What is the Best Critical Illness Cover Available in the UK?
With all annual household insurance policies including car, home and pet insurance it is normal to search and compare polices. Making sure that each policy is cost effective, offering value for money whilst still offering the protection we need. For some people that might mean the cheapest policy is the best but for many others the level, and type, of protection provided is most important.
The same methods also apply to other longer term insurances including our family protection needs.
In today’s guide we take a look at what the best critical illness insurance policies should look like. Including how to compare the best critical illness cover policies available across the UK:
How Can I Compare Critical Illness Policies?
Before you decide to buy a policy, it is very important to compare all of the different critical illness cover providers across the entire insurance market. By doing so will ensure that you get the best policy possible for your individual circumstances. Another key point to remember is that similar to car, home and pet insurance, the cheapest premium will not necessarily suit your individual circumstances or represent value for money in terms of the level of cover it provides.
The Key Factors for A Policy Should Include:
Which specific illnesses are covered by the policy?
What Type Of Cover Do You Need?
Which Specific Illnesses Are Covered By The Policy?
When starting a comparison of all the critical illness insurance policies available in the UK. The biggest factor is the wide variety of serious illnesses and conditions covered by all of the different providers.
It is also worth remembering during a search for a protection policy that’s its main purpose is to provide you with a financial safety net. A policy will protect you in the event of a diagnosis of a critical illness or a potential serious disability. The more inclusive policies that offer a wider range of specific conditions than others will provide you with a greater peace of mind.
Almost all of the UK providers will offer protection to cover common illnesses including heart attacks, strokes and cancer. However, each provider has different scales of coverage and some levels of severity may not be are covered.
Attempting to compare every type of critical Illness policy can be a very hard task to complete on your own. By using an FCA regulated broker, like Life Insurance Cover who has access to all of the UK providers. Will make searching and comparing policies much easier for you, our team of experienced advisors will help you find the right level of cover for you and your family. Our team have an in-depth understanding of each critical illness insurance provider and can help you with a comparison of all the policies available.
What Type Of Critical Illness Cover Do I Need?
Within the UK, there are a many different types of critical illness cover available. Which can make it very hard to compare each and every policy from all the different providers. Not all of the policy types will suit the exact requirements for your individual circumstances.
You Could be Looking for:
Decreasing Term Critical Illness Cover: This policy type would best suit a repayment mortgages because the debt reduces during the loan term. A decreasing term critical illness plan would be the most appropriate, as the cover decreases in line with the mortgage.
Level Term Critical Illness Cover: If you have an interest only mortgage, where the debt remains constant, then a level term policy would be a potentially better solution.
Standalone Critical Illness Cover: This cover type is specifically designed to only offer protection for Critical Illness. Alternatives can include a combined Life Insurance with Critical Illness Cover which will offer two levels of protection. A Standalone policy would be more expensive but will offer more protection. A combined policy would only pay out upon either a diagnosis of a qualifying illness or you passing away.
As you can see, there is not a single all covering policy type that covers every person’s individual need under all circumstances. Therefore, it is extremely important to search and compare all of the possible policies. A good critical illness policy will provide the right level of cover and protection for the future for you and your family.
Which Providers Offer The Best Critical Illness Cover?
The best critical illness cover providers vary from each person’s individual needs. This is because each provider uses a different method to calculate their policies and monthly premiums. Each provider maintains a comprehensive range of protection policies for new and existing customers.
The great news is that there are many great insurers who do offer the right level of protection for you. One way to find a suitable provider could be to search on various websites and look for critical illness cover comparison tables. They will illustrate which provider is offering the most favourable premium rates for the level of cover you need. An important thing to remember is that this involve a lot of work for you. Also worth noting is that without specialist to help, you could miss out on the right policy for you and your family.
Why Comparison Charts Fall Short
Whilst doing the research yourself can be a worthwhile exercise in finding and understanding how all the different policies works. A cover comparison chart will only focus on the monthly premium costs. But it may not show the different types of illnesses and conditions each insurance protects for.
If you have already started your search for a critical illness insurance policy and want to ensure it covers certain illnesses and conditions. Rather than using a comparison table, why not use the skill and expertise of an FCA regulated Insurance Broker. At Life Insurance Cover, we have helped people to find the best policy at the right monthly premium for them.
As an FCA regulated broker, we can help you find the best critical illness insurance policy for the type and level of cover you need and we search all of the providers of critical illness cover in the UK. We can speed up the process of searching, comparing and finding the best policy for you.
Life Insurance Cover Can Help You Find The Best Policy
If you’re interested in critical illness insurance policy and would like to use our free no obligation quote and compare service, simply complete the quick and easy quote form. Our Team of experts can find the best insurance policy and provider for you and your family.