Critical Illness - Critical Illness Insurance
Critical illness insurance is one of the many specialist areas of protection we offer at Unbeatable Quote UK. Along with life insurance, mortgage payment insurance and income protection. Unbeatable Quote UK is based in Wetherby near Leeds in the North of England. We specialise in the protection insurance market, this gives us valuable knowledge and experience in this field. We can then turn this knowledge and experience into offering our clients the best policy available. We are part of one of the largest networks in the UK giving us access to the majority of the best life insurance providers. When looking at life and critical illness products and critical illness insurance in particular it is important to understand exactly what you are getting.
What makes us different from a lot of internet brokers is our specialist online quotation engine. This enables our clients to receive a quote for critical illness cover, or what ever form of protection they are looking for 24 hours a day 7 days a week. In addition to the specialist life insurance quote engine we also have many years experience in the protection market. This experience enables us to provide you with the best advice that ensures that you get the correct policy that matches your needs. With the protection market being so complex it is important that you get the right policy. A lot of the plans have similar names but can cover you for totally different things. We can point you in the right direction and make sure you get exactly what you need. Critical illness cover is one of the main policies that you are likely to need help in deciding on.
So what is critical illness ? It is a form of protection that will pay you a cash sum if you were diagnosed with one of a number of specified illness within the term of the contract. The actual critical illness covered in the plan is purely dependent on the company chosen to offer the cover. Some of the protection and life insurance providers cover 27 conditions and some of the providers can go up to 40 illness that they will pay the lump sum out on. When taking out the policy it is important that you get a number of different areas correct. The life insurance policy can be taken to remain level throughout its term so the sum assured will remain constant, this type of plan could be used to provide for your family or if you were to have an interest only mortgage for example.
You can also decide to take your critical illness policy on a decreasing basis, this means the plan will decrease along side your repayment mortgage and always cover the outstanding liability. This can often be a lot more cost effective than a level policy and still give the plan holder the peace of mind that if the worse was to happen that the plan would cover the liability. After all if the critical illness policy paid your mortgage off this would give peace of mind and enable you to concentrate on trying to live a normal life. The decrease can be set to mirror your mortgage both the outstanding term and the outstanding sum assured. This will enable you to plan for the future.
In addition to doing you critical illness quote we can offer quotes for a number of other protection areas. We do life insurance, this is a policy that can be taken that would pay out a cash sum if you were to die or be diagnosed with a terminal illness within the term of the contract. Once again as with the critical illness quote life insurance can be taken on a level basis to help protect your family or an interest only mortgage; this can be more expensive as the contract will always guarantee to pay a certain sum assured out. You can also take the decreasing option with life cover, this as mentioned previously will enable you to receive a decreasing lump sum that is designed to pay off a loan or mortgage. The majority of these life insurance policies can only be taken from a term of 10 to 40 years. So long as you’re under the age of 85 when the policy is started. You don’t have to just cover yourself with the policy. There is the option to take out a joint policy. The joint policies are ideal for husband and wife or partners. This would protect the other partner in the event of death. For example if a husband and wife were to take a joint policy, if the husband were to pass away then the policy would pay to the remaining wife. The funds the wife received, it is up to her to what to do with them. She could pay off her mortgage or help get her life back on track again.
If you so wish you could combine these two policies this is life and critical illness. This type of protection plan will pay out if you suffer from one of the specific illnesses or if you were to die within the specific term. By combining the two plans this can give the client a saving in some circumstances. Once again there is the option to take a level plan where a level lump sum would be paid or to take a decreasing plan that would cover a loan or mortgage. If required you can also take a joint life policy and once again this is ideal for husband and wife or partners. The most common joint policy is often known as joint life first death or illness. This means that the policy would pay when the first of the policyholders were to die or to suffer illness.
Decreasing critical illness insurance is also sometimes known as mortgage critical illness cover and the cover designed specifically to run alongside your mortgage this is very popular with mortgage holders as it gives peace of mind and offers protection to what is for most of us our biggest debt. Mortgage critical illness cover or decreasing critical illness insurance designed for a repayment mortgage however and should you have an interest only mortgage you will need to take term critical illness cover. Term critical illness cover ensures that the sum assured remains constant throughout the term of the plan. As the population is getting older those whom are a little older can also get critical illness insurance and many providers do over 50 and 60 critical illness. Over 50 and 60 critical illness is very popular as the lengths of mortgages have extended and many of us have liabilities for a lot longer period of time than previously.
When taking critical illness cover or Income Protection there is also one other option to consider. This is if you require a reviewable or a guaranteed premium. A reviewable premium is one that is reviewed by the insurance provider normally every 5 years. The provider after 5 years can decide to make a number of decisions; they could decide to keep the policy premium the same. They could decide to reduce the premium or they could decide to put the premium up. The decision to alter the premium is purely based on the claims history of the company concerned in the previous 5 years. The other option that could be taken is a guaranteed premium. A guaranteed premium is where the insurance provider decide to guarantee the premium for the full term of the policy. This is often more expensive than a reviewable premium however it can offer peace of mind that no matter what happens the premium can’t be changed.
The other types of insurance along with critical illness insurance and life insurance that we have not discussed are mortgage payment protection. This is a policy that is designed to protect your mortgage payment should you fall sick or get made unemployed. The plan will cover that mortgage payments over a short term period until you are better and able to return to work or until you get another job. These type of polices are designed to cover the monthly repayment. Often confused with mortgage payment insurance is income protection insurance. Income protection is more of a long term cover, this is can pay you a regular income if you suffer illness accident or injury. This illness, accident or injury would have to make you unable work and suffer a loss of earnings. The policy works by you choosing the amount of income benefit you need and the time scale the policy should last for. You can also decide if you want to increase the amount covered per year. The amount of cover taken should be based on the level of earnings you had prior to the incapacity that is stopping you from working. If is very important that with this type of life insurance protection that you do not take too much cover. The interesting thing about this is that the life and critical illness cover is provided for the full term of the contract no matter how many claims are made during that period of time.
Term Critical Illness Insurance - Mortgage Critical Illness Cover - Decreasing Critical Illness Insurance
Mortgage critical illness cover can be extremely important. Anyone should consider having protection when it comes to mortgage critical illness insurance. You may have substantial savings, or multiple sources of income. If not, mortgage critical illness cover in the UK would probably make sense.
How much insurance that someone chooses to have, will depend on various circumstances. Different people will need different sums depending on their individual situation in the event of a critical illness. Maybe you need to pay off a mortgage or make home changes.
Decreasing critical illness insurance in the UK, is a plan that reduces your coverage over time instead of increases it. You do not want to be paying for anymore than you need, but you want to have adequate coverage that will not leave you short.
Decreasing critical illness insurance can come in joint policies. An example would be adding a spouse. Some policies may only pay for one person who is critically ill. Because of this, you need to be cautious. Some policies will cover your children once they hit a certain age. Make sure to read the fine print when it comes to any policy. You need to know the ins and outs before committing.
Some forms of term critical illness cover in UK will include disability. This will help you if you become unable to work due to an injury.
These will cover situations that aren’t in the policy as well.
You must look at other insurances that you have as well. If you have a term critical illness cover, it may overlap with your income protection insurance. Even though this may sound like a disadvantage, it is not in many cases. Adding a disability clause will help you pay off your mortgage and bills with a lump sum. If you choose to go with income protection insurance, you will be given the money to pay the premiums. You really need to weigh the advantages that adding a disability clause can do for you. Critical Illness and life cover is a very popular form of protection insurance; it can help protect you in what can be a very stressful situation. The plan will offer protection in what can be a very stressful situation. This could mean term critical illness cover or mortgage critical illness cover. Term critical illness cover is designed to remain level throughout the term of plan and this is ideal to provide family protection or cover an interest only mortgage.