Posts Tagged ‘critical illness quote’

I am thinking about applying for critical illness insurance what is the process ?

Monday, November 10th, 2008

Crticial illness insurance is something that has changed with the advent of the internet. Previously prior to the internet you would visit your local financial advisor or your local bank and see what they had on offer. They were often tied to one particular company and you had little or no choice over the policy that you recieved. The pricing of this was also normally fixed so there was no opportunities to obtain a good deal.

Nowadays however things are very different, with a few clicks of the mouse you can obtain a critical illness quotation from a range of different providers. Each one of which have very different contracts and will cover you for a wide range of critical illnesses. Obviously with this choice in the market we now have this brings competition between providers and brokers so this drives the price down for you and the contract you are buying.

Once you have looked through the different quotes you can decide what contract you want to take, and many of the online brokers will allow you to complete the application for the insurance online. If not they will normally send it out in the post or they will complete it over the telephone with you. Once the application and normally direct debit is completed it will be sent for underwriting with the specific company that you decide to go with. The underwriting process can be straight forward or can sometimes be quite complex. This is all dependent on your medical history normally. The company could decide to go get your medical records or they could ask for a short medical exam. They also will just accept the case based on the information given in the application form.

Once the case is accepted the insurance broker will come back and arrange an appropriate start date. This can then be started at your convenience.

Critical Illness Insurance

Thursday, November 6th, 2008

Well you are thinking about critical illness insurance, there are so many things to think about and to understand and this is on top of deciding what contract to go for and with which provider.

Well first things first do your research ! Gather as much information as you can about critical illness insurance first, read about the illnesses that are covered and understand what will consitute a pay out and what will not.

There are literally hundreds of plans available, all with different quirks and different parts to them. What you need to understand is that the majority of claims are for heart attack, cancer and stroke and because of recent change in legislation within the UK the ABI have made these compulsary inclusions in all plans. 

Critical illness plans have anyhwere between 25 to 40 critical illnesses covered within them and it is important that you understand what is covered in the particular contract you have decided to take. Ask for the policy summary and many providers can give you a provider coverage chart, these are fantastic at showing you exactly what is covered in each individual contract and you can see right in front of you who covers what and the comparisons of both.

An interesting part of the majority of critical illness contracts is childrens cover, this means that if you have a child that is naturally yours or legally adopted they too are covered under your plan. They will not normally recieve a full payment it is normally worked out as an average of the cover normally upto about £20,000. The children are covered for all of the illnesses in the contract and you can have upto a maximum of 2 claims throughout the lifetime of the policy.

In conclusion get your research done and understand your options first.