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Costs
Unlike many things today the cost of life assurance,
mortgage life protection and critical illness protection
has fallen in recent years. The competitive nature of
these products has meant that many life offices have
actually reduced their rates for this type of cover.
Each Life Assurance Company has to decide whether or
not you are an acceptable risk. On the proposal form
you fill in, they will ask questions about your state
of health, whether you smoke or not and family medical
history. Your answers determine what premiums will be
charged for the cover you need. Life assurance companies
may request further information from your Doctor or
ask you to undergo a medical if they feel it's necessary,
even so it may not mean you have to pay higher premiums.
The cost of the premiums will be determined by:
- Your age
- Sex
- Personal and family medical history
- Occupation
- Whether you smoke
- The range of diseases covered by the policy
With most critical illness policies if you stop paying
your premiums the cover will cease. If you then want
to start cover again, you would possibly need a new
policy and you would need to provide current medical
details. You may also find your monthly premium has
changed.
When you decide upon the policy you need, there may
be the option to include Waiver of Premium at the outset.
This means after a deferral period, your premium continues
to be paid for you by the insurance company if you are
unable to work through illness or disability.
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Critical
Illness Insurance Guide
