Summary

Premiums for critical illness insurance have risen dramatically in recent years. Now it looks as if the insurers are coming up with ideas to make cover more affordable for the masses.

Big changes on the horizon for Critical Illness Insurance. Part 2

Author: Michael Challiner

Rather late in the day, insurance companies realised

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that they're going to get nowhere marketing policies that people can't or won't afford, and where they can't afford to lower prices. So at last it now looks as if the big insurers such as Scottish Widows, are considering a break through - ( home insurance ) splitting the cover so that prospective policyholders can choose which illnesses he or she wants to insure for. It's like "menu pricing" - each insurable illness would be listed and each would have a price. You simply choose which illnesses you want to insure for.

Whether menu pricing proves popular will very much depend on the cost. For example, we know that cancer accounts for around 60% of current claims. That being the case, we'd expect the ( personal loans ) premium for insuring just against cancer to be around 40% cheaper than a fully comprehensive critical illness policy covering the sort of list shown earlier. We'll have to wait and see.

If you're interested in critical illness insurance and want to know how much it'd cost, you'll find the cheapest quotes on the Internet. Especially take a look at the independent discounting ( loans ) brokers who deal with all the UK insurance providers. These brokers check out the whole market for you entirely without obligation, come up with the cheapest insurance company, and then discount their price. Usually they'll also give you some useful personal ( cheap mortgages ) advice on the phone as some policies do vary in the illnesses they cover and you might want to discuss that issue.