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Life and Critical Illness Cover Options

There are different options that can be added to a Life and Critical Illness Insurance insurance policy. The first option is whether you want to combine your life assurance and critical illness insurance within one plan. some people prefer to have two seperate policies. We will tell you why a little later on.

Types of Premiums

Premiums on a Life and Critical Illness Insurance policy can be arranged on a reviewable or guaranteed basis. Guaranteed premiums mean that once the policy provider has accepted your application, they guarantee to never change the premium throughout the life of the policy unless you request a different amount of cover. Therefore the premium cannot be increased due to your age increasing or your state of health deteriorating. In other words, if a thirty year old man took out a Life and Critical Illness Insurance plan for 25 years on guaranteed premiums, the Critical Illness provider would view him as being thirty years old for the next 25 years.

Reviewable premiums are usually cheaper in that the Life and Critical Illness provider reserves the right to alter the premium (usually after the first 5 years of the policy start date). The premium will increase each year you get older or if you have informed the Critical Illness provider of a change in circumstances or change in health.

Waiver of Premium

Waiver of premium is designed to protect the policy. If you are unable to work due to accident or illness for six months or more the Life Critical Illness provider will pay the cost of the premium for your until you are able to return to work. When people are unable to work due to accident or illness they often cancel
monthly policies and direct debits in an effort to cut back on spending but cancelling a Critical Illness policy at the time you may need it most is not a good idea. Therefore, having waiver of premium option built in to your plan can protect the plan against this type of scenario.

Reinstatement Option

If you are diagnosed with a Critical Illness and you have Life and Critical Illness Cover, the benefit is paid and the plan comes to an end. Many people, however, find that having been diagnosed with a Critical Illness and survived it, want further Critical Illness Insurance. Re-applying for Critical Illness cover after you have suffered a Critical Illness can be difficult as most providers will not want to offer cover immediately or they may offer cover on a higher premium basis. Having the reinstatement option allows you to claim on the orginal policy but to apply for new cover (up to certain limits - varies from provider to provider) without the need for medical underwriting.

Guaranteed Insurability

The guaranteed insurabilty option is usually reserved for applicants who have been accepted on standard terms. The guaranteed insurability option allows you to increase the sum assured during the life of the policy (up to certain limits) without the need for medical underwriting.

Combined cover

Many people combine their life assurance with a Critical Illness Cover plan. This can make the premium slightly cheaper than applying for two seperate policies. A word of warning though, if you are diagnosed with a Critical Illness, the plan pays out and comes to an end. This means you now have no Critical Illness
Cover and no life insurance either. If you had just been diagnosed with a Critical Illness wouldn't you want life insurance cover as well? We feel that it is better advice to have seprate policies were possible even if it does cost slightly more per month.

Single or Joint Cover?

Policies can be arranged on a single life basis or joint lives for couples. On a joint policy, if one applicant was diagnosed with a Critical Illness the plan would pay out and come to an end leaving both partners without Critical Illness Cover. As with combined cover, we feel that it is best to have individual policies where possible.

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We guarantee to match or beat any like for like Life Critical Illness Quotation.