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Critical Illness Cover - Your Choice
It's a happy fact that people are living longer. The advances in fast and accurate diagnosis of diseases and the subsequent treatments mean that formerly life-threatening conditions are now viewed very differently by the insurers.
The basic idea of critical illness cover was that if you were faced with a medical condition which threatened your life, the insurers would pay you a lump sum. Where the list of conditions regarded as life-threatening is out of date, insurers find they are paying out on diseases which are very likely to be successfully treated.
As a result of this, many insurers are increasing their premiums by anything from 25 to 50 per cent - although there is a couple with a 60 per cent tag. No-one likes increases like this, but for once it's perfectly understandable. As medical science makes unbelievable advances in diagnosis and treatment some of the old diseases, which would strike terror in your heart, are no longer regarded as terminal. More and more people are claiming, quite rightly, on their critical cover policies within the list of acceptable conditions. By re-defining the illnesses which are currently classed as putting your life at risk, the number of claims should be significantly reduced and this should help to bring down the costs of the premiums.
Cancer is a disease which we all dread, but in fact a great many cancers are perfectly treatable and not considered life threatening, especially in the early stages. Skin cancer, for example, is no longer to be covered by the policies unless it has reached the invasive stage. Successful recovery rates following prostate cancer has meant that it's no longer automatically assessed as life-threatening and some of the heart problems are less serious with modern treatments and facilities. Diabetes is rarely listed as life threatening nowadays, and whilst it should be taken seriously, changes in lifestyle along with treatments means a normal life with some sensible care.
A representative of one of the major insurance broker is quoted as saying "Although this type of insurance was originally known as 'dread disease', many of the conditions currently covered by critical illness policies are becoming quicker and easier to detect and treat. Hence insurers have recently found themselves paying out on claims where the condition was not life threatening, which isn't the purpose of the policy."
In the past, the majority of insurers have sold critical illness policies which run for an agreed term. This is normally alongside a mortgage, so that should the worst happen, at least the mortgage can be coped with. Anyone who has taken out a policy on these terms won't suddenly be faced with changes and cover will still be as agreed when you took out the policy. If diagnosed with one of the conditions which have now been re-defined, you'll be covered.
Reviewable critical illness cover is increasingly being offered. The premiums are around 15 per cent less than the mortgage-term related type or agreed term to give it the correct name. With reviewable policies, the insured person's medical status and the premiums payable are reviewed at regular intervals, normally every five years.
Some insurers are offering the choice of a reviewable policy or a guaranteed one, but there are some companies which have dropped the guaranteed ones. It's thought that the difference in premium will veer customers towards the cheaper choice, but a guaranteed policy may give more peace of mind. Things can alter considerably over a five year period so it may not pay to be too hasty.
Talk to your broker and take some advice. You'll find one at the click of your mouse and they'll have a wide range of insurers to call on, to find the right policy for you. Do it now, whilst you still have the choice, is the advice of the professionals. If you decide that you not only want critcal illness but also want life insurance, well then look on the internet.
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