http://www.artwoo.com Returned search results for critical illness insurance Copyright 2008 Fri, 05 Dec 2008 03:13:05 +0000 http://www.artwoo.com/rss/critical+illness+insurance http://www.artwoo.com/article/critical-illness-insurance-another-scam http://www.artwoo.com/article/critical-illness-insurance-another-scam#comments Wed, 09 Aug 2006 08:27:28 +0000 critical illness insuranceinsurance policyuk insuranceinsurance providerinsurance premiumsmoreoverillnesses http://www.artwoo.com/article/critical-illness-insurance-another-scam critical illness insurance may well be one of the wisest and astute financial decisions you make.

What Is Critical Illness Insurance?

In short, a critical illness insurance policy is very much like any other insurance policy you take out. Here, however, your premiums go towards insuring that you do not contract a critical illness. In the event that you do contract a critical illness, your UK insurance provider will pay you out a tax-free lump sum to help you cover the day-to-day costs of having to live with your new medical condition.

Are There Any Limitations With Critical Illness Insurance?

Yes; it is essential that you look at the list of critical illnesses that your insurance policy covers, as these will be the only illness under which the policy will pay-out. In other words, the UK insurance provider will not pay-out on the policy simply because you have a doctor's certificate that you have a critical illness, it needs to be one of the designated critical illness.

Moreover, if you are considered by the UK insurance provider to be a high risk -- for example, if you smoke -- then it is likely that either you will not be able to obtain the critical illness insurance, or your insurance premiums will be significantly higher than if this were not to the case. Importantly, you will need to disclose whether or not you have any existing conditions, in which case these will likely not be included, and whether or not your family has a history of the illnesses set out in the policy, in which case this will likely affect your premium payments.

How Will I Be Paid?

As mentioned, with a critical illness insurance your UK insurance underwriter will pay you out a lump-sum tax free amount once you contract one of the critical illnesses listed in the policy. Having paid out the lump-sum amount, your relationship with the UK insurance provider will come to an end. In other words, you will not have an ongoing relationship with the insurance provider paying you intermediate payments.

Is It Worth Having Critical Illness Insurance?

The question of whether or not there is any value in you having a critical illness insurance will depending largely on your age, expenses, and whether or not you have any other insurance. Essentially, critical illness insurance covers an area for which other types of insurance can be obtained. However, unlike other types of insurance, this is a very specific insurance policy paying out for a very specific purpose. That said, there is a strong argument that you can never really have too much insurance and will numbers seemingly showing that more and more of us contracting critical illnesses as we grow as an aging population, this type of UK insurance is always useful. Joe Kenny writes for the UK personal finance sites http://www.ukpersonalloanstore.co.uk and also http://www.cardguide.co.uk ]]> http://www.artwoo.com/article/do-i-need-critical-illness-insurance http://www.artwoo.com/article/do-i-need-critical-illness-insurance#comments Sun, 03 Jun 2007 12:34:56 +0000 critical illness insurancecritical illnessesmost important thinglife insurancelump sumdavid thomsonloss of earnings http://www.artwoo.com/article/do-i-need-critical-illness-insurance 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. David Thomson is Chief Executive of BestDealInsurance (http://www.bestdealinsurance.co.uk) an independent specialist broker dedicated to providing their clients with the best deal on their home, motor and life insurance. ]]> http://www.artwoo.com/article/have-you-thought-about-critical-illness-life-insurance http://www.artwoo.com/article/have-you-thought-about-critical-illness-life-insurance#comments Thu, 01 Nov 2007 04:20:01 +0000 critical illness life insurancecritical illness insurancelife insurance policycritical illnessessum of moneypeace of mindlump sum payout http://www.artwoo.com/article/have-you-thought-about-critical-illness-life-insurance
With the advancements of technology today more and more people who are diagnosed with a critical illness do recover and go on to lead a normal life. However, it is during the recovery time that you could need help and peace of mind that you wouldn't have to struggle financially. A lump sum payout could help to pay medical expenses or day to day living expenses whilst you recovered and this would come in the form critical illness insurance.

Critical life insurance will pay out a lump sum of money if you should be diagnosed with one of the specific critical illnesses outlined in a policy. The sum of money and the term that the policy is taken out is determined at the time of purchasing the policy and if you should suffer from one of the critical illnesses defined on the policy then that sum of money would be paid out providing that you survived for 28 days after you were diagnosed with the illness.

The actual conditions defined as critical illness will vary from policy to policy but they usually all include such as cancer, heart attack, stroke, kidney failure, major organ transplant and multiple sclerosis. There are many others but these are usually the core illnesses so always check with a particular policy under the terms and conditions.

If after the term ends on the policy and you haven't been diagnosed with a critical illness then the policy simply expires there is no cash payout. A critical illness life insurance policy can bring great peace of mind to you and your loved ones and get you through a stressful period of time but you have to be careful when choosing your policy. The easiest way to get the best deal on a critical life insurance policy is to go to a specialist provider and let them secure the cheapest deal for you. David Thomson is Chief Executive of BestDealInsurance (http://www.bestdealinsurance.co.uk) an independent specialist broker dedicated to providing their clients with the best deal on their home, motor and life insurance. ]]> http://www.artwoo.com/article/with-critical-illness-life-insurance-your-family-will-not-suffer http://www.artwoo.com/article/with-critical-illness-life-insurance-your-family-will-not-suffer#comments Sat, 18 Nov 2006 06:27:13 +0000 critical illness life insurancecritical illness insurancelife insurance policymortgage life insurancebejesushealth insurance providerhealth insurance policies http://www.artwoo.com/article/with-critical-illness-life-insurance-your-family-will-not-suffer bejesus out of the layperson, but you need to in order to prepare for the unexpected by purchasing critical illness life insurance. Without the protection of critical illness life insurance in place, you and the rest of your family may suffer major financial devastation should you become critically ill, losing the ability to work

Critical illness life insurance pays you a lump sum if you are diagnosed with a severe medical problem in contrast with disability insurance which covers lost monthly income and anticipates the possibility of your eventual return in some capacity to the work force, Rules and stipulations vary, but as a rule of thumb as long as you survive the illness for a pre-determined designated time period, of usually between 14 to 30 days, the policy will pay out a one-time full benefit amount.

There are three forms of critical illness life insurance: a mortgage life insurance policy with a critical illness rider; a combined policy of mortgage and critical illness life insurance; and a stand alone critical illness life insurance policy. Requesting information and critical illness quotes for various insurance providers will provide you with the opportunity to compare insurance rates and choose the policy type and coverage which best suits your individual needs.

Critical illness life insurance is for everyone and is not just limited to home owners or employed individuals. If your spouse falls sick and you have to take time away from work, critical illness coverage would eliminate the added burden of looming bills and pesky creditors.

The expense of health insurance could become astronomical, especially if coverage is denied or cancelled. Critical illness insurance is routinely confused with health insurance, people have become bankrupt trying to pay medical bills that were not covered by their health insurance provider. The majority of health insurance policies feature limited benefits, ceilings and caps on the yearly payouts and/or maximum life amount. Purchasing critical illness life protection will guarantee your ability to meet all of life's "surprise" financial obligations.

So, how much coverage will you need? Well, that all depends on the situation. But when approximating how much critical illness life insurance is necessary:

• How much are your monthly expenses? • How much is your total monthly mortgage? • What other insurance policies do you have?

Also take a look at how the terminally ill by each adult member of the household would affect the overall financial future of the family. Take into consideration the changes that would occur, lost wages, medical bills, out of pocket expenses (gas, parking, co-payments, prescriptions, supplies, long-term care expenses, etc.) and increased child's/adult daycare.

Protect yourself and your family by purchasing critical illness life insurance for every adult household family member. The possibility of becoming terminally ill is very real and so is the potential devastation to your family without adequate critical illness insurance protection. http://www.assure-all.com/insurance/critical-illness-life-insurance.html ]]> http://www.artwoo.com/article/critical-illness-cover http://www.artwoo.com/article/critical-illness-cover#comments Sun, 31 Dec 2006 08:27:06 +0000 critical illness covermultiple sclerosiscontactdiagnosiskidney failurecash lump sumcoronary artery bypass surgery http://www.artwoo.com/article/critical-illness-cover Critical Illness Cover in the UK pays out a tax free cash lump sum upon diagnosis of a specific critical illness such as heart attack, cancer, stroke, major organ transplant, coronary artery bypass surgery, multiple sclerosis, total permanent disability and kidney failure. You should always take time to read the Critical Illness Cover Key Features document for specific details of all the critical illnesses covered and for any exclusions i.e. HIV/AIDS or self inflicted injury.

Critical Illness Cover in the UK can usually be taken out either in a sole person's name or in joint names.

Critical Illness Cover can usually be taken out for a specific term or for whole of life depending upon the purpose of the cover.

Critical Illness Cover is either taken out within a policy which pays out on either the death of the life assured or on earlier diagnosis of a critical illness or just upon diagnosis of a critical illness.

The premium to cover the cost of critical illness cover in the UK is usually either taken monthly or annually and the premium is either guaranteed to remain unchanged for the term of the policy or reviewable in say five years.

Critical Illness Cover is often taken out to repay in full a liability such as a mortgage or a loan upon diagnosis of a specific critical illness or to provide a lump sum to make life more comfortable for the person with the critical illness and the family.

The cost of providing Critical Illness Cover in the UK is normally based upon factors such as age, sex, health, term, smoking status, amount of cover and family medical history.

Critical Illness Cover in the UK is available from many insurance companies-please contact a financial adviser for advice about taking out such cover. Alan Hope runs a lifestyle management and concierge service business for both UL and Overseas clients. Visit his website at http://www.arrangeitlifestylemanagement.co.uk/id186.html ]]> http://www.artwoo.com/article/you-think-you-dont-need-critical-illness-insurance http://www.artwoo.com/article/you-think-you-dont-need-critical-illness-insurance#comments Wed, 01 Oct 2008 02:08:36 +0000 critical illness insuranceoxygen tanksleaps and boundsassurity lifecancer survivorsheart monitoryear one http://www.artwoo.com/article/you-think-you-dont-need-critical-illness-insurance critical illness insurance. With just a few exceptions, all that is required is that you survive for thirty days after the date of the diagnosis and a tax-free lump sum of money will be paid to you.

Critical illness affects many people all around the world. Critical illness insurance plays an important role in the lives of people today. Reports indicate that the amount of people applying for Critical illness insurance continues to increase, as does the rate of critical illness.

Close to 1.5 million people in the United States will contract some form of cancer this year. One out of two Canadians under the age of 65 will have a heart attack. An estimated 850,000 people in the United Kingdom will suffer from some form of Dementia within the next two years.

The upside is that there are 9.8 million cancer survivors in the United States. 95% of victims of heart attacks survive an initial attack. Leaps and bounds are being made in Alzheimer's disease research. Therefore, surviving for thirty days or longer after a diagnosis is definitely a strong possibility.

However, even though more and more people are surviving a critical illness for months after their diagnosis, they may not be able to function to their full capacity for the entirety of their survival. The money that comes from Critical illness insurance would help in times when you cannot perform daily tasks and require care from a nurse, or if you cannot go back to your job. You may be confined to a wheelchair and require ramps to be built at your home. You may need a hospital bed, oxygen tanks, a heart monitor or some other type of medical equipment. If you seek treatment that requires you to leave the country, critical illness insurance can assist with these expenses as well.

Some renowned critical illness insurance companies are Trustmark, Stonebridge and Assurity Life. Remember that not one company will be the best choice for every individual. Some companies offer coverage to particular clients like children, businesses, elderly, family or self-employed individuals. Discount rates are available from most companies for military personnel, multiple policyholders or clients with exceptional health.

Do not make the mistake of just picking the first critical illness insurance company that comes along with a rate that you can afford. Take the extra time to shop around, it will prove to be worth your while. Do adequate research to in the beginning to save money for years to come instead of paying for an overpriced critical illness insurance policy.

Critical illness insurance is not best in all cases. Several individuals would do better to purchase a simple life insurance policy. However, it does not matter if you seek life insurance or critical illness insurance; you should never pay more than you have to for coverage you want. Save money by closely comparing the quotes from several different insurance coverage providers.Only Finance is one of the most recommended privately owned companies and a range of other insurance products like Critical illness insurance that enables you to live your life worry free.]]> http://www.artwoo.com/article/do-i-need-critical-insurance-cover http://www.artwoo.com/article/do-i-need-critical-insurance-cover#comments Tue, 05 Jun 2007 21:14:51 +0000 critical illness insuranceheart attackcritical illness covercoronary heartheart problemslump sum paymentprivate medical treatment http://www.artwoo.com/article/do-i-need-critical-insurance-cover Critical illness insurance can be a Godsend for anyone who would suffer financially if they were to be diagnosed with a critical illness such as cancer, a heart attack or stroke. If something such as this should happen, then the bills would soon mount up, bills including your mortgage, your medical bills if any, taking care of your family and the future - these all come into play.

Critical illness cover gives you a tax-free lump sum payment that can be used as you wish. Some people pay off their mortgage, others use it to pay for private medical treatment or put it in the bank to allow them to carry on paying their every day bills along with making any changes that might have to be made to their home to accommodate their illness.

The illnesses covered by this policy varies from company to company as well as how much you pay for your policy. There are many types of policy available and the level of cover will determine how much you pay for the insurance and also what is included in the cover. However the policy can be tailored to some extent, with some companies offering benefits for what you can afford to pay.

It is imperative that you fully understand critical insurance policies, as with any type of insurance there are many exclusions within them. Policies will only pay out for the conditions which are listed within them and these usually include heart attack, stroke, any major transplant of an organ, cancer, coronary heart by pass and multiple sclerosis.

However even with these being outlined within the policy it still doesn't mean that it is cut and dry, for example with some insurers you have to have proof that your heart problems are not such as angina, as this is excluded from some policies. So always make sure that you read the small print and what is and is not covered by the policy.

Usually there will be a waiting period before you can make a claim on a policy and a critical insurance policy can usually be taken out between the ages of 17 and 70. David Thomson is Chief Executive of BestDealInsurance (http://www.bestdealinsurance.co.uk) an independent specialist broker dedicated to providing their clients with the best deal on their home, motor and life insurance. ]]> http://www.artwoo.com/article/critical-illness-insurance-in-the-uk http://www.artwoo.com/article/critical-illness-insurance-in-the-uk#comments Thu, 25 Sep 2008 04:50:30 +0000 critical illness insurancecoronary artery bypass surgerycritical illness covercancer lymphomacoronary artery bypasskidney failurecritical disease http://www.artwoo.com/article/critical-illness-insurance-in-the-uk 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.Only Finance provides a variety of coverage plans including critical illness insurance policies to help you and your family in the event of a serious medical condition.]]> http://www.artwoo.com/article/watchdog-wary-over-critical-illness-insurance http://www.artwoo.com/article/watchdog-wary-over-critical-illness-insurance#comments Fri, 25 Aug 2006 08:27:17 +0000 critical illness insuranceassociation of british insurerslife threatening illnessinsurance policyinsurance industryinsurance policies http://www.artwoo.com/article/watchdog-wary-over-critical-illness-insurance critical illness insurance policy so that if you ever are in the unfortunate situation of developing a life threatening condition, you will be compensated.

But what if you wind up with a critical illness that is not guarded against on the insurance policy? What many people do not realise, and what can be of real concern, is that you may find that after you have purchased critical illness insurance you are only covered for up to 35 listed medical conditions. And this is the deal with most insurance policies. So if you develop a life threatening illness not named in your policy you could be faced with the disastrous situation where you get no pay out from your insurance company at all.

On the other hand, it could be that you have an easily treatable sickness and because it is ranked with what the insurance industry calls a "lower grading", you end up getting a full payout.

The Financial Services Authority and the Association of British Insurers are wary about whether insurance companies actually make these differences clear.

Jonathan French, a spokesman at the Association of British Insurers, says it is important that customers have an insurance policy fully explained to them before it gets purchased. "The situation we would not want to see occurring is for them to be buying a product thinking that it does something it doesn't do."

And for this reason, the ABI recently updated its codes of best practice for critical illness insurance. French says until recently, 35 conditions was the maximum number any company covered for critical illness insurance.

"What we set out are essentially the minimum standards companies have to apply to their policy. The guidance we have published improves the way the critical illnesses are defined. It makes it clear to consumers what levels of illness are covered and what aren't."

The cost of critical insurance varies. For someone in their late 30s for a 35-year term with a payout of £500,000, premiums cost anything up to £600. Scottish Equitable charges premiums of £290 and Scottish Provident charges £409 premiums for policies based on these conditions. Both these policies are reviewable. A guaranteed policy with Scottish Provident is £560.

So these figures give you an idea that the amount of money you pay out for this type of insurance can be expensive. You can imagine how infuriating it could be to find that you have paid out on the policy only to learn that when you do become critically ill your insurer will not pay you out.

There is now, however, a new critical illness product on the market. Prudential is marketing a new 'Flexible Protection Plan', which covers up to 140 medical conditions.

In the 'Flexible Protection Plan' there are partial payouts depending on the severity of the condition. If the condition worsens, there is more paid out to the maximum sum which has been insured. Most other policies do not offer partial payouts.

Take loss of eye-sight for an example. It would normally be the case with a critical illness policy that you would only receive a pay out if you became completely blind. But the Prudential policy will pay out 25% if you loose sight in just one eye.

But here is the catch. The cost of the policy is almost twice that of conventional illness cover and spectators worry that there will be some confusion about how the severity of an illness would be defined. Get great articles on life assurance from life insurance specialists http://www.life-insurance-specialists.co.uk ]]> http://www.artwoo.com/article/choosing-critical-illness-cover-online http://www.artwoo.com/article/choosing-critical-illness-cover-online#comments Fri, 04 Jul 2008 06:43:19 +0000 critical illnescritical illness coverkidney failureskin cancersprostrate canceradvancement in technologyheart attack http://www.artwoo.com/article/choosing-critical-illness-cover-online critical illness are now living longer. Critical illness cover can be taken out to protect against the possibility of you falling ill and a policy usually contains a long list of illnesses that are classed as being critical. The cover would pay out not only if you were seriously ill because of one of the illnesses, providing you have waited a certain length of time from contracting the illness, but would also pay if you become disabled as a result.

A policy would usually take into account around 30 illnesses which could include cancer, heart attack, suffering a stroke and kidney failure or transplant. Of course you have to check out the terms and conditions of the policy before taking it on as they do differ. There are also many exclusions which have to be checked and these can apply to the various illnesses. For example while in the majority of cases critical illness cover would payout if you were diagnosed with cancer, not all forms of cancer would be covered. Skin cancers are usually exempt from the cover as is prostrate cancer unless it is advanced. There are also exclusions for such as a heart attack and different policies will have different exclusions in them. Therefore you should never skip over the small print however tempting it might be.

When you are looking into choosing critical illness online you are able to take out a policy for any number of years. As long as you pay the premiums each month then the policy can continue running. There is always a period in which you cannot claim when taking on the cover and this would normally be around three months. While the advancement in technology means that you can live longer when being diagnosed with a critical illness it also means that insurance companies are putting up the cost of the insurance and as more advancements are made, premiums will continue to rise.

There are many factors that you have to take into account when choosing critical illness and when you look around you will find that there are many different policies offered by insurance companies. Never just take the first policy you find without looking into what is covered and is not, while you might get the cover cheap it would probably not cover many illnesses.

One thing to look for when deciding which critical illness cover to go for is whether or not the premiums will be fixed. If they are not fixed then you can expect the insurance company to raise them perhaps every other year. This could mean that what once was affordable cover now becomes a burden. A large number of policies will also provide cover for any children you have as standard. Sometimes the company will include children in the policy as standard while other providers could ask for a small premium. If you allow a broker to search around on your behalf for premiums then you can compare these easily for the best cover. All insurance found this way should come with what are called the key facts and these will tell you important information about what the policy entails.David Thomson is Chief Executive of BestDealInsurance an independent specialist broker dedicated to providing their clients with the best deal on their life insurance, critical illness cover and home and motor insurance.]]> http://www.artwoo.com/article/tips-for-choosing-the-best-critical-illness-insurance http://www.artwoo.com/article/tips-for-choosing-the-best-critical-illness-insurance#comments Fri, 07 Dec 2007 12:25:00 +0000 critical illness insurancefeatures documentsfirst glanceunnecessary expenseinsurance costsinsurance providerspolicy options http://www.artwoo.com/article/tips-for-choosing-the-best-critical-illness-insurance critical illness insurance is more important than it might seem at first glance. Many people believe that critical illness insurance is an unnecessary expense, but in fact, statistics like these show that it's more likely that the average person will suffer a critical illness before the age of 65 than they are to die.

Comparing and Understanding Critical Illness Policies

With more than 60 insurance providers offering two hundred different policies, choosing the one that's right for you can be difficult. More than anything else, getting good critical illness insurance requires very close inspection of your policy. All insurers issue what are called Key Features Documents, which allow you to compare policies fairly easily. Examine these documents closely to determine which provide the best definitions of illnesses covered and value for the money.

Perhaps the most important aspect of this is making sure you're aware of exactly what your policy does and does not cover. This type of error is the number one reason that critical illness claims get rejected, so understanding the insurance policy options you have is vital when it comes to choosing the one that will suit your needs the best.

Another related factor that's important to consider is simply the range of illnesses that the policy covers. Choosing the cheapest plan may look good on paper, but the least expensive plan is likely to offer limited cover that simply doesn't protect you against the illnesses you're most likely to face. However, choosing one that's too broad, one that covers exotic diseases you're unlikely to encounter is pointless for most people, and selecting a policy of this kind will simply mean you're paying premiums that are unnecessarily high.

Guaranteed and Reviewable Premiums

Buying a policy with a guaranteed rather than a reviewable premium can help keep your insurance costs down. A guaranteed policy means your insurance company promises that they'll never increase the size of your premium. A reviewable policy is just that-the insurance company can periodically review your policy, and increase your premiums. If your policy is a short term one, choosing a reviewable policy can save you some money. However, while the reviewable policy is cheaper in the short term, the premium cost will be increased over that of an equivalent guaranteed policy within seven to ten years and within another ten years, could be more than twice that of the guaranteed policy.

Other Factors to Consider

Choosing a good policy also means looking out for extra advantages such as automatic coverage for your children. Not all policies offer this, but with child-related critical illness the sixth most common claim, this is a very useful way of protecting your children as well as yourself.

Finally, consider taking out life insurance and critical illness cover together, rather than simply getting one or the other. Purchasing the two together is always more cost-effective than buying separate policies, and it's also much better value to buy these types of insurance when you're young and healthy, and are eligible for less expensive premium rates. Chris Johns is a writer for http://www.life-saver.co.uk which provides discounted life insurance products to UK individuals. ]]> http://www.artwoo.com/article/why-it-pays-to-check-the-small-print-before-buying-critical-illness-cover http://www.artwoo.com/article/why-it-pays-to-check-the-small-print-before-buying-critical-illness-cover#comments Wed, 09 Jan 2008 16:25:00 +0000 critical illness insurancecritical illnessesgetting insurancenegative publicityillness policyfull disclosureattractive option http://www.artwoo.com/article/why-it-pays-to-check-the-small-print-before-buying-critical-illness-cover critical illness insurance, reading the small print in your policy is absolutely crucial. Depending on the company, up to 25% of critical illness claims are rejected and most of these situations come down to the policy holder not understanding the finer points of their policy.

The increasing amounts of negative publicity surrounding cases in which people with critical illnesses are unable to get their insurance company to pay out dissuade many people from getting insurance they might potentially benefit from. However, when you consider that 20% of men and 17% of women will suffer from a critical illness before they reach 65, insurance begins to sound like an attractive option.

Heavily publicised cases of insurance companies refusing to pay for critical illness claims have led to a significant amount of consumer mistrust in this type of insurance. However, it's important to note that in most cases, one of three issues is in play; the policy holder did not disclose important medical information when they applied for the insurance, they did not follow company protocol when getting medical advice, or they simply thought they were covered for a certain illness when they weren't. By becoming intimately familiar with the terms and conditions of your policy, you can reduce the likelihood of any of these issues arising if you need to make a claim.

Full Disclosure is Required

Non-disclosure is the most common reason that insurance companies reject critical illness claims. This can mean failing to disclose information, or providing inaccurate information either deliberately or unknowingly. This may even include information that is not relevant to a critical illness you suffer from in the future, as well as information relating to your family's medical history.

Read the small print and understand what your policy covers before you even commit to a critical illness policy, it's vital that you understand exactly what you are and are not covered for. Regardless of any extenuating circumstances, an insurance company simply will not pay out if you suffer from a critical illness that your policy does not cover. Most standard policies provide cover for a number of conditions, including kidney failure, heart attack, stroke, major organ transplant and coronary bypass surgery. However, if you want cover for additional critical illnesses you'll need to shop around and find a policy that has what you're looking for, and be particularly careful in reading the terms and conditions to make sure it has the cover you need.

Note that critical illnesses as defined by insurance companies are very precise. If your illness does not match your insurance company's definition, they can still reject your claim even if you have met all other criteria of the policy.

Follow Protocol When Seeking Medical Advice

Following your insurance company's protocol when seeking medical advice will reduce the likelihood of them rejecting your claim. For example, if your doctor tells you that you have high cholesterol and gives you advice on dietary and lifestyle changes you must make an effort to reduce it, you must follow your doctor's instructions or risk invalidating any future claim you make. Your company's protocol is crucial information that you should find out before committing to a policy, you need to know how to proceed when seeking medical advice right from the beginning. To learn more about buying critical illness cover in the UK visit Life Saver at http://www.life-saver.co.uk/discounted-critical-illness-insurance-quote.htm= l. ]]> http://www.artwoo.com/article/consumers-confused-when-it-comes-to-buying-critical-illness-insurance http://www.artwoo.com/article/consumers-confused-when-it-comes-to-buying-critical-illness-insurance#comments Fri, 21 Dec 2007 10:15:01 +0000 critical illness insurancecritical illnessesadded stressbeing diagnosed with cancerorgan transplantadequate protectionpeace of mind http://www.artwoo.com/article/consumers-confused-when-it-comes-to-buying-critical-illness-insurance Critical illness insurance is taken out to insure against the possibility of an individual being diagnosed with a critical illness sometime in the future. With advancements in medicine more people who are diagnosed with a critical illness are recovering from the illness but their finances could be stretched to the limit and life could be harder than it has to be.

The cover will pay out if you are diagnosed with any of the critical illnesses which are outlined in the policy, the actual illnesses will vary on the policy but common ones include being diagnosed with cancer, suffering a stroke, a heart attack or having to have an organ transplant. However consumers are sometimes getting confused when it comes to taking out critical illness insurance, and end up buying cover that does not give them adequate protection.

Some providers of the cover are selling a policy for huge premiums that gives very little protection and can have many exclusions in it that offers very poor value to the consumer. It is the small print in the policy which is causing the majority of problems with a policy; very little information is often given regarding them which mean that the consumer is buying cover that they do not understand.

While critical illness insurance when taken out with the small print in mind will payout a tax free lump sum on diagnosis of a critical illness, it was recently reported that around 25% of all claims made against a policy are rejected due to the exclusions. At a time when the individual needs financially security and peace of mind that they will be able to continue repaying their mortgage and essential outgoings many are being left with the added stress of finding they cannot claim.

It seems that many providers of the cover will do anything possible to squirm their way out of paying out on a claim, excuses such as drinking more alcohol than stated on the form and not reporting minor problems before being diagnosed have all been made. It is essential when taking out the cover that you know exactly what you are buying before you purchase and take care when filling in the forms associated with the cover so that you disclosed everything necessary relating to your health.

Just as with payment protection cover which is being investigated by the Financial Services Authority, critical illness cover has seen a rise in the amount of claims against firms selling inadequate critical illness insurance. Many of these claims were based on the fact that the provider failed to make the consumer aware of the exclusions and small print in a policy at the time of being sold the cover.

Critical illness cover can help you at as key time in your life you have read the key facts and small print of the policy and the best way to get the essential advice needed is to go with a specialist broker. The cover can be pushed alongside the loan or mortgage but this is the riskiest and most expensive way of buying the cover. A specialist broker can get you a good quality critical illness insurance policy while at the same time gathering the key facts so that you can determine if a policy would be suitable for your circumstances. David Thomson is Chief Executive of BestDealInsurance (http://www.bestdealinsurance.co.uk) an independent specialist broker dedicated to providing their clients with the best deal on their home, motor and life insurance. ]]> http://www.artwoo.com/article/understanding-critical-illness-cover http://www.artwoo.com/article/understanding-critical-illness-cover#comments Fri, 29 Jun 2007 11:35:00 +0000 critical illness insurancecritical illness coverassociation of british insurersheart attackprostrate cancerskin cancercoronary heart http://www.artwoo.com/article/understanding-critical-illness-cover
Critical illness insurance will pay out if you are diagnosed as having a pre-determined critical illness, there are a range of around serious illnesses which are now included in a policy such as this, but of course this will vary from company to company and the policy which is on offer, so you should always ensure you understand what your particular policy covers.

However the majority of policies do cover certain conditions which are classed as core or foundation conditions and these include cancer, heart attack, kidney failure, a major organ transplant, coronary heart by pass, multiple sclerosis and a stroke. However not all illnesses are covered and in fact recently, new rulings have been set out by the Association of British Insurers regarding which conditions can be claimed on.

Due to this it is imperative that you understand conditions which are excluded from critical insurance policies. For example, conditions such as non-evasive skin cancer and prostrate cancer which isn't considered to be advanced is excluded from within a policy. Of course these are just a few examples and there are many more.

Even conditions such as heart attack has to be clearly outlined, for example there has to be evidence that there are pains in the area of the chest, along with changes to an E.C.G scan for example. If the heart problem is thought to be caused by angina then in some cases this is also excluded from the policy.

Critical illness insurance benefits everyone, those who are married and have dependant children as well as those who are single. Critical illness cover can be used to pay off the mortgage or for private medical treatment which can be more beneficial than having life cover which will only pay out if you die.

Critical insurance cover can be taken out from between the ages of 17 and 70 and can be taken out for a pre-determined amount of time, such as to go alongside the term of your mortgage. From taking out the cover there will normally be a period of time in which you cannot make a claim, for the majority of policies this is usually a period of 3 months.

Choosing the right type of critical insurance can be a problem as currently there are over 200 different versions of critical insurance cover, so understanding the type of cover you need is essential. Understanding the level of cover is also essential as some policies seem to cover just about anything, when in fact there are a lot of hidden exclusions, while a high price is charged for the product. David Thomson is Chief Executive of BestDealInsurance (http://www.bestdealinsurance.co.uk) an independent specialist broker dedicated to providing their clients with the best deal on their home, motor and life insurance. ]]> http://www.artwoo.com/article/life-insurance-and-critical-illness-insurance http://www.artwoo.com/article/life-insurance-and-critical-illness-insurance#comments Tue, 11 Apr 2006 07:00:07 +0000 breast cancerbrca1 geneovarian cancerassociation of british insurersgene mutationscritical illness insuranceinsurance premiums http://www.artwoo.com/article/life-insurance-and-critical-illness-insurance ovarian cancer then from next year onwards, you could face higher insurance premiums. You could even be refused cover altogether.

When these women apply for life and critical illness cover, the insurance industry wants to ask them whether they have been tested for the gene mutations BRCA1 or BRCA2. These are the gene complications that increase the chances of them developing these cancers. But before the insurance companies can ask these questions on their application forms, they must get approval from the Genetics and Insurance Committee, the body that advises the Government on these and similar issues.

In the coming months the Association of British Insurers (ABI) will be requesting the Committee for authority to ask women whether they have been tested positive for BRCA1 or BRCA2 gene mutations. These are the mutations that are present in 1 in 10 of newly diagnosed cases of ovarian cancer and 1 in 20 of new cases of breast cancer. Approximately 1 in 850 women in Britain inherit a faulty BRCA1 gene and of those, 14 -- 18% will develop breast cancer during in their lives.

On the web site for the Genetics and Insurance Committee we found a notice saying, " The Committee expects that the Association of British Insurers will submit in late 2006/2007 four revised and updated applications for the use of adverse results from the predictive genetic tests of the BRCA1 and BRCA2 genes (breast/ovarian cancer) in helping to determine insurance premiums for life and critical illness insurance".

So far, application forms issued by British insurance companies are only allowed to ask for the results of predictive tests for Huntington's disease. Even then, the question can only be asked when the application is for more than £500,000 of life insurance cover or mote than £300,000 for critical illness insurance or over £30,000 for payment protection insurance. This rule is set under an agreement entered into by the insurance industry which is due to expire in 2011 but the Chairman of the ABI's Genetics Working Party, Harpal Karlcut, is reported in the trade insurance magazine "Cover", as saying: -

"We are looking to get approval for the breast cancer test by the end of the year", adding, "The two breast cancers are the next conditions that we will look at but after that we don't see the need to look at other conditions. We do keep an eye out for what diseases may come up in the future but there is nothing else on the horizon". We add another important rider -- yet! About The Author: Express http://www.express-life-insurance.co.uk specialise in life insurance quotations but also offer both critical illness cover - http://www.express-life-insurance.co.uk/what-is-critical-illness-insurance.htm and life assurance policies. Express Life insurance also provide access to a large bank of helpful life insurance articles. ]]> http://www.artwoo.com/article/critical-illness-insurance-are-your-children http://www.artwoo.com/article/critical-illness-insurance-are-your-children#comments Thu, 22 Jun 2006 09:32:07 +0000 critical illness insurancenorwich unionalbeitinvaluableinsureillness policymaximum payout http://www.artwoo.com/article/critical-illness-insurance-are-your-children critical illness insurance. But as most policies automatically provide the cover as a free extra, we suspect that some policyholders don't even know they've got it!

Most policies automatically insure your children albeit at a lower level of benefits than the main policyholders cover. But this cover is invaluable, especially if your child becomes critically ill and you need to take time off work to provide care.

Critical Illness insurance pays out a tax free capital sum if the policyholder, or one of their children, suffers one of the very serious illnesses scheduled on their policy. The only rider is that the claimant must survive at least 28 days after the diagnosis.

Scottish Provident, one of the UK's largest critical illness insurers has announced that claims for children is now its fourth-largest cause for a claim. Says Nick Kirwan, their Protection Marketing Director, "Work takes a back seat when your child becomes ill. You may need to cut your working hours or even stop working altogether".

If your critical illness policy does insure your children, then a payout from the policy gives you the financial flexibility to do just that. So how much will they pay out?

Most insurers will pay a proportion of total insured value if a child becomes critically ill. For example, Norwich Union will pay out 50% of the insured sum or £10,000 whichever is the lower -- and this cover includes adopted children and step children. Standard Life and Legal and General also pay up to 50% with Standard setting the maximum payout at £25,000 and in LandG's case it's £15,000.

Cover never starts as soon as the child is born. With some policies cover starts up at 3 months but others wait as long as three years. Ideally, you want cover to start as early as possible.

Another other point to understand is that if the main policyholder has a claim, then the policy pays out and terminates -- they can't claim more than once. But if there is a claim for a child, the policy does not terminate -- the cover for the policyholders continues unaffected. And if you start or add to your family after you've started the policy there's no need to inform the insurer as the cover automatically covers all your children.

But not all insurers will insure your children. Neither the Halifax, National Westminster nor Nationwide Life include any cover for children. So if you have or intend to have a family, it's vital that you tell your adviser and then he or she will ensure your policy includes the necessary cover.

And that brings us to the topic of professional advice. You can buy Critical Illness insurance online all by yourself but honestly it isn't worth the risk. In our experience over 50 % of DIY buyers don't get it exactly right. There is little standardisation within critical illness insurance so you're unlikely to get your ideal policy if you buy on price alone. It's one of those situations where a low price can turn out to be a costly mistake!

In order to get the ideal policy your adviser need to understand how much you can afford and what aspects of cover are most important to you. It's then a matter of using experience and product knowledge to find the best options. If this sounds like a receipt of throwing your discounts down the drain, it isn't.

Very few high street brokers will give you any discount but shop online with one of the specialist critical illness brokers and you'll get full service and a discount.

How do you find them? Well actually, it's really easy. Just type in "Critical illness insurance" into your favourite search engine - but ignore the web sites run by the insurers themselves -- they just offer you their own policies and you really need a broker who can consider the whole market. Express Life Insurance ( http://www.express-life-insurance.co.uk/ ) are a website specialising in life insurance and critical illness insurance ( http://www.express-life-insurance.co.uk/what-is-critical-illness-insurance.htm ) online. ]]> http://www.artwoo.com/article/income-protection-insurance-in-the-uk http://www.artwoo.com/article/income-protection-insurance-in-the-uk#comments Sun, 31 Dec 2006 08:27:05 +0000 income protection insurancebeneficialcritical illness insuranceinsurance policyself employedpermanent health insurancetypes of insurance policies http://www.artwoo.com/article/income-protection-insurance-in-the-uk Income Protection Insurance is one of many types of insurance policies available in the UK.

Income Protection Insurance is also known as Permanent Health Insurance or Income Replacement Cover.

This type of policy comes in many variances but in its simplest form it is a policy that pays out an income in the event of the insured being unable to work through accident or illness.

Income Protection Insurance is available in the UK from many insurance companies to both the employed and self employed. Such a policy pays out part of your income in the event of you being unable to work through accident or illness after a waiting period until you either go back to work, die or retire. Income Protection Insurance is different to Critical Illness Insurance as the latter normally pays out a lump sum in the event of you being diagnosed with a specific critical illness.

Income Protection Insurance is particularly beneficial to the self employed as, in the event of them being unable to work through accident or illness, their income will often cease immediateley whereas an employed person will often be paid by their employer for several weeks/months in such an event. Therefore an employed person would not need the policy to pay out until they stop being paid by their employer but the self employed would often need the policy to pay out more quickly. The quicker you need to receive the income from an Income Protection Insurance policy in the UK the more expensive the policy costs.

If you require Income Protection Insurance to pay out until say age sixty five rather than to age sixty then the cost would be greater.

What you do for a living will affect the cost of an Income Protection Insurance policy in the UK- ie an electrician is statistically more likely to suffer an accident than say an accountant and therefore the former will pay a higher premium.

Obviously the level of income that the policy pays out will affect the premium of an Income Protection Insurance policy- the greater the income the higher the premium. There are limits on the percentage of your income you can insure.

There are a number of other options often available that need to be considered -ie are the premiums guaranteed throughout the term of the policy or reviewable after a number of years. Are there any exclusions from the policy paying out-ie due to self inflicated injuries.

Having Income Protection Insurance in the UK or not having such insurance could provide the difference between having a reasonable standard of living or struggling on benefits in the event of you suffering an accident or illness.

As with many insurances- the choice is yours as to whether you arrange such cover! Alan Hope runs a lifestyle management and concierge service business for both UL and Overseas clients. Visit his website at http://www.arrangeitlifestylemanagement.co.uk/id185.html ]]> http://www.artwoo.com/article/group-critical-illness-insurance-the-cheaper http://www.artwoo.com/article/group-critical-illness-insurance-the-cheaper#comments Sun, 07 May 2006 21:32:04 +0000 federation of small businessescritical illness insurancekeyman insurancelost salesoccasionallyinsuremoney insurance http://www.artwoo.com/article/group-critical-illness-insurance-the-cheaper
Insurance is available to offset those financial risks, risks that can be especially serious for smaller businesses. After all in smaller businesses other employees can't be moved across to fill the gap - there's simply no one spare. So the problem remains until the person either returns to work or is replaced.

If the person is off sick with a serious illness such as a stroke or a heart attack you simply don't know when, or if, they'll return to work. It could be a month, six months even a year or more. Management is then caught in a cleft stick. Do you take on a temporary employee, contract out or recruit a permanent employee? Or are you forced to tread water and wait for matters resolve themselves? That's risky. And how much will all this cost the business in terms of extra overheads, lost sales and profit?

Keyman Insurance has traditionally absorbed these very real financial risks but nine out of ten small businesses still don't carry that insurance. It's either because they haven't addressed the problem or they've found Keyman Insurance to be too costly.

A Simon Briault, a spokesperson for the Federation of Small Businesses said, "In an ideal world, small firms would be insured against everything, but reality demands the businesses prioritise threats and occasionally take risks".

But there is a cheaper alternative. It's called Group Critical Illness Insurance. And it's about half the price of normal Keyman Insurance!

With Group Critical Illness Insurance, the management decides which employees to insure and how much to insure them for. The business then pays the premiums and receives any lump sum payout. A claim can be made as soon as any of the insured employees are diagnosed with any critical illness which is scheduled within the insurance policy. As you would expect heart attacks, strokes and cancer are the biggest three biggest reasons for a claim but the full list of insured critical illnesses is much longer. For example, kidney failure, meningitis, paralysis and even blindness.

The important point to realise is that to make a claim, the insured employee must survive at least 28 days after their critical illness is diagnosed. (Some insurance companies have now reduced this to 14 days so please check before you buy.) Therefore, if the employee were to die before the end of the survival period, any claim would be invalid. In that context, it's not as comprehensive as full Keyman Insurance -- but at around half the price of there has to be some compromise!

Simon Burgess, the MD of British Insurance says: "Group Critical Illness Insurance is a real alternative to full Keyman Insurance - and at around half the cost, it's great value for money. If managers find Keyman Insurance too expensive there's little excuse for not covering the biggest part of the risk with Group Critical Illness Insurance. Don't pay the price for apathy". Express life insurance ( http://www.express-life-insurance.co.uk ) specialise in providing life insurance to uk residents along with providing a huge resource of life insurance information ( http://www.express-life-insurance.co.uk/life-insurance-news-articles.htm ). ]]> http://www.artwoo.com/article/top-tips-for-getting-the-most-out-of-your-life-insurance-cover http://www.artwoo.com/article/top-tips-for-getting-the-most-out-of-your-life-insurance-cover#comments Sat, 30 Jun 2007 23:48:40 +0000 buying life insurancethis means thatgrowing familycritical illness covermany different typeslump sum paymentpolicy outlines http://www.artwoo.com/article/top-tips-for-getting-the-most-out-of-your-life-insurance-cover many different types of policies which you can take out to cover yourself for.

Death of course being the number one, but then there are policies which cover you for such things as suffering from a critical illness such as cancer, heart attack or stroke.

Here are some tips when it comes to buying life insurance to make sure that you get the most out of your policy and the best deal.

The number one factor to take into account when it comes to purchasing life insurance is to make sure that you take out enough cover. The insurance needs to be able to cover the mortgage, but along with this factors such as providing for any children that you leave behind should be taken into account.

When you take out life insurance cover the policy can have the additional critical illness cover included or added to it. This means that should be diagnosed with any terminal illness, subject to the policy terms and conditions, you will receive a lump sum payment.

If there are two of you then you don't necessarily have to take out joint cover. Purchasing two separate policies can work out better and could only cost just a little bit more than the joint cover would while providing you both with cover which means one partner isn't left with debts, should something happen to the other.

Make sure you look into whether or not the critical illness policy includes provisions for children, the majority of policies will include up to =A320,000 of cover for children.

If you take out critical life insurance then be sure you have read the policy properly, the only conditions by which the policy will pay out are those listed under the policy outlines and nothing else.

Make sure that you keep your insurance in line with your growing family and commitments. Guaranteed insurability options means that you can exercise your rights to increase the amount of cover with no extra cost to you at certain stages of your life.

If you are in work and receive benefits then make sure that you are not already covered when thinking of taking out extra cover. Life insurance and income protection can very often already be included in a package that you pay into at work.

All policies have exclusions within them so it is essential that you understand this. Forgetting to mention an already existing medical problem could render the policy useless if you haven't mentioned it at the outset. David Thomson is Chief Executive of BestDealInsurance (http://www.bestdealinsurance.co.uk) an independent specialist broker dedicated to providing their clients with the best deal on their home, motor and life insurance. ]]> http://www.artwoo.com/article/critical-illness-insurance-of-critical-importance http://www.artwoo.com/article/critical-illness-insurance-of-critical-importance#comments Mon, 04 Sep 2006 00:27:11 +0000 financial ombudsman servicecritical illness insuranceunfortunatelyillnessesdisclosevaguelyreason http://www.artwoo.com/article/critical-illness-insurance-of-critical-importance
The whole reason behind taking out critical illness cover is that, in the event of you becoming critically ill (that is being diagnosed with one of the listed illnesses described in your policy documents) a payment will be made. The reasoning behind your decision to take out what some consider being an important part of your financial planning is sound. Critical illness can affect the whole family. You may have to pay out for child care, change your home or job or even train for a completely new career. Having taken out cover, should the unexpected happen, all eventualities are covered and you have gone as far as you can to minimise financial problems and get down to the important personal matters.

Unfortunately, in a number of cases, this is not so. Failure to disclose what may seem to you to be minor, unimportant illnesses in the past may give the insurers a reason to reject your claim. Fair or not, it's completely legal! As far as the law stands, if you have failed to disclose information which the insurer was seeking, then the insurer is perfectly within their rights to terminate the cover.

If this happens to you, not only do you have to cope with the implications of the illness, but you have to either accept that your critical illness insurance plans have totally failed you. At this stage depending on the severity of the illness, you may feel overwhelmed by the situation and unable to face challenging the decision. If you do appeal against the decision and the Financial Ombudsman Service gets involved, they will make every attempt to establish whether you deliberately misled the insurers in order to gain cover or whether the questions on the original proposal form were vaguely or poorly written.

As soon as you make a claim on your critical illness policy, your insurer will instigate an extremely thorough check on your medical records. It appears that they can go back without a time limit and if they find anything, related to your illness or not, which you've failed to disclose to them, they may choose to refuse your claim. There is no such search or investigation carried out when you take out the policy and some people feel that this should be addressed.

It is virtually impossible to remember every minor illness. Can you really be expected to remember and record every visit to the doctor regarding things like headaches, eye pain, stiff neck, ear infections and depression? There were recent cases where claims were rejected for these reasons -- a man had his claim for prostate cancer refused because of failure to disclose an earlier ear infection and a woman whose claim failed because she'd not disclosed an earlier problem with depression.

However, for four out of five people, the insurance works. It is important to disclose your full health history and not to attempt to cover anything up. Read the terms of the insurance thoroughly and miss nothing out. Used as intended, critical care cover is a valuable financial tool.

Plenty of help is available when choosing your critical illness cover. Log on to the internet and you'll find on-line brokers who'll be able to offer advice, a choice of quotes and the best possible terms. Get great articles about life insurance from Life Insurance Policies http://www.life-insurance-policies.co.uk ]]>