available may be for different percentages of the total policy sum assured, depending upon the insurer you choose.

So whilst the figures may make the decision of a Critical Illness contract seem black and white, there is a great deal of grey that should be considered before choosing your cover. Our financial advisors regularly advise on the differences between the cover and can provide you with a clear picture as to what you are and are not covered for. Please feel free to ring us on 0808 17 82 777 to discuss your Critical Illness Cover queries.

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