Some Illnesses are more Critical than Others
Summary
The issues you should consider when choosing critical illness cover and the rangeof companies tendering thisstyle of policy.
Your mortgage provider may give you several financial products including critical illness cover. On the other hand, as they are not specialists in this market, you will most likely find a better offer elsewhere.
The level of cover on offer is just as vital as the premium when looking for critical illness cover. The policies from Alliance and Leicester and Nationwide are awfully restricted says a senior adviser at Direct Line, a telephone and online life assurance broker. Liverpool and Victoria covers only seven critical illnesses, with Norwich Union covering just 10, whereas the market leader, Aviva, covers 38.
Loss of speech, deafness, blindness, diabetes, Aids and Parkinsons are some of the conditions not covered by some of the Insurance companies. The senior adviser says that it is not worth thinking abouta policy, which covers less than 26 conditions.
An umbrella term incorporated in all policies is ‘total and permanent disabilities’, this term means you are covered for any ailment, which prevents you working ever again.
You need to be alert to the wording as some policies cover ‘any occupation’ whereas others only insure your ‘own’ occupation. You will not receive a payout under a ‘any occupation’ policy unless you are totally incapable of carryingout a job, however menial. Consequently The senior adviser recommends you sign up for a ‘own’ occupation policy.
There are a large number of companies as well as Aviva who offer full insurance including Legal and General, Norwich Union, Standard Life, Scottish Equitable, Scottish Provident, Friends Provident, Liverpool Victoria, Skandia and Zurich Life
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