Critical Illness Quote

Not only do you have to think about the cover you are taking out in terms of the level of cover and how long you anticipate you need the cover for, the amount you need to insure, but there are also a number of other options which can included in the plan which you can choose from before the policy goes live.

The cost of a critical illness quote, will however depend on the different options you decide to add onto the policy, if you are unsure of which may be beneficial to you an insurance broker would be able to give you all the prices for the different options along with the standard price of taking out a critical illness insurance policy.

There are a number of options that can be added on such as critical illness insurance for your children if it is not already included within the plan, also there is an option to add on total permanent disability, waiver of premium, increasing cover, indexation, reinstatement and replacement. Child cover is on average already included in most of these types of policies; however the level of cover may depend from one policy provider to the next. If this is something that you are specifically looking to be covered for, then it is advisable to check with the provider as it can vary so much from provider to provider.

Indexation – this means that by adding this extra on to your policy it will then increase so that your sum assured stays in line with the retail price index and or the average earnings index or by a fixed amount per year depending on what is set out on each plan. However this will also mean that your premium will also increase every year, but this will also take your age into consideration which will also increase the price accordingly.

Adding on waiver of premium to an insurance policy will ensure that if the person covered is unable to work due to incapacity then the premiums would be paid for them after three months but they have to be unable to carry out a number of daily tasks set out in the guidelines of the contract. The list goes on so it is important that the individual understands what will happen to the cost of the plan as they do not want to get a surprise when the price does go up.

Another option is also reinstatement cover. This is where if you were to make a claim on this sort of policy you will then have the option to take out further cover however this would then only cover a limited amount of illnesses. The option will only be available for a period of time after the claim was made. There are a number of restrictions which could also be applied but this will depend on the provider in question.

Replacement cover – this optional extra is where if you have taken out a joint policy and in the circumstance one of the life assureds was to suffer from a critical illness and make a claim replacement cover would give the other life assured the option to take out a single policy as long as it is not for a higher sum assured than previously taken out. This can be beneficial because if you can not afford to take out two single life plans, once a claim is submitted for one life, the other is left uninsured.

All options are available to anyone who takes out critical illness insurance however it will depend on the individual’s budget as the cost could increase by a fair amount depending on whether they take out one option or a number of different options. Typically adding options are built into the monthly direct debit of your policy. The premiums should come out as one but with an increase to reflect the extras on the policy.