Money Advice

Critical illness insurance – critical or ridicule?

Insurance Providers
We have just had the first year’s anniversary of the flash flooding which occurred at Boscastle in Cornwall. The floods saw some of the worst damage wrought by sudden rainfall in the UK for many years.

The .....
Critical illness cover (CIC) is a type of insurance which provides a significant one-off payment if you are diagnosed with a specified life-threatening condition – specified being the important term, because if your illness isn’t in the terms and conditions – you won’t get the payment. Over recent years, critical illness cover has gained in popularity due to lower costs and apparent simplicity.

Critical illness insurance can be sold as part of a mortgage package or additionally as a stand-alone policy. Critical illness cover can also be commonly associated with life insurance, with certain CIC policies paying out either on the diagnosis of a particular illness or on death, but not both, whilst other CIC policies pay out in both events.

When you first purchase the critical illness insurance policy, there might be an option for buy-back insurance, this would permit you to buy additional critical illness cover or life insurance, typically at a minimal cost, after you have made a claim on your existing CIC policy. It is often worth considering such an option, as the survival rates from a critical illness are usually very good and it can be extremely difficult to obtain new cover following a critical illness. Buy-back critical illness cover usually protects against the three major critical illnesses: heart attack, stroke and cancer from which you are most likely to recover, but also risk an attack later in life.

Finance Is The New Feminism
According to a study by LifeSearch, the number of women in the UK buying life insurance in the UK has doubled over the last six years. As women are increasingly closing the gender related pay gap and even .....
This site is full of articles about critical illness insurance. You'll also find articles about debts. Have a browse to see what you can find.

CRITICAL ILLNESS INSURANCE and overdrafts and loans are our most popular subjects today - have a look at the borrowing to see if it's also something that may be of interest to you.

Honey I Can’t Afford The Kids
Sex has a lot to answer for … babies usually … which then with time and much financial investment grow up to be beautiful mutations of their parents. Yet as the family absorbs more money as it grows, the need for financial planning and protection becomes more .....

Bear in mind that when you take out life critical illness insurance, there is a standard waiting period between diagnosis and possible payout, from six months to a year for certain conditions, such as total permanent disability. However, if the diagnosis is very transparent, it is possible that the insurer would consider waiving the waiting period. The maximum payout varies from policy to policy thought it’s not unusual to see capped payouts of £500,000 or £1 million, though cover for higher amounts might be available on request. When the policy is sold as part of a mortgage package, the lump sum is designed to pay off the loan on the home, but with other policies, there may be no restrictions on how you use the money. Suggested uses may encompass covering living expenses whilst you are off work, though the money could additionally pay for private medical treatment, carer services, home improvements, career retraining, help for your dependents and even a holiday or break away.

Nearly all critical illness insurance policies cover seven main conditions: cancer, heart attack, stroke, kidney failure, coronary artery bypass, multiple sclerosis and major organ transplant. Policy exclusions in critical illness insurance may include Alzheimer’s or Parkinson’s disease if diagnosed after the age of 60. Don’t be seduced by long lists of ailments – as other policies may include these but under a broader heading. It is important to note prior to taking out a policy that there may be certain exclusions in the insurance contract which may prevent payout due to life choices and circumstances. According to the Association of British Insurers, the most common exclusions include:

* Aviation
* Criminal acts
Credit Cards Rise
It’s going up again: credit card usage in the UK looks set to continue increasing even after going through the roof last year in yet another yearly increase. It’s really beginning to look like this is a trend that will run and run...

Despite being a .....
* Drug abuse
* Failure to follow medical advice
* Hazardous sports and pastimes
* HIV/AIDS
Students Investing
With the A-level results coming out, the long wait for UK school leavers hoping to go to university will soon be over. All the hard work that has been put into achieving the grades required will now pay off and the fun and freedom that is student life can begin. .....
* Living abroad
* Self-inflicted injury
* War and civil commotion

The consumer organisation Which? estimates that two thirds of the population suffer from a critical illness at some point in their lives. However, whilst the principle of critical illness insurance might be relevant, it is always worth ensuring your policy meets your exact needs, so if the worst happens, you’re not caught out by the small print. It’s important to shop around for quotes and different policies. Comparison sites such as moneynet and moneysupermarket will allow you to do this.
Credit Checks
Credit cards, personal loans, mortgages and other forms of personal credit are an everyday part of financial life for all UK consumers. Looking at the figures for UK personal debt shows that Britain appears to be addicted .....




Read more about critical illness insurance by viewing our extensive article list.