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Critical Illness Insurance Guide


Critical illness insurance companies are widely available today, and they all offer a broad selection of critical illness cover options for their customers. With so many options to select from, it can often feel a bit overwhelming when you need to pick the right policy for your needs. Read on to discover the different factors you need to consider.


Undoubtedly, one of the most important things to bear in mind is the illnesses that are covered. Every insurer will only pay out on the conditions, disabilities, and illnesses that have been designed in the critical illness insurance policy. Typical exclusions can include drug abuse, self-inflicted harm, and HIV/Aids. The likes of cancer and Alzheimer's will be covered. You can get an Alzheimer's genetic test if you’re worried about the latter. Moreover, cover levels differ, with some policies covering rare and unusual illnesses, and others only offering basic coverage.


The next factor to consider is the level of payout. If you want to receive a higher amount, you are going to need to pay a higher premium, so it is all about getting the balance right. The length of cover is another vital factor when assessing policies available from critical illness insurance companies. You need to decide how long you want the policy to last for. For example, you may decide you want the policy to last until your mortgage is paid off or until your children have grown up. Perhaps you want the policy for life? Aside from this, it is important to determine whether the policy has a cooling off period, and also as to whether the premiums or fixed, or if they can go up at any time. Finally, find out whether the policy covers critical illness to your children.



Look For Value, Not For A Cheap Price

Critical illness insurance rates differ considerably. All you need to do is a quick search on the Internet, and you will see that different insurance companies charge wildly different prices. As a result, it can be tempting to simply go for the cheapest insurance plan you lay your eyes. This is not advised, and below we reveal the different reasons why.

It can be easy to assume that all critical illness insurance plans are the same and, therefore, the cheaper, the better. However, believing this could see you in a very sticky situation later down the line, and actually cost you a lot more money in the long run. Not all critical illness plans are the same. The coverage differs considerably; there are some insurance plans that will only cover you for a very small amount of medical conditions, illnesses, and disabilities. There are then other plans that cover the most rarest conditions and diseases. If you go for the cheapest plan you can find, it is pretty much a certainty that you are going to suffer as a result of a lack of coverage. It is all about striking the right balance and looking for value for money, as opposed to a cheap deal. To find value, you need to compare different policies against each other to see what the insurer is offering you the most for your money. Moreover, don’t forget, that an insurance company offering rates that seem too good to be true must be considered with an air of skepticism. Why are their prices so low?