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Critical illness customers must read the small print
03 December 2007 13:20:18
Independent financial experts IFA Brokers highlighted that critical illness insurance policies and the conditions they cover vary widely, while anyone seeking a premium should do it sooner rather than later.
"Critical illness insurance pays benefits on the diagnosis of certain specified critical illnesses; the range of diseases covered has increased to more than 30, though contracts differ from one company to another," observed a spokesperson for the organisation.
"Policies should cover seven core conditions: cancer, coronary artery bypass, heart attack, kidney failure, major organ transplant, multiple sclerosis and stroke. They will also pay out if a policyholder becomes permanently disabled as a result of injury or illness," the representative continued.
With serious illness affecting one in four women and one in five men before they reach retirement age, critical illness insurance is designed to ease financial pressures by paying a tax-free lump sum if an individual becomes seriously ill or disabled.
IFA Brokers noted that rises in claims and the cost of advances in medical technology have led many insurers to cut back on the conditions they cover, or to impose restrictions on what counts as a critical illness.
Direct Life and Pensions Services Ltd are one of the UK's leading providers of life insurance, term life assurance, mortgage protection, critical illness and life insurance advice online
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