Critical Illness and Life Insurance Quotes
Date: 27 June 2017 Author: Lewis Cable
Comparing Critical Illness and Life Insurance Quotes

Comparing Critical Illness and Life Insurance Quotes

Although critical illness cover can be purchased as a stand-alone policy, it is most frequently provided as part of a life insurance or term assurance policy. Here are some of the factors to consider when comparing critical illness and life insurance quotes.

critical illness cover

Critical Illness Cover

Before exploring what to look out for in critical illness and life insurance quotes, let’s look at what critical illness cover is.
Critical illness cover pays out a lump sum (tax free) should you become diagnosed with a specified critical illness or unable to work due to a debilitating injury (total permanent disability).

Designed to ease the financial burden such an illness or injury could place upon you and your family, the all-encompassing term ‘critical illness’ covers a wide range of conditions including, for example:

• Heart Attack
• Stroke
• Cancer (not diagnosed as terminal)
• Multiple sclerosis
• Physical disability due to an accidental injury

What exactly will be covered depends on the chosen policy and insurance providers.

Comparing Critical Illness and Life Insurance Quotes

As critical illness & life insurance policies can vary significantly, it is important to look out for and compare:

Cover of Illnesses – Some providers cover various illnesses differently to others. Checking what is or is not covered is therefore important.
Claim Process – Knowing details of the claim process following a diagnosis and of how payments will relate to specific circumstances is equally important.

Some policies do, for example, pay out different amounts for different conditions, so it is important to ensure you know exactly what a policy covers.

Extras – Some policies offer optional extras, like cover for ‘total permanent disability’; total disability’ or ‘child critical illness’, for instance. If you are looking for wider coverage when obtaining critical illness and life insurance quotes, it is therefore essential to read relevant terms carefully.
Price – Premiums depend on:

• The amount of cover you want (and for how long)
• Your age, personal circumstances and any pre-existing conditions you may have
• Providers’ specific terms

Comparing prices must therefore be done in view of these factors and providers’ terms.

Expert Advice

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