Critical illness insurance Explained

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If young people are healthy and fit, it is difficult to plan the day When this May not be the case, but for which the critical illness insurance is something we all need to consider. Financial security for your family by providing insurance against critical illness, for a few dollars a week, should not in any case does not seem to be important for many of us from these luxury of an extra cup of coffee every day duringlunch.

Studies have shown there is a strong possibility that at some stage in your life you will suffer from a critical illness so most of the critical illness insurance providers now cater for these conditions. Speaking of statistics, recently they have revealed that at least twenty percent of men will suffer from a critical illness before they retire. For women, this figure is slightly lower with only one in six being affected by a

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I've Got Life Insurance - Critical Illness Cover Why do I need?

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If you have a life then you know that a lump sum of money to the beneficiary of the bill is paid, you should pass away suddenly. You probably have this policy for peace of mind in order to reduce the financial burden could be put to death any cargo you have and support them in managing your assets.

Statistically, however, are six times more likely to suffer 65 to die of a disease, as a critic before reaching the age of. Progress infield of medicine mean that today we are now surviving the illnesses that might have meant an early grave for previous generations. In this situation your life insurance is unlikely to be able to assist you, but an alternative is available; you might consider obtaining critical illness cover.

Critical Illness insurance will cover you if you are diagnosed with an illness listed on your policy and, as with life insurance, pay out a Tax-free lump sum. This may help, the disease, no financial difficulties, the sudden diagnosis of a serious, possibly bring. If you are diagnosed with a click high and were not able to continue working longer if it comes to financial problems, you can do more, have a mortgage payment, you can run your own business and the need to organize meet or disease may require additional medical treatments not covered by your health standardInsurance policy.

A critical illness insurance will cover standards for the following diseases: -

° Cancer

· Coronary Bypass

· Connection heart

Of sufficient renal

· Increased transplant organ

· Multiple Sclerosis

° Travel

You can, however, other critical diseases under your policy, you must check withprovider of individual insurance, what other diseases that can be covered.

If, however, that it fairly strict definition of what a certain critical illness, for example, if you suffer, it would be angina. This is not under attack heart section of your policy to come, even if there is a serious heart disease . Moreover, it usually takes to survive your critical illness for at least 28 daysfrom diagnosis to pay for your policy. There are other exceptions to the policy, for example, can not reasonably deny that medical treatment leads to the development of a critical illness.

Include Critical Illness Cover is a fairly simple process to complete the application form you need one, and possibly conduct a medical assessment. The premium will depend on your health at the time the patent applicationwith the history of your family physicians. If you smoke, you're definiately pay higher premiums. around to buy for you, will cover some providers to offer more free your political coverage for children or a common policy can be expensive, is charged as an individual.

© Mike Bromley 2005

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Do I Need Critical Illness Insurance?

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Critical illness insurance is taken out to cover you either for life or for a set period of time against certain critical illnesses, diseases and medical conditions. It differs from life insurance in that life insurance pays out should you die. Critical illness insurance pays if you become physically or mentally impaired through illness or disease.

A policy to cover you for critical illness will pay out a tax free lump sum if you should fall victim to one of the illnesses defined within the policy. All that is needed to make a claim is the diagnosis by your Doctor of one of the illnesses or conditions defined in the policy; there is usually no requirement for you to prove loss of earnings or for you to need any special medical treatment.

Points to consider when thinking of taking out this form of insurance is that the sum and terms are decided at the outset when you take out your policy.

In order for the policy to pay out then you must survive for at least 28 days after the condition or illness has been diagnosed.

Once the set time of the policy has passed and you haven't been diagnosed as having a serious illness or condition then there is no payout and the policy simply ceases.

Before deciding on whether or not to take out critical illness insurance you should take several factors into consideration. The most important thing to decide is how much money you would need if you were to become critically ill and then decide how long you would need the cover for.

You will also have to take into account the various illnesses that are covered as these can vary from company to company. Another thing to take into account is that different companies have different exclusions within the policies so it is important that you read all the small print.

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Critical Illness Plan - Best Choice For Medical Insurance

Planning for bad events is a sensible thing to do in especially when it comes to health; which makes preparing for this by arranging a critical illness insurance policy all the more important. This is a case of providing the essentials of living in today's world for your loved ones in the event of your untimely death.

insurance providers, acting on the statistical information they receive from research institutes now offer this type of protection to every one of their customers.

Speaking of statistics; they have revealed recently that at least twenty percent of men will suffer from a critical condition before they retire. For women, this figure is slightly lower with only one in six being affected by before retirement.

Researchers believe it is people's belief in their invincibility that makes them less likely to start a critical illness plan. Those that take out critical illness cover normally do so to help pay their mortgage repayments if they are no longer able, but this type of plan can now be added directly to mortgage repayments.

Since the advent of the Internet as a marketing and sales tool, insurance companies have promoted their products online and in recent years there has been an increase in online insurance applications. In a rush to provide this type of health coverage, many details are not looked into fully and a number of problems have arisen from attempting to do this online. Even if a policy is applied for online there is still the problem of organizing a physical examination as no insurance provider wants to have existing, possibly expensive medical conditions, to pay out for from the start. Claimants also need to know that if they do make contact to their critical illness insurance provider that they will be listened to with a sympathetic ear.

Of course smokers will pay more for their cover, even if they have given up within the previous year as they are still believed to be in a high risk group. Smoking is considered extremely hazardous to your health but other factors must be considered as well because you may have a dangerous job or pastime, you may be aging or already suffer with poor health.

Of course, no-one can underestimate just how much the financial assistance critical illness insurance can provide for a person who has a terminal illness. No person can guarantee that they will always be there for their family but insurance plans are one way to ease the burden if you are diagnosed with a critical medical condition.

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Critical Illness Plan - Best Choice For Medical Insurance

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Planning for bad events is a sensible thing to do in especially when it comes to health; which makes preparing for this by arranging a critical illness insurance policy all the more important. This is a case of providing the essentials of living in today's world for your loved ones in the event of your untimely death.

insurance providers, acting on the statistical information they receive from research institutes now offer this type of protection to every one of their customers.

Speaking of statistics; they have revealed recently that at least twenty percent of men will suffer from a critical condition before they retire. For women, this figure is slightly lower with only one in six being affected by before retirement.

Researchers believe it is people's belief in their invincibility that makes them less likely to start a critical illness plan. Those that take out critical illness cover normally do so to help pay their mortgage repayments if they are no longer able, but this type of plan can now be added directly to mortgage repayments.

Since the advent of the Internet as a marketing and sales tool, insurance companies have promoted their products online and in recent years there has been an increase in online insurance applications. In a rush to provide this type of health coverage, many details are not looked into fully and a number of problems have arisen from attempting to do this online. Even if a policy is applied for online there is still the problem of organizing a physical examination as no insurance provider wants to have existing, possibly expensive medical conditions, to pay out for from the start. Claimants also need to know that if they do make contact to their critical illness insurance provider that they will be listened to with a sympathetic ear.

Of course smokers will pay more for their cover, even if they have given up within the previous year as they are still believed to be in a high risk group. Smoking is considered extremely hazardous to your health but other factors must be considered as well because you may have a dangerous job or pastime, you may be aging or already suffer with poor health.

Of course, no-one can underestimate just how much the financial assistance critical illness insurance can provide for a person who has a terminal illness. No person can guarantee that they will always be there for their family but insurance plans are one way to ease the burden if you are diagnosed with a critical medical condition.

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Critical Illness Cover, an Important String in Your Financial Protection Bow

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There are many financial protection products to consider but one that can often get overlooked is critical illness cover. We are all aware of the biggest killers in the UK, heart disease and cancer and we all know even if you are lucky enough to survive such an illness it is likely to be a life changing experience, perhaps even to the extent of rendering you unable to work.

If you are critically ill, the last thing you will want to think about are your financial obligations like making monthly loan repayment or covering your mortgage for the fear of losing your home. A critical illness policy can provide you peace of mind in these difficult circumstances.

Critical illness protection can either be used as a standalone product or combined with a life insurance policy. When combined with term assurance the policy is often accelerated which means the policy will pay out either on diagnosis of a critical illness or death but not both, these policies will pay out once only and then terminate - there is no surviving life cover benefit should the policy pay out on diagnosis of one of the listed illnesses.

Similar to a life insurance plan a critical illness policy has a number of different options which will affect the price of your premiums. Like any insurance policy personal factors also affect your rates such as your age, whether you are a smoker and any existing conditions you may have. The terms of the cover can vary considerable from insurer to insurer so it is very important to read the small print.

Where life insurance is very black and white in its cover, it will only pay out on death, the price of a critical illness plan can depend very much on the number of illnesses covered. Depending on the plan you could expect anywhere from 20 up to 38 or so different critical illnesses covered by the plan. Obviously some illnesses have a much higher likelihood of occurring the range of illnesses should always be considered when choosing a plan.

When buying a policy you must choose the length and level of cover, often individuals will want to plan to cover their mortgage so they align the level of cover with the outstanding mortgage and the length with the term of the mortgage. Although critical illness cover can be used to cover a specific debt you can use the cash lump sum however you wish.

Total permanent disability is an additional option to choose on a plan and one that is not always fully understood. It specifies that the policy will payout if you are totally and permanently unable to work in your own occupation due to illness or accident. This could prove very important should you become permanently disabled and the cause not necessarily being one of the covered critical illnesses.

As with life cover you also have the choice of reviewable or guaranteed premiums and whether you want to waiver the premium should you suffer and illness or injury. Like with any insurance policy all the information you should need to make an informed decision can be found in the Key Facts document and policy terms, it is important to understand the differences in the level of cover when comparing policy prices, to help you make comparisons, the key features summary should list the critical illnesses covered in alphabetical order.

A critical illness policy is like any other insurance, there are lots of products on the market from a variety of providers. To find the policy that best fits your needs it may well be worth speaking to an expert.

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Critical Illness Coverage - Should You Add It To Your Health Insurance?

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Planning for bad events is a sensible thing to do in especially when it comes to health. Critical illness insurance might be required someday, so is planning for this really strange? For just a few dollars every week, it is possible to protect your family financially should anything happen to you whereby you will no longer be able to provide for them.

insurance providers, acting on the statistical information they receive from research institutes now offer this type of protection to every one of their customers.

The figures speak for themselves with around twenty percent of men diagnosed with a critical condition before they reach retirement. For women, this figure is slightly lower with only one in six being affected by before retirement.

While a lack of information may be to blame for the low numbers of people that arrange critical illness insurance protection, it is more than likely our belief that it "will not happen to us". The most common application of critical illness coverage is when it is added to a mortgage to ensure that the repayment continue irrespective of the health of the borrower.

Increasingly, the internet is being used to buy insurances online and this is now extending to illnesses that are long term or critical. There are still some teething problems with this type of facility with insurance companies realizing it may not be as easy as they thought. Not surprisingly, insurance providers often require the applicant to undergo a routine examination to clear up any possible existing complaints right from the outset. A common complaint of insurance companies is that they are often insensitive to the plight of their customers and this is not the attitude you want if you are contacting them about your critical illness insurance policy.

One group of high risk people are those that smoke, in fact they usually ask each applicant if they have smoked within the previous year and if the answer is 'yes', they will be rated higher. While smoking is considered a serious risk to a person's health, there are other considerations that are taken into account; for instance your work or pastime may be dangerous, you may be in poor health generally or age may be against you.

Of course, no-one can underestimate just how much the financial assistance critical illness insurance can provide for a person who has a terminal illness. Family responsibilities are never easy but ensuring your family is looked after if you are diagnosed with a terminal condition does not have to cost the earth.

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Critical Illness Coverage - Should You Add It To Your Health Insurance?

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Planning for bad events is a sensible thing to do in especially when it comes to health. Critical illness insurance might be required someday, so is planning for this really strange? For just a few dollars every week, it is possible to protect your family financially should anything happen to you whereby you will no longer be able to provide for them.

insurance providers, acting on the statistical information they receive from research institutes now offer this type of protection to every one of their customers.

The figures speak for themselves with around twenty percent of men diagnosed with a critical condition before they reach retirement. For women, this figure is slightly lower with only one in six being affected by before retirement.

While a lack of information may be to blame for the low numbers of people that arrange critical illness insurance protection, it is more than likely our belief that it "will not happen to us". The most common application of critical illness coverage is when it is added to a mortgage to ensure that the repayment continue irrespective of the health of the borrower.

Increasingly, the internet is being used to buy insurances online and this is now extending to illnesses that are long term or critical. There are still some teething problems with this type of facility with insurance companies realizing it may not be as easy as they thought. Not surprisingly, insurance providers often require the applicant to undergo a routine examination to clear up any possible existing complaints right from the outset. A common complaint of insurance companies is that they are often insensitive to the plight of their customers and this is not the attitude you want if you are contacting them about your critical illness insurance policy.

One group of high risk people are those that smoke, in fact they usually ask each applicant if they have smoked within the previous year and if the answer is 'yes', they will be rated higher. While smoking is considered a serious risk to a person's health, there are other considerations that are taken into account; for instance your work or pastime may be dangerous, you may be in poor health generally or age may be against you.

Of course, no-one can underestimate just how much the financial assistance critical illness insurance can provide for a person who has a terminal illness. Family responsibilities are never easy but ensuring your family is looked after if you are diagnosed with a terminal condition does not have to cost the earth.

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Critical Illness Coverage - Should You Add It To Your Health Insurance?

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Planning for bad events is a sensible thing to do in especially when it comes to health. Critical illness insurance might be required someday, so is planning for this really strange? For just a few dollars every week, it is possible to protect your family financially should anything happen to you whereby you will no longer be able to provide for them.

insurance providers, acting on the statistical information they receive from research institutes now offer this type of protection to every one of their customers.

The figures speak for themselves with around twenty percent of men diagnosed with a critical condition before they reach retirement. For women, this figure is slightly lower with only one in six being affected by before retirement.

While a lack of information may be to blame for the low numbers of people that arrange critical illness insurance protection, it is more than likely our belief that it "will not happen to us". The most common application of critical illness coverage is when it is added to a mortgage to ensure that the repayment continue irrespective of the health of the borrower.

Increasingly, the internet is being used to buy insurances online and this is now extending to illnesses that are long term or critical. There are still some teething problems with this type of facility with insurance companies realizing it may not be as easy as they thought. Not surprisingly, insurance providers often require the applicant to undergo a routine examination to clear up any possible existing complaints right from the outset. A common complaint of insurance companies is that they are often insensitive to the plight of their customers and this is not the attitude you want if you are contacting them about your critical illness insurance policy.

One group of high risk people are those that smoke, in fact they usually ask each applicant if they have smoked within the previous year and if the answer is 'yes', they will be rated higher. While smoking is considered a serious risk to a person's health, there are other considerations that are taken into account; for instance your work or pastime may be dangerous, you may be in poor health generally or age may be against you.

Of course, no-one can underestimate just how much the financial assistance critical illness insurance can provide for a person who has a terminal illness. Family responsibilities are never easy but ensuring your family is looked after if you are diagnosed with a terminal condition does not have to cost the earth.

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Critical Illness Cover, an Important String in Your Financial Protection Bow

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There are many financial protection products to consider but one that can often get overlooked is critical illness cover. We are all aware of the biggest killers in the UK, heart disease and cancer and we all know even if you are lucky enough to survive such an illness it is likely to be a life changing experience, perhaps even to the extent of rendering you unable to work.

If you are critically ill, the last thing you will want to think about are your financial obligations like making monthly loan repayment or covering your mortgage for the fear of losing your home. A critical illness policy can provide you peace of mind in these difficult circumstances.

Critical illness protection can either be used as a standalone product or combined with a life insurance policy. When combined with term assurance the policy is often accelerated which means the policy will pay out either on diagnosis of a critical illness or death but not both, these policies will pay out once only and then terminate - there is no surviving life cover benefit should the policy pay out on diagnosis of one of the listed illnesses.

Similar to a life insurance plan a critical illness policy has a number of different options which will affect the price of your premiums. Like any insurance policy personal factors also affect your rates such as your age, whether you are a smoker and any existing conditions you may have. The terms of the cover can vary considerable from insurer to insurer so it is very important to read the small print.

Where life insurance is very black and white in its cover, it will only pay out on death, the price of a critical illness plan can depend very much on the number of illnesses covered. Depending on the plan you could expect anywhere from 20 up to 38 or so different critical illnesses covered by the plan. Obviously some illnesses have a much higher likelihood of occurring the range of illnesses should always be considered when choosing a plan.

When buying a policy you must choose the length and level of cover, often individuals will want to plan to cover their mortgage so they align the level of cover with the outstanding mortgage and the length with the term of the mortgage. Although critical illness cover can be used to cover a specific debt you can use the cash lump sum however you wish.

Total permanent disability is an additional option to choose on a plan and one that is not always fully understood. It specifies that the policy will payout if you are totally and permanently unable to work in your own occupation due to illness or accident. This could prove very important should you become permanently disabled and the cause not necessarily being one of the covered critical illnesses.

As with life cover you also have the choice of reviewable or guaranteed premiums and whether you want to waiver the premium should you suffer and illness or injury. Like with any insurance policy all the information you should need to make an informed decision can be found in the Key Facts document and policy terms, it is important to understand the differences in the level of cover when comparing policy prices, to help you make comparisons, the key features summary should list the critical illnesses covered in alphabetical order.

A critical illness policy is like any other insurance, there are lots of products on the market from a variety of providers. To find the policy that best fits your needs it may well be worth speaking to an expert.

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Critical Personal Protection Issues - Quality of Insurance Cover

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First of all - the quality of your protection policies.

Protection - the policy conditions minefield

Let's use an example. Dr Cureall, a family man with a large mortgage, has decided it is high time he sorted out his protection requirements.

He wants to know what types of protection there are, and approaches us to ask for advice. We explain there are 3 types of cover:

oLife protection, paying out a lump sum or income over a certain period of time if you die

oCritical Illness protection, a lump sum paid if you have a specified illness or are totally incapacitated

oPermanent Health insurance, an income paid to your normal retirement age (or while you are ill) if you cannot work for health reasons

Dr Cureall decides he would like to cover all eventualities (next newsletter explains why this is a good idea). The cover linked to the mortgage will be a reducing benefit (he has a repayment mortgage), whilst the family income benefit will be indexed to take into account of inflation. The aim here is to pay off the mortgage and leave enough for his wife and children to continue their lives without any financial worries.

So let's look at each type of protection:

Life Cover

This is the easiest type of cover to understand. It pays out a lump sum on death and normally the policy to buy is the cheapest one the Cureall`s can find. They may want guaranteed premiums, which means that the insurance company will not increase their future premiums if they are paying out a lot of claims and need to increase their premium to compansate for this. The alternative is reviewable premiums.

Secondly, and crucially, the policies must be written under trust for the beneficiaries. This means any monies will not form part of Mrs Cureall`s estate, and therefore not compound any inheritance tax issue, but still ensuring the Cureall`s will receive their money (potentially saving thousands of pounds of Inheritance Tax).

In our experience, the majority of life assurance policies are not written under trust.

Critical Illness

This type of protection has become more popular in the last few years, particularly with a view to paying off debt. It is often taken out in conjunction with income protection (PHI).

Since this form of protection is dependant on the number of conditions covered and their wording, there can be a huge difference between companies.

Let's look at a couple of examples:

Heart attacks account for a large percentage of claims. Many companies will insist on there being 'typical chest pain' present for them to pay out amongst other criteria. However, a small proportion of companies do not stipulate this and may be more attractive.

Total Permanent Disability is seen as a 'cover all' if the condition does not fit a specific illness listed in the policy conditions. So if Dr Cureall cannot work then we could assume he'd be covered. Maybe, but not always. Many companies specify in their occupation definitions that the claimant must return to work if they are 'suited' to another job or even worse can perform 'any' type of job.

Not very reassuring if you find you have this type of plan as a doctor or dentist. Where possible, you should make sure the plan has an 'own' occupation definition (which may not normally cost
you any more money).

Permanent Health Insurance

This is a crucial part of protection. Whilst thousands of pounds have been paid in claims over the years, you really do need to be aware of the pitfalls:

o Own occupation not specified

o The classification of occupation increases premiums to far higher levels

o Exclusions such as mental illness

o No "waiver of premium" meaning you still pay your premium on receipt of benefit

o Premiums are not guaranteed, meaning they are vulnerable to increases

o A poor choice of deferment periods (when the income starts to pay out)

o No option of indexed protection to protect from the effects of inflation

It is interesting to note that out of the top 14 companies that would be price competitive for the type of cover discussed, we would typically only use 2 because of the quality issues!

The Financial Tips Bottom Line

It's likely you have bought one or more protection policies.

We're often surprised at how many doctors and dentists have policies with small print NOT working in their favour. We urge you to check your policy documents and make sure you're not paying for something that may not pay out anyway. Over the life of a policy we're usually talking about thousands of pounds, so
don't put it off!

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Critical Personal Protection Issues - Quality of Insurance Cover

Image : http://www.flickr.com

First of all - the quality of your protection policies.

Protection - the policy conditions minefield

Let's use an example. Dr Cureall, a family man with a large mortgage, has decided it is high time he sorted out his protection requirements.

He wants to know what types of protection there are, and approaches us to ask for advice. We explain there are 3 types of cover:

oLife protection, paying out a lump sum or income over a certain period of time if you die

oCritical Illness protection, a lump sum paid if you have a specified illness or are totally incapacitated

oPermanent Health insurance, an income paid to your normal retirement age (or while you are ill) if you cannot work for health reasons

Dr Cureall decides he would like to cover all eventualities (next newsletter explains why this is a good idea). The cover linked to the mortgage will be a reducing benefit (he has a repayment mortgage), whilst the family income benefit will be indexed to take into account of inflation. The aim here is to pay off the mortgage and leave enough for his wife and children to continue their lives without any financial worries.

So let's look at each type of protection:

Life Cover

This is the easiest type of cover to understand. It pays out a lump sum on death and normally the policy to buy is the cheapest one the Cureall`s can find. They may want guaranteed premiums, which means that the insurance company will not increase their future premiums if they are paying out a lot of claims and need to increase their premium to compansate for this. The alternative is reviewable premiums.

Secondly, and crucially, the policies must be written under trust for the beneficiaries. This means any monies will not form part of Mrs Cureall`s estate, and therefore not compound any inheritance tax issue, but still ensuring the Cureall`s will receive their money (potentially saving thousands of pounds of Inheritance Tax).

In our experience, the majority of life assurance policies are not written under trust.

Critical Illness

This type of protection has become more popular in the last few years, particularly with a view to paying off debt. It is often taken out in conjunction with income protection (PHI).

Since this form of protection is dependant on the number of conditions covered and their wording, there can be a huge difference between companies.

Let's look at a couple of examples:

Heart attacks account for a large percentage of claims. Many companies will insist on there being 'typical chest pain' present for them to pay out amongst other criteria. However, a small proportion of companies do not stipulate this and may be more attractive.

Total Permanent Disability is seen as a 'cover all' if the condition does not fit a specific illness listed in the policy conditions. So if Dr Cureall cannot work then we could assume he'd be covered. Maybe, but not always. Many companies specify in their occupation definitions that the claimant must return to work if they are 'suited' to another job or even worse can perform 'any' type of job.

Not very reassuring if you find you have this type of plan as a doctor or dentist. Where possible, you should make sure the plan has an 'own' occupation definition (which may not normally cost
you any more money).

Permanent Health Insurance

This is a crucial part of protection. Whilst thousands of pounds have been paid in claims over the years, you really do need to be aware of the pitfalls:

o Own occupation not specified

o The classification of occupation increases premiums to far higher levels

o Exclusions such as mental illness

o No "waiver of premium" meaning you still pay your premium on receipt of benefit

o Premiums are not guaranteed, meaning they are vulnerable to increases

o A poor choice of deferment periods (when the income starts to pay out)

o No option of indexed protection to protect from the effects of inflation

It is interesting to note that out of the top 14 companies that would be price competitive for the type of cover discussed, we would typically only use 2 because of the quality issues!

The Financial Tips Bottom Line

It's likely you have bought one or more protection policies.

We're often surprised at how many doctors and dentists have policies with small print NOT working in their favour. We urge you to check your policy documents and make sure you're not paying for something that may not pay out anyway. Over the life of a policy we're usually talking about thousands of pounds, so
don't put it off!

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Critical Claims Statistics for Critical Illness Cover

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Any form of insurance can be seen as a risk.

You pay a monthly or annual premium to an insurance company for a set amount of cover, effectively passing the risk to the insurance company. As long as you pay the premiums you'll continue to be covered, for whatever purpose.

When it comes to protecting YOURSELF in the form of life assurance, critical illness cover, permanent health insurance or private health insurance you really do need to take the time to do your research (or pay someone to do it for you) as this form of cover is not the type that you'll normally be shopping around for on an annual basis.

For example, once you've applied for and been accepted for income protection cover it's unlikely that you'll change the plan or company that you're insured with in the future as the cover is based on your age and health at the time you apply.

One of the factors that you may not have included in your research is the actual claims history of the insurance company that you choose. After all, if you put in a claim you'll want to know what your chances of a payout are going to be.

During the last 2-3 years more insurance companies have been publishing their claims statistics. This is crucial information as it gives you the opportunity to understand which conditions are being claimed for the most (so you can ensure that your plan covers these conditions and the wording of these conditions is competitive when compared to all other providers).

Fortunately, the Association of British Insurers (ABI) publishes a set of definitions for 20 conditions (see below) and registered insurers who cover any of these conditions must comply with, or surpass, the ABI definition.

The 20 conditions:

-Cancer

-Heart attack

-Major organ transplant

-Stroke

-Coronary artery by-pass

-Kidney failure

-Multiple sclerosis

-Aorta graft surgery

-Blindness

-Deafness

-Loss of limbs

-Benign brain tumour

-Coma

-Heart valve replacement or repair

-Loss of speech

-Motor neurone disease

-Paralysis/paraplegia

-Parkinson's disease

-Terminal illness

-Third degree burns

Many companies also cover additional conditions, including bacterial meningitis and pre-senile dementia.

Skandia, one of the leading providers in the critical illness market, have recently released their claims statistics (covers claims up to 1 February 2007).

They have:

-Paid 1920 claims totalling over £182m

-The average age of claimants is 46

-On average a policy is in force for 4.7 years prior to a claim

The most common claims are for:

-Cancer, 59%

-Heart attack, 15%

-Heart surgery, 8%

-Stroke, 7%

The most common forms of cancer claimed for are:

-Breast cancer, £23m

-Lower intestine, £11m

-Malignant melanoma, £9m

-Prostate, £7m

They have paid 88% of claims, with the remainder being declined for the claim either not meeting the definition (10%) or where the applicant did not disclose all the information required at the time of application (2%).

The Financial Tips Bottom Line

If you currently have ANY form of personal protection policy, it makes sense to review your plan(s) to ensure the cover you have is competitive and suitable for your circumstances. If you don't yet have cover make sure you do thorough research before you buy a policy.

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About facts Critical Illness Insurance

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But planning for any eventuality regarding your health is a wise decision, a growing number of people are arranging critical illness insurance to contribute to peace of mind should the worst happen. For a few dollars a week, you can protect your family financially to happen, when no longer able to care for them. Unfortunately, insurance companies, despite a longer life, we are not generally healthier and more hoursprovide coverage of routine in their policies, because it is a relatively high probability of a serious illness.

Some studies have highlighted the problem with almost one in five men when they retire with a serious illness. Although women do a little 'better with a good chance in six is not for reading. Lack of knowledge or belief in the possibility of contracting a disease like this could be the main reason why so few adultsCritical illness insurance protection for insurance companies. This type of policy designed to protect people in your area who love you, but the main reason why people organize critical illness cover mortgage repayments is certainly not obsolete.

In deciding these days more and more people use the Internet to their plans and arrange insurance cover in recent times for critical illness has alsoavailable. For obvious reasons, there are certain things that require physical evidence so that the sail these plans are not always easy to organize. For many insurers that want to offer this type of communication, an applicant for a medical examination by an independent doctor who has to make sure that there is nothing wrong from the beginning. If you have a question about your critical illness insurance to have is the last thing you want or insensitivity obviously not the cooperation of your insurance company.

Some groups of people who fall into high risk, such as those that can, for example, and the smoke are considered more for their coverage. It 'true that smoking as a serious threat to the health of a person, there are other considerations are taken into account, for example, the work or pastime may be dangerous, it can be generally in poor health or age may be against you. However, the application of critical> Health insurance is to ensure that even when diagnosed with a terminal illness, you need surgery or even a period of unemployment, the benefits will be forthcoming to cover living expenses. For people with families, it was not even a discussion on the fact that this type of plan must be agreed that it should be?

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Critical Personal Protection Issues - Quality of Insurance Cover

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First of all - the quality of your protection policies.

Protection - the policy conditions minefield

Let's use an example. Dr Cureall, a family man with a large mortgage, has decided it is high time he sorted out his protection requirements.

He wants to know what types of protection there are, and approaches us to ask for advice. We explain there are 3 types of cover:

oLife protection, paying out a lump sum or income over a certain period of time if you die

oCritical Illness protection, a lump sum paid if you have a specified illness or are totally incapacitated

oPermanent Health insurance, an income paid to your normal retirement age (or while you are ill) if you cannot work for health reasons

Dr Cureall decides he would like to cover all eventualities (next newsletter explains why this is a good idea). The cover linked to the mortgage will be a reducing benefit (he has a repayment mortgage), whilst the family income benefit will be indexed to take into account of inflation. The aim here is to pay off the mortgage and leave enough for his wife and children to continue their lives without any financial worries.

So let's look at each type of protection:

Life Cover

This is the easiest type of cover to understand. It pays out a lump sum on death and normally the policy to buy is the cheapest one the Cureall`s can find. They may want guaranteed premiums, which means that the insurance company will not increase their future premiums if they are paying out a lot of claims and need to increase their premium to compansate for this. The alternative is reviewable premiums.

Secondly, and crucially, the policies must be written under trust for the beneficiaries. This means any monies will not form part of Mrs Cureall`s estate, and therefore not compound any inheritance tax issue, but still ensuring the Cureall`s will receive their money (potentially saving thousands of pounds of Inheritance Tax).

In our experience, the majority of life assurance policies are not written under trust.

Critical Illness

This type of protection has become more popular in the last few years, particularly with a view to paying off debt. It is often taken out in conjunction with income protection (PHI).

Since this form of protection is dependant on the number of conditions covered and their wording, there can be a huge difference between companies.

Let's look at a couple of examples:

Heart attacks account for a large percentage of claims. Many companies will insist on there being 'typical chest pain' present for them to pay out amongst other criteria. However, a small proportion of companies do not stipulate this and may be more attractive.

Total Permanent Disability is seen as a 'cover all' if the condition does not fit a specific illness listed in the policy conditions. So if Dr Cureall cannot work then we could assume he'd be covered. Maybe, but not always. Many companies specify in their occupation definitions that the claimant must return to work if they are 'suited' to another job or even worse can perform 'any' type of job.

Not very reassuring if you find you have this type of plan as a doctor or dentist. Where possible, you should make sure the plan has an 'own' occupation definition (which may not normally cost
you any more money).

Permanent Health insurance

This is a crucial part of protection. Whilst thousands of pounds have been paid in claims over the years, you really do need to be aware of the pitfalls:

o Own occupation not specified

o The classification of occupation increases premiums to far higher levels

o Exclusions such as mental illness

o No "waiver of premium" meaning you still pay your premium on receipt of benefit

o Premiums are not guaranteed, meaning they are vulnerable to increases

o A poor choice of deferment periods (when the income starts to pay out)

o No option of indexed protection to protect from the effects of inflation

It is interesting to note that out of the top 14 companies that would be price competitive for the type of cover discussed, we would typically only use 2 because of the quality issues!

The Financial Tips Bottom Line

It's likely you have bought one or more protection policies.

We're often surprised at how many doctors and dentists have policies with small print NOT working in their favour. We urge you to check your policy documents and make sure you're not paying for something that may not pay out anyway. Over the life of a policy we're usually talking about thousands of pounds, so
don't put it off!

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Critical Claims Statistics for Critical Illness Cover

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Any form of insurance can be seen as a risk.

You pay a monthly or annual premium to an insurance company for a set amount of cover, effectively passing the risk to the insurance company. As long as you pay the premiums you'll continue to be covered, for whatever purpose.

When it comes to protecting YOURSELF in the form of life assurance, critical illness cover, permanent health insurance or private health insurance you really do need to take the time to do your research (or pay someone to do it for you) as this form of cover is not the type that you'll normally be shopping around for on an annual basis.

For example, once you've applied for and been accepted for income protection cover it's unlikely that you'll change the plan or company that you're insured with in the future as the cover is based on your age and health at the time you apply.

One of the factors that you may not have included in your research is the actual claims history of the insurance company that you choose. After all, if you put in a claim you'll want to know what your chances of a payout are going to be.

During the last 2-3 years more insurance companies have been publishing their claims statistics. This is crucial information as it gives you the opportunity to understand which conditions are being claimed for the most (so you can ensure that your plan covers these conditions and the wording of these conditions is competitive when compared to all other providers).

Fortunately, the Association of British Insurers (ABI) publishes a set of definitions for 20 conditions (see below) and registered insurers who cover any of these conditions must comply with, or surpass, the ABI definition.

The 20 conditions:

-Cancer

-Heart attack

-Major organ transplant

-Stroke

-Coronary artery by-pass

-Kidney failure

-Multiple sclerosis

-Aorta graft surgery

-Blindness

-Deafness

-Loss of limbs

-Benign brain tumour

-Coma

-Heart valve replacement or repair

-Loss of speech

-Motor neurone disease

-Paralysis/paraplegia

-Parkinson's disease

-Terminal illness

-Third degree burns

Many companies also cover additional conditions, including bacterial meningitis and pre-senile dementia.

Skandia, one of the leading providers in the critical illness market, have recently released their claims statistics (covers claims up to 1 February 2007).

They have:

-Paid 1920 claims totalling over £182m

-The average age of claimants is 46

-On average a policy is in force for 4.7 years prior to a claim

The most common claims are for:

-Cancer, 59%

-Heart attack, 15%

-Heart surgery, 8%

-Stroke, 7%

The most common forms of cancer claimed for are:

-Breast cancer, £23m

-Lower intestine, £11m

-Malignant melanoma, £9m

-Prostate, £7m

They have paid 88% of claims, with the remainder being declined for the claim either not meeting the definition (10%) or where the applicant did not disclose all the information required at the time of application (2%).

The Financial Tips Bottom Line

If you currently have ANY form of personal protection policy, it makes sense to review your plan(s) to ensure the cover you have is competitive and suitable for your circumstances. If you don't yet have cover make sure you do thorough research before you buy a policy.

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Do I Need Critical Illness Insurance?

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Critical illness insurance is taken out to cover you either for life or for a set period of time against certain critical illnesses, diseases and medical conditions. It differs from life insurance in that life insurance pays out should you die. Critical illness insurance pays if you become physically or mentally impaired through illness or disease.

A policy to cover you for critical illness will pay out a tax free lump sum if you should fall victim to one of the illnesses defined within the policy. All that is needed to make a claim is the diagnosis by your Doctor of one of the illnesses or conditions defined in the policy; there is usually no requirement for you to prove loss of earnings or for you to need any special medical treatment.

Points to consider when thinking of taking out this form of insurance is that the sum and terms are decided at the outset when you take out your policy.

In order for the policy to pay out then you must survive for at least 28 days after the condition or illness has been diagnosed.

Once the set time of the policy has passed and you haven't been diagnosed as having a serious illness or condition then there is no payout and the policy simply ceases.

Before deciding on whether or not to take out critical illness insurance you should take several factors into consideration. The most important thing to decide is how much money you would need if you were to become critically ill and then decide how long you would need the cover for.

You will also have to take into account the various illnesses that are covered as these can vary from company to company. Another thing to take into account is that different companies have different exclusions within the policies so it is important that you read all the small print.

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Critical Illness Cover Anticipates the Doctor's Diagnosis

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It's a scene that most of us are likely to dread; a visit to the doctor's surgery where we're given the diagnosis of an illness. The world may well feel as though its been stood on its head, but as the dust begins to settle, our thoughts turn to practical matters such as whether we are able to continue in work, for how long and where on earth the support might come from if the working hours are reduced or cease altogether. Is the home in need of adaptation to suit our medical condition and is additional care or nursing support likely to be needed? Etc. CI cover might help to address these and other questions.

What is a critical illness?

The term might be used quite regularly by your doctor, nurses, members of the family, and others, but what medical conditions are defined as a "critical illness"? In an insurance contract, of course, there needs to be a very specific definition since the diagnosis of such is the sole criterion for the policy paying out.

Whilst it is true that any insurance offering critical illness cover does indeed closely define the qualifying conditions, the fact is that different policies are likely to adopt different definitions. The list of critical - major or debilitating illnesses for which there is unlikely to be a lasting remedy - might range quite widely from one insurer to another. When considering critical illness cover, therefore, it is important to understand just which illnesses any particular policy embraces.

How much cover?

The amount of benefit you are likely to need following the diagnosis of a critical illness depends, of course, on the nature of that illness (and, therefore, your physical capacity), your needs and your circumstances. In short, therefore, it is difficult to be precise in any such calculation. Since the size of any serious illness insurance payout is determined by the amount you are prepared - or able - to pay in monthly premiums, however, the choice is often determined by what you can afford and the age-old adage that "something is better than nothing".

How does it work?

The insurance works in a simple way; if you are diagnosed with a critical illness (as defined in the policy document's list of such illnesses and conditions), the policy pays out a tax-free lump sum to you. As already mentioned, the amount of that pay out is determined by the amount you have been paying in monthly premiums.

A further point to bear in mind is that, just like term life insurance, critical illness cover is typically written for a specific number of years (once again, the "term" of the insurance). Thus, if you are diagnosed with a critical illness within, say, a twenty-year term, the insurance policy pays out the previously agreed lump sum. If no such diagnosis is reached during the insured term, then no payout at all is made by the insurer.

As might be seen, therefore, there are a number of similarities in the way in which illness cover and life insurance operate. Indeed, many insurers offer the option of a combined critical illness and life insurance policy. In that case, you are covered - and your dependants are also more financially secure - in the event either of your contracting a critical illness or dying within a stated term (although such policies are typically restricted to a single payout).

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Critical Illness Insurance - Do You Worry?

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Do you ever worry about how your loved ones would cope if you were severely ill or gone one day? It is an unpleasant thought, but something very crucial to think about. Sure you know there are a number of good friends and reliable family members that will take care of them during their troubled times but what about financially? What about the expensive hospital bills and treatment expense? How do you know for how long you will be in a critical state? These things are all to be thought about and precautions can be taken to financially protect your family when they need it the most. Critical illness is a tax free lump sum of money, your family can benefit if you become seriously ill. Critical illness refers to conditions such as cancer, heart attack, critical disease, coronary artery bypass surgery, kidney failure, multiple sclerosis, stroke, major organ transplant and permanent severe injury.

You will have to check with the insurance company what type of conditions they cover because each critical illness insurance policy is different. Certain medical conditions with policies are not covered. Some of the medical conditions that don't apply to the policy include certain types of tumours, angina, non invasive skin cancer, lymphoma, Kaposi's sarcoma, and HIV. A financial boost is necessary during difficult times so it is essential to plan out and prepare for the hardships of your life by looking into critical illness insurance policies that will cover your needs. Critical illness cover can be obtained by individuals between the ages of 17 and 70. There are policies that are for a specific time period or you can also sign policies that are valid for life. A critical illness insurance claim can usually be made only 3 months after the policy has been signed.

A medical examination usually needs to be done before you sign an insurance policy for critical illness. Once the insurers have the assurance that you have a clean bill of health, they will accept you for being covered under a critical illness policy. They also will need to examine your past medical history and family history to determine what medical conditions can be covered. You will have to pay higher premiums if you are a smoker. Drug abuse, suicide, self inflicted injury and criminal behaviour will not be covered under your critical illness insurance policy.

The cheapest policy will probably cover only a few medical conditions. The more expensive policies will cover everything from A to Z, so the insurers get the satisfaction of charging you high premiums. It is best to stick to an insurance policy that covers a medium range of medical conditions and some important serious conditions. Read all the terms and conditions to fully understand what is covered and what is not. There are policies which can cover children if they need to be hospitalized. If you do have children, ensure your family is covered under the policy you choose. Check the premium trends and make sure they are fixed and will not increase after a few years. Try and search for critical illness insurance plans that provide guaranteed premiums. Obtain the key feature document from each of the insurers you are investigating to compare one policy from another and find the one that suits your budget.

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Critical Illness Cover Anticipates the Doctor's Diagnosis

Image : http://www.flickr.com

It's a scene that most of us are likely to dread; a visit to the doctor's surgery where we're given the diagnosis of an illness. The world may well feel as though its been stood on its head, but as the dust begins to settle, our thoughts turn to practical matters such as whether we are able to continue in work, for how long and where on earth the support might come from if the working hours are reduced or cease altogether. Is the home in need of adaptation to suit our medical condition and is additional care or nursing support likely to be needed? Etc. CI cover might help to address these and other questions.

What is a critical illness?

The term might be used quite regularly by your doctor, nurses, members of the family, and others, but what medical conditions are defined as a "critical illness"? In an insurance contract, of course, there needs to be a very specific definition since the diagnosis of such is the sole criterion for the policy paying out.

Whilst it is true that any insurance offering critical illness cover does indeed closely define the qualifying conditions, the fact is that different policies are likely to adopt different definitions. The list of critical - major or debilitating illnesses for which there is unlikely to be a lasting remedy - might range quite widely from one insurer to another. When considering critical illness cover, therefore, it is important to understand just which illnesses any particular policy embraces.

How much cover?

The amount of benefit you are likely to need following the diagnosis of a critical illness depends, of course, on the nature of that illness (and, therefore, your physical capacity), your needs and your circumstances. In short, therefore, it is difficult to be precise in any such calculation. Since the size of any serious illness insurance payout is determined by the amount you are prepared - or able - to pay in monthly premiums, however, the choice is often determined by what you can afford and the age-old adage that "something is better than nothing".

How does it work?

The insurance works in a simple way; if you are diagnosed with a critical illness (as defined in the policy document's list of such illnesses and conditions), the policy pays out a tax-free lump sum to you. As already mentioned, the amount of that pay out is determined by the amount you have been paying in monthly premiums.

A further point to bear in mind is that, just like term life insurance, critical illness cover is typically written for a specific number of years (once again, the "term" of the insurance). Thus, if you are diagnosed with a critical illness within, say, a twenty-year term, the insurance policy pays out the previously agreed lump sum. If no such diagnosis is reached during the insured term, then no payout at all is made by the insurer.

As might be seen, therefore, there are a number of similarities in the way in which illness cover and life insurance operate. Indeed, many insurers offer the option of a combined critical illness and life insurance policy. In that case, you are covered - and your dependants are also more financially secure - in the event either of your contracting a critical illness or dying within a stated term (although such policies are typically restricted to a single payout).

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