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.

Brokers Online offers cutting edge articles and information about Life Insurance, health insurance and loans.
further than the huge 70% increase in premiums experienced during recent years. For many, families critical illness insurance has plainly priced itself out of the market.

Its not as if critical illness insurance is a bad idea. After all it pays out a tax-free capital sum if the policyholder is diagnosed with one of the many serious and critical illnesses listed on the policy. ( loans ) The only condition is that the policyholder survives at least 28 days from diagnosis*. (*Note: a few policies have a 14 day survival period.)

Most policies have an extensive list of illnesses that are insured although about 60% of claims are for cancer. This is not surprising as 1 in every 3 people will develop cancer sometime in their life. ( mortgages ) In fact when you look at the concept of Critical illness insurance you can easily make a case for everyone living on earned income to own a policy. Its designed to give you a pot of capital to live on if very serious illness were to prevent you from working normally. Most people would need money under that situation.

The hikes in the premiums are a result of the continual advances in medical science and treatment. These advances have meant that many illnesses that proved fatal in the past are ( cheap mortgages ) becoming quicker to detect and easier to treat. This has resulted in the insurance companies paying out earlier on claims and on illnesses which now are not necessarily debilitating - which was the original purpose of critical illness insurance.

To give you a better idea of the sort of illnesses were talking about, heres a ( remortgages ) typical list of illnesses covered by critical illness insurance: -

Alzheimers Disease (life insurance)

Aorta Graft surgery

Bacterial Meningitis

Blindness

Brain Tumour

Cancer

CJD

Coma

Coronary Artery by-pass surgery (car insurance cover)

Coronary Artery Angioplasty

Deafness

Heart attack

Heart Valve replacement/repair

HIV/AIDS resulting from blood transfusion

Inability to perform your duties of occupation

Kidney failure (pet insurance)

Leukaemia

Loss of limbs

Loss of speech

Major organ transplant

Motor Neuron diseases

Multiple Sclerosis

Occupational HIV/AIDS

Paralysis (life insurance)

Paraplegia

Parkinsons disease

Stroke

Third Degree burns

Any illness that results in Total and Permanent disability

Click here for part 2